7th Mar 2005 10:18
Global Petroleum Ltd07 March 2005 For Immediate Release 7 March 2005 Global Petroleum Limited First Day of Dealing on the Alternative Investment Market ("AIM") Global Petroleum Limited ("Global"), an Australian-based oil and gas explorationcompany, is pleased to announce its flotation on the Alternative InvestmentMarket ("AIM") today. The shares will be listed under the symbol LSE: GBP. Global is developing a portfolio of high upside exploration projects and jointventures with proven successful explorers and operators such as WoodsidePetroleum and Hardman Resources. The company is already listed on the AustralianStock Exchange ("ASX"), where it had a market capitalisation of approximatelyA$113.4m (£46.6m) as at 4 March 2005, and wants to expose its emerging oil andgas activities to the London capital market. There is no capital raising inconnection with the admission. KBC Peel Hunt is acting as Nominated Adviser andBroker. Highlights •Strategy of responsible investment in high upside, oil and gas projects; •Experienced Board of Directors; •Global's key value projects are offshore Kenya, where the Company's share of costs are carried through two wells, and holdings in two separate AIM-traded companies focused on oil & gas and mineral exploration in the Falkland Islands; •Australia's Woodside Petroleum is the lead partner and operator on Global's most prospective Kenya acreage; •The Falklands interests are via Global's 16% shareholding in Falklands Oil and Gas Limited and its 10% shareholding in Falklands Gold and Minerals Limited, which combined are worth A$46.2m (£19m) or A$0.27/Global share (£0.11/per Global share) as at 4 March 2005; and, •Global is fully funded through its current exploration programme. Commenting on the admission to AIM, John Armstrong, Executive Chairman of GlobalPetroleum, said: "The AIM listing is part of a plan to develop Global Petroleum into a companywith a sound portfolio of petroleum exploration projects, which has access tothe appropriate capital markets." For further information, please contact: Global Petroleum 020 7490 4111John Armstrong, Executive Chairman KBC Peel Hunt 020 7418 8900Jonathan Marren / Matt Goode Grandfield 020 7417 4170Marc Popiolek Website: www.global-petroleum.co.uk For the purposes of this announcement, the following exchange rate has beenused: £1:A$2.4348 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Global Petroleum