Business
Final Results for the Year Ended 30 June 2021
Final Results for the Year Ended 30 June 2021.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 8137P\n Global Petroleum Ltd\n 21 October 2021\n \n \n \n \n \n \n \n \n \n \n 21 October 2021\n \n \n \n \n \n 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.\n \n \n \n \n \n Global Petroleum Limited\n \n \n (\"Global\" or \"the Company\")\n \n \n Final Results for the Year Ended 30 June 2021\n \n \n \n \n \n Global Petroleum Limited announces its Final Results for the year ended 30 June 2021:\n \n \n \n \n \n \n \n Operational\n \n \n \n \n \n \n · \n Updated best estimate of Prospective Resources on PEL0094 showing threefold increase to 2,284 million barrels of oil net to Global\n \n \n \n \n \n · \n Farm-out process for PEL0094 initiated and ongoing\n \n \n \n \n \n · \n Commenced remaining year of PEL0094 Initial Exploration Period, expiring in September 2022\n \n \n \n \n \n Financial\n \n \n \n \n \n · \n Two successful equity raises in the year totaling £2.4 million strengthened finances and positioned Global to continue exploration activities in Namibia\n \n \n \n \n \n · \n 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 £1.0 million equity raise in August\n \n \n \n \n \n · \n Loss after tax US$3,927,794 (2020: loss US$1,526,449), after impairment write-off following expiry of PEL0029 amounting to US$2,410,272 (2020: Nil).\n \n \n \n \n \n Strategy and Outlook\n \n \n \n \n \n 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, will be closely monitored. Global also remains committed to pursuing its Italian applications, notwithstanding the appeal which is still proceeding and the previous exploration moratorium imposed by the Italian Parliament.\n \n \n \n \n \n In addition, as pre...