27th Oct 2020 12:01
Global Petroleum Ltd - oil and gas company focused on Africa and the Mediterranean - Posts a pretax loss for the year ended June 30, of USD1.5 million, narrowing from GBP1.7 million. Administration expenses fell to USD902,872 from USD1.1 million a year prior. Does not declare a final dividend, leaving the year's total payout at nothing - equal to the prior year. At June 30, the company had cash of USD932,818, down from USD2.8 million a year before. Says it has no debt outside of suppliers who are settled on normal commercial terms. Remains committed to its offshore Namibia operations where its work commitments for PEL 0029 and PEL 0094 are fully funded. Says it will continue seeking a farm-out partner to fund future exploration drilling operations.
Current stock price: 0.75 pence
Year-to-date change: down 45%
By Greg Roxburgh; [email protected]
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