Global Petroleum Secures £1.5 Million Funding for Juno Project

Global Petroleum Limited Secures Funding for Juno Project

Global Petroleum Limited (LSE AIM: GBP) has successfully completed a significant capital raise of £1.5 million before costs. This strategic initiative is primarily focused on advancing the Juno Project located in Western Australia, along with other ongoing opportunities. The company has issued 666,666,666 ordinary shares at a price of 0.225 pence each, with trading expected to commence in the near future.

Progress of the Juno Project

The Juno Project is an exciting endeavor for Global Petroleum, as it aims to explore Intrusion Related Gold Systems (IRGS). These geological formations are similar to those found at existing significant sites like Havieron and Telfer. With the recent capital raise, the Juno Project is now fully funded for its work program. This includes drilling activities planned for the latter half of the year. High-quality aeromagnetic data collected in late 2024 has validated the size and intensity of the magnetic feature at the project site, further boosting investor confidence in the project's potential.

Future Work Programs and Surveys

The work schedule for 2025 will encompass numerous surveys, negotiations regarding native title agreements, and the drilling process itself. Each of these aspects is crucial for ensuring the success of the Juno Project and for maximizing its potential returns.

Exploration Initiatives in Namibia

Beyond the Juno Project, Global is also actively pursuing discussions for a farm-out agreement concerning its PEL 94 license in the Walvis Basin, located in Namibia. The company has made the strategic decision to extend the deadline for signing this farm-out agreement, which was initially set for December 31, 2024. This extension comes in light of promising geological evaluations that draw comparisons between the Walvis Basin and notable discoveries in the Orange Basin, which could indicate high potential for future yields.

Retail Offer for Shareholders

As part of the capital raise, a retail offer has been introduced, allowing existing shareholders the opportunity to participate under the same conditions as institutional investors. This could lead to an additional £250,000 being raised before costs, symbolizing a strong commitment to involving the shareholder community in the company's growth.

Impact of New Shares on Share Capital

Following the admission of the newly issued shares, the overall issued share capital of Global Petroleum will rise to 4,593,788,456 ordinary shares. This number provides shareholders with necessary data for calculations concerning notifications of interest changes as per the FCA's Disclosure Guidance and Transparency Rules. Such transparency is vital for maintaining trust and credibility within the investment community.

Leadership's Vision for the Future

Hamza Choudhry, the Chief Financial Officer of Global Petroleum, has articulated the company’s satisfaction regarding the support received from shareholders. He emphasized the ongoing advancements regarding both the Juno Project and discussions surrounding the PEL 94 license in Namibia. The leadership's commitment to maximizing shareholder value is clear, and they are now looking forward to a transformative period for the company.

Frequently Asked Questions

What is the purpose of the £1.5 million capital raise?

The capital raise aims to fund the Juno Project and support other ongoing initiatives, enhancing operational capabilities.

What outcomes are expected from the Juno Project?

The project aims to explore potential gold systems resembling those found in other successful mining locations, potentially leading to significant mineral discoveries.

How will the retail offer benefit shareholders?

The retail offer allows existing shareholders to invest under the same terms as institutional participants, enhancing their stake in the company.

Why was the deadline for the farm-out agreement extended?

The extension was granted due to promising geological assessments that indicate the potential for valuable discoveries in the Walvis Basin.

What does the increase in issued shares mean for investors?

The increase in issued shares provides more transparency for investors regarding their holdings and potential changes in interest levels under regulatory requirements.

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