Business
Annual Financial Report – Year Ended 30 June 2023
Annual Financial Report – Year Ended 30 June 2023.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n\n27 October 2023\n \nThe 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.\n \nGlobal Petroleum Limited\n(\"Global\" or \"the Company\")\n \nAnnual Financial Report - Year Ended 30 June 2023\n \nGlobal (AIM: GBP) announces its financial results for the year ended 30 June 2023. \n \nSummary\n \nOperational\n· The focus during the reporting period, and subsequently, has been on ongoing exploration work and the farm-out process in respect of Global's Namibian licence PEL0094 (\"Licence\");\n· In August 2023 the Company announced that the Namibian authorities had given approval for the Company and its partners to proceed to the First Renewal Period of the Licence, with a duration of two years from September 2023 to September 2025. Importantly, the usual requirement at the end of the Initial Exploration Period to relinquish 50 per cent of the Licence area was waived;\n· The Company believes that the Walvis Basin, where PEL0094 is situated, has the potential to be extremely successful, and has the advantage of much shallower water depths generally than the discoveries in the Orange Basin;\n· Global has continued its efforts to farm-out an interest in the Licence. As the Company anticipated, following the discoveries potential farminees have first looked for possible opportunities in the Orange Basin;\n· In Italy, in September 2023, the Company announced that it had been informed that appeals against the environmental decrees granted in its favour by the Italian authorities had recently been dismissed. The Company submitted further documentation in connection with the Applications some months ago to the Italian Ministry of Ecological Transition and has been awaiting further dialogue with the Ministry regarding the process going forward.\n \nFinancial\n· Loss after tax US$1,283,634 (2022: loss US$1,647,094) reflecting ongoing exploration expenditure in Namibia;\n· Cash b...