Global Petroleum Ltd Company Update (2289M)
13 Settembre 2023 - 8:00AM
UK Regulatory
TIDMGBP
RNS Number : 2289M
Global Petroleum Ltd
13 September 2023
13 September 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
Global Petroleum Limited
("Global" or "the Company")
Company Update
Corporate
On 31 August 2023 Global announced that it had raised GBP250,000
in aggregate before costs through the placing of 250,000,000
Ordinary Shares (the "Placing") at a placing price of 0.1 pence per
share.
The Company had previously announced on 14 August 2023 that the
Namibian Ministry of Mines and Energy had given approval for the
Company and its partners to proceed to the First Renewal Period of
its Namibian licence PEL 94, with a duration of two years from
September 2023 to September 2025 ("the Renewal Confirmation"). The
Company regarded it as necessary and desirable to have received the
Renewal Confirmation before proceeding with the Placing.
The Renewal Confirmation was originally expected in June, and
whilst awaiting receipt three of the Company's four directors
(including the Chairman and CEO) agreed to defer their directors'
fees from July, as part of actions being taken to preserve the
Company's financial resources. The Board has resolved to continue
with this arrangement, as part of an overall effort to reduce costs
generally, and in particular minimise outgoings until such time as
the financial position of the Company has been strengthened.
Following receipt of the proceeds of the Placing and after
deduction of actual and estimated costs associated with the
Placing, the Company had cash balances of approximately US$500,000
as at 6 September 2023.
The Company will release its results for the year ended 30June
2023 during the second half of October.
Italy
The Company has been informed that appeals against the
environmental decrees granted in its favour by the Italian
authorities have recently been dismissed by the Council of State
(having previously been dismissed by the tribunal in Rome). The
actions were brought by the Municipality of Margherita di Savoia in
Puglia against the relevant Italian Ministries and entities - with
Global joined as an "interested party" - and related to the
Company's applications known as d 82 F.R-GP and d 83 F.R-GP.
The Company is informed that there are two similar cases still
outstanding, and the same outcome is expected in relation to them.
The latest judgements in Global's favour follow the victories in
all of the cases brought against the Company by various entities in
Puglia, culminating in the judgement of the European Court in
January 2022 (see RNS of 14 January 2022).
In light of the recent judgement, and having provided several
months ago the further required documentation to the relevant
Ministries, the Company is advised that it is now entitled to
pursue with the Italian authorities the grant of Exploration
Permits in relation to d 82 F.R-GP and d 83 F.R-GP.
Namibia
The farm-out process continues in respect of the Company's
Namibian licence PEL 94, with further announcements to be made when
appropriate.
For further information please visit: www.globalpetroleum.com.au
or contact:
+44 (0) 20 3 875
Global Petroleum Limited 9255
Peter Hill, Managing Director & CEO
Andrew Draffin, Company Secretary
Panmure Gordon (UK) Limited (Nominated Adviser +44 (0) 20 7886
& Joint Broker) 2500
John Prior / Freddie Twist
Corporate Broking: Hugh Rich
CMC Markets (Joint Broker) +44 (0) 20 7170
Tom Curran/Thomas Smith 8200
Tavistock (Financial PR & IR) +44 (0) 20 7920
Simon Hudson / Nick Elwes 3150
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END
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September 13, 2023 02:00 ET (06:00 GMT)
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