1st Nov 2024 12:12
(Alliance News) - Global Petroleum Ltd on Friday said its annual loss narrowed during its most recent financial year, following a fall in expenses.
The Africa and Mediterranean-focused oil and gas company said its pretax loss for its financial year that ended June 30 narrowed to USD1.0 million from USD1.3 million the year before.
This was primarily driven by administrative expenses falling 39% to USD441,559 from USD727,225 last year. Employee benefits expenses also decreased 47% to USD211,953 from USD397,456, and exploration & business development expenses were down 63% to USD10,248 from USD27,667.
Shares in Global Petroleum were up 22% at 0.21 pence each in London on Friday afternoon.
Income for the year was USD46,048, up from nothing the year before.
Chief Executive Officer Omar Ahmad said: "I am filled with optimism about the transformative journey Global Petroleum is undertaking. The advancements in the Namibian offshore sector in the Walvis Basin, and particularly the significant developments surrounding Licence PEL 0094 with our progressing talks with a commercial farm-in partner, position us as significant early movers in the Basin.
"This is coupled with our strategic diversification into mineral resources in Western Australia, where we are not only enhancing our asset portfolio but also working with our distinguished joint venture partner Callum Baxter in project Juno, where the work programme is well underway."
By Emily Parsons, Alliance News reporter
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