7th Jan 2025 13:29
(Alliance News) - Global Petroleum Ltd saw its shares drop 24% on Tuesday afternoon as it reported a successful capital raise to advance its Juno project.
The Africa and Mediterranean-focused oil and gas company said it has raised GBP1.5 million, with the funds earmarked for the advancement of its Juno project in Western Australia, on-going PEL 94 farm out discussions, licence upkeep as well as general working capital purposes.
Its shares fell 24% to 0.22 pence each on Tuesday afternoon in London.
Global Petroleum said the funds were raised by way of a placing of 666.7 million shares at a price of 0.225p per share, a significant uplift on the company's last fundraise price of 0.065p in August.
The firm said it is fully capitalised to meet the necessary work commitments for the Juno project which includes drilling anticipated in the second half of the year.
Global Petroleum said it is also conducting a retail offer at the same issue price for existing holders, anticipating a raise of up to GBP250,000, providing retail shareholders with the same investment opportunity as the institutional ones in the placing.
Global Petroleum Limited Chief Financial Officer Hamza Choudhry said: "We are very pleased with the ongoing support from our long-term family office, high net worth shareholders and new investors alike as we progress Juno Project and farm-out discussions for PEL 94 in Namibia. Our primary goal is to ensure that our shareholders can maximise their value by securing their participation ahead of upcoming expected developments in 2025.
"We are excited for the future of Global and believe that we are nearing a transformational period for the company and look forward to sharing this journey with our shareholders."
By Christopher Ward, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.