REG - Global Petroleum Ltd - Completion of Transaction

Global PetroleumAnnouncement

12/09/2024 12:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240912:nRSL9931Da&default-theme=true

RNS Number : 9931D  Global Petroleum Ltd  12 September 2024

 

12 September 2024

 

The information contained within this announcement is deemed by the Company to
constitute inside information under the UK Market Abuse Regulations. Upon the
publication of this announcement via a Regulatory Information Service ("RIS"),
this inside information is now considered to be in the public domain.

 

 

Global Petroleum Limited

("Global" or "the Company")

 

Completion of Transaction for Mineral Exploration Licence EL08/3497 in Western
Australia

 

Global Petroleum Limited (LSE AIM:GBP) is pleased to announce the successful
completion of the acquisition of a 70% interest from Mr Callum Baxter in
Mineral Resource Exploration Licence EL08/3497 ("the Licence"), located in
Western Australia following payment of £200,000 in accordance with the Sale
and Joint Venture Agreement between the parties.

Mr Baxter has also been retained by the Company to act as a consulting
geologist for the Project via the issue of 330,769,231 new ordinary shares to
Mr Baxter as previously announced on 19 August 2024.

Azib Khan, Non-Executive Director of Global Petroleum commented:

"We are excited by the completion of this transaction as it marks a
significant milestone in Global's transformation agenda and path to creating
significant shareholder value. It is with immense pleasure that we welcome Mr
Baxter as a major shareholder of Global and as an operator of the Licence.

Global views the Licence as a high-quality exploration asset with significant
potential, given the coincident strong magnetic and gravity signatures which
may point to similarities with the Havieron discovery.

Together with Mr Baxter, Global is focused on a disciplined approach to the
exploration phase and is currently in the process of finalising the work
program, including a site visit.  We look forward to providing further
updates in due course."

 

 

 

 

 Global Petroleum Limited                                      +61 3 8611 5333
 Andrew Draffin, Company Secretary and non-Executive Director

 SPARK Advisory Partners  (Nominated Adviser)                  +44 (0) 20 3368 3555

 Andrew Emmott

 CMC Markets (Joint Broker)                                    +44 (0) 20 3003 8632

 Douglas Crippen

 SI Capital Limited                                            +44 (0) 14 8341 3500

 Nick Emerson

 Tavistock (Financial PR & IR)                                 +44 (0) 20 7920 3150

 Simon Hudson / Nick Elwes

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBBGDCCDBDGSD