FULLY FUNDED14 Jan 2022 14:14
Financial
-- Two successful equity raises in the year totaling GBP2.4 million strengthened finances and positioned Global to continue exploration activities in Namibia
-- Cash balance at period end US$1,834,434 (30 June 2020: US$932,818), increasing to US$2,682,940 at end September 2021 following further GBP1.0 million equity raise in August
Updated best estimate of Prospective Resources on PEL0094 showing threefold increase to 2,284 million barrels of oil net to Global
-- Farm-out process for PEL0094 initiated and ongoing
-- Commenced remaining year of PEL0094 Initial Exploration Period, expiring in September 2022
Strategy and Outlook
The Company remains committed to offshore Namibia, where work will continue in seeking a farm-out partner to fund future exploration drilling operations on PEL0094. The upcoming drilling in the Orange Basin by oil majors Total and Shell, expected to commence in Q4 this year
In addition, as previously announced, the Company will continue to explore all strategic alternatives in order to maximise shareholder value.