Business
Funding Update
Funding Update.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n\n \n \n30 November 2023\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('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 \nFunding Update\n \nFunding secured via an equity raise to meet obligations relating to the Walvis Basin License PEL94 in Namibia and for Working Capital purposes.\n \nGlobal Petroleum Limited (LSE AIM: GBP) (\"Global\" or \"the Company\"), an oil and gas upstream exploration company presently focused on Africa and the Mediterranean, announces that it has raised £253,000 in aggregate before costs through a Placing of 421,666,666 Ordinary Shares (the \"Placing Shares\") at a Price of 0.06 pence per share (the \"Fundraise\").\n \nDaniel Page, Executive Chairman of Global Petroleum commented:\n \n\"The primary purpose of the Fundraise is to ensure that the liabilities in relation to the obligations of the Company's Walvis Basin licence PEL94 are completed to pre-agreed timelines set by the Namibia Government, as the directors now believe them to be.\n \nThe funding will also allow us to have further working capital as we begin to look at other exciting opportunities within the sector which I am keen to integrate as part of Global's portfolio of assets with this process starting shortly. Delivering long term shareholder value is fundamental for us as a new board.\n. \nThe assessment of the liabilities and obligations of the Namibia License was a key agenda point of the new board as we see the potential of this asset and believe that it can be a significant value driver for the Company. I look forward to visiting the team in Namibia in the near future to explore this project further.\n \nThe directors have commenced a detailed exercise of cost review across the business, with a focus on ensuring funds are spent prudently but without compromising execution capability. All costs attributable to this exercise will be borne by the directors personally, who will...