Global announces its financial results for the year ended 30 June 2024.
Summary
Operational
· The focus during the reporting period, has been on ongoing exploration work and the farm-out process in respect of Global's Namibian licence PEL0094 ("Licence");
· In August 2023 the Company announced that the Namibian authorities had given approval for the Company and its partners to proceed to the First Renewal Period of the Licence, with a duration of two years from September 2023 to September 2025 retaining its 70% interest in in the licence.. Importantly, the usual requirement at the end of the Initial Exploration Period to relinquish 50 per cent of the Licence area was waived;
· In Italy, in September 2023, the Company announced that it had been informed that appeals against the environmental decrees granted in its favour by the Italian authorities had recently been dismissed. The Company submitted further documentation in connection with the Applications some months ago to the Italian Ministry of Ecological Transition and has been awaiting further dialogue with the Ministry regarding the process going forward.
Financial
· Loss after tax of US$1,041,261 for the year ended 30 June 2024 (2023: US$1,283,634)
· Cash balances at 30 June 2024 amounting to US$193,070 (30 June 2023: US$356,389).
· Company successfully completed fundraising rounds in August and December 2023 totaling £503,000
Post balance sheet events:
· With a view to diversification, the Company announced on 14 August 2024 that it had acquired a 70% interest in a Joint Venture with world-class mineral resource geologist Callum Baxter for the advancement of a mineral exploration licence 08/3497 located in Western Australia, in a region recognized for its rich mineral deposits.
· An additional 10% of mineral exploration licence 08/3497 was acquired on 16 September 2024
· The Company announced on 12 August 2024 that it had entered early commercial discussions with a farm-in partner for its Namibian licence PEL0094.
· The Company completed an over subscribed equity fundraising round alongside the Joint Venture deal with Callum Baxter of £850,000.
· Appointment of Omar Ahmad will be appointed as Chief Executive Officer and Hamza Choudhry as Chief Financial Officer.
· Omar Ahmad, CEO also entered into a short-term Loan Agreement for USD270,000 with the Company which was subsequently extended on 2 October 2024
Strategy and Outlook
Global Petroleum's strategy is centred on securing early high-growth potential licences in mineral resources, historically focused on oil and gas but now shifting towards gold and other mineral reources. Our goal is to enhance shareholder value by targeting promising exploration opportunities across Australia, Africa and Mediterranean, through direct participation in licence rounds and strategic partnerships.
While havning historically concentrated on Africa and the Mediterranean, Global has recently bolstered our position by acquiring a controlling interest in a mineral resource exploration project in Western Australia. This strategic shift not only diversifies our portfolio but also reinforces our commitment to expanding within the mineral resource sector, positioning us for future grow and high value creation for our shareholders which is paramount to all Global's business decisions.
Omar Ahmad, CEO of Global Petroleum, commented:
"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 program is well underway.
This is an exhilarating time for Global, and we remain focused on delivering value to our shareholders as we navigate this exciting period of growth and look forward to sharing further updates on both our projects in due course."
The Company confirms that a full copy of its latest Annual Report and Accounts will be available shortly on the Company's website: www.globalpetroleum.com.au
