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Highlights
- Capital Raise Success: Global Petroleum raises £1.5 million through a share placing to fund the Juno Project, PEL 94 farm-out discussions, and general working capital.
- Juno Project Development: Fully funded for 2025 work program, including drilling in H2, targeting gold systems similar to Havieron and Telfer.
- PEL 94 Progress: Encouraging technical discussions with a farm-out partner highlight potential geological similarities to major discoveries in the Orange Basin, with signing deadline extended for better terms.
Global Petroleum Limited (LSE:GBP) has announced a successful £1.5 million capital raise to advance its flagship projects, the Juno Project in Western Australia and the PEL 94 licence in Namibia, while supporting general working capital needs.
Juno Project Updates
Global Petroleum is now fully funded to meet all work program commitments for the Juno Project, including drilling expected in the second half of 2025. The company’s exploration targets focus on Intrusion Related Gold Systems (IRGS), with promising similarities to well-known Havieron and Telfer deposits.
Aeromagnetic data collected in late 2024 confirmed a strong magnetic feature at the Juno site. The 2025 work program will include the following key activities:
- 200m Moving Loop Ground Electromagnetic (EM) Survey
- Magnetic and Gravity Modelling
- Native Title Agreement
- Dipole-Dipole Induced Polarization (IP) 2D Survey
- Negotiation and Agreement on Drilling Clearance
- Drilling
Further updates on Juno’s progress are expected later this month.
PEL 94 Farm-Out Discussions
In Namibia, Global has been working diligently with a potential farm-out partner during the festive season. Recent technical discussions underscored the geological merits of the PEL 94 licence, highlighting similarities to discoveries in the Orange Basin. These insights have strengthened the company’s position as a pioneer in the Walvis Basin.
To maximize shareholder value, the company has extended the farm-out signing deadline, originally set for December 31, 2024, allowing for the negotiation of potentially improved terms.
Successful Capital Raise
The £1.5 million capital raise was achieved through the issuance of 666,666,666 ordinary shares at a price of 0.225 pence per share. This represents a significant 246% increase compared to the company’s previous fundraising effort. Importantly, retail investors were offered the same terms as institutional investors under a “Retail Offer.”
CMC Markets UK Plc (trading as CMC CapX) and SI Capital acted as placing agents for the raise. Admission of the new shares to trading on AIM is expected on January 13, 2025. Following this, Global’s total issued share capital will stand at 4,593,788,456 ordinary shares.
Retail Offer for Shareholders
In addition to the placing, a separate conditional retail offer will provide existing shareholders an opportunity to participate in the fundraising under the same terms. This offer aims to raise approximately £250,000, with the option to increase based on demand. Details of the retail offer will be announced shortly.
