Written by: Global Petroleum
On 31 August 2023 Global announced that it had raised £250,000 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
