{"id":9354,"date":"2020-10-29T08:44:38","date_gmt":"2020-10-29T08:44:38","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=9354"},"modified":"2020-10-29T08:44:38","modified_gmt":"2020-10-29T08:44:38","slug":"namibia-global-petroleum-provides-financing-update-for-pel-0094","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-global-petroleum-provides-financing-update-for-pel-0094\/","title":{"rendered":"NAMIBIA: Global Petroleum Provides Financing Update for PEL 0094"},"content":{"rendered":"

Corporate<\/strong>
\nThe Company has continued to focus on reducing its cost base to conserve cash resources.<\/p>\n

Together with the acquisition and interpretation of the historic 3D seismic data in PEL 0094 and the extension of that licence, the other most significant event for the Company during 2020 was the recent equity share Placing concluded on the AIM market, subsequent to reporting date. On 16 September 2020, the Company announced
\nthat it had successfully raised \u00a31.4 million in aggregate before costs via the Placing of 177,000,000 Ordinary Shares.<\/p>\n

Proceeds from the Placing and Subscription, excluding any arising from exercise of the Warrants, will provide in full the funds needed for the work commitments (firm and contingent) in PEL 0029 during the remaining period of the licence until December 2020, and in PEL 0094 for the forthcoming exploration period to September 2021.<\/p>\n

As a pre-revenue company in the early stages of exploration in Namibia, the impact on our business operations related to COVID-19 and oil price weakness has fortunately been very limited.<\/p>\n

Financial<\/strong>
\nDuring the year ended 30 June 2020, the Group recorded a loss after tax of US$1,526,449 (2019: US$1,734,589). Cash balances at 30 June 2020 amounted to US$932,818 (2019: US$2,786,791). The Group has no debt outside of suppliers who are settled on normal commercial terms.<\/p>\n

Outlook<\/strong>
\nThe Company remains committed to offshore Namibia where its work commitments for PEL 0029 and PEL 0094 are fully funded as noted above. Work will continue in seeking a farm-out partner to fund future exploration drilling operations.<\/p>\n","protected":false},"excerpt":{"rendered":"

Corporate The Company has continued to focus on reducing its cost base to conserve cash resources. Together with the acquisition and interpretation of the historic 3D seismic data in PEL … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8631,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[3443,1675,8608,8609,2272],"class_list":["post-9354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-global-petroleum","tag-namibia","tag-pel-0029","tag-pel-0094","tag-seismic","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/NAMIBIA-PEL94.jpg?fit=683%2C563&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2qS","jetpack-related-posts":[{"id":13016,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-sintana-energy-receives-petroleum-exploration-license-87-extension-approval\/","url_meta":{"origin":9354,"position":0},"title":"NAMIBIA: Sintana Energy Receives Petroleum Exploration License 87 Extension Approval","author":"","date":"December 22, 2022","format":false,"excerpt":"Sintana Energy has provided the following update on several matters including a recently approved extension to Petroleum Exploration License 87 (PEL 87), a year-end review and 2023 outlook. \u201c2022 was a seminal year in Sintana\u2019s history underpinned most notably by our entry into Namibia in March,\u201d said Robert Bose, President\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Namibia-sintana-energy.png?fit=541%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Namibia-sintana-energy.png?fit=541%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Namibia-sintana-energy.png?fit=541%2C600&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":14089,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-global-petroleum-raises-253000-to-meet-obligations-relating-to-the-walvis-basin-license-pel94\/","url_meta":{"origin":9354,"position":1},"title":"NAMIBIA: Global Petroleum Raises \u00a3253,000 to Meet Obligations Relating to the Walvis Basin License PEL94","author":"","date":"November 30, 2023","format":false,"excerpt":"Global Petroleum has raised \u00a3253,000 in aggregate before costs through a Placing of 421,666,666 Ordinary Shares. Daniel Page, Executive Chairman of Global Petroleum commented:\u201cThe primary purpose of the Fundraise is to ensure that the liabilities in relation to the obligations of the Company\u2019s Walvis Basin licence PEL94 are completed to\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/11\/Namibia-PEL-94.png?fit=468%2C662&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12898,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-searcher-geodata-uk-to-sponsor-pel-94-environmental-impact-assessment\/","url_meta":{"origin":9354,"position":2},"title":"NAMIBIA: Searcher Geodata UK to Sponsor PEL 94 Environmental Impact Assessment","author":"","date":"December 2, 2022","format":false,"excerpt":"Global is pleased to announce that it has agreed with Searcher Geodata UK Ltd , to sponsor an Environmental Impact Assessment (EIA) to be managed by Searcher, ahead of a multi-client 3D seismic data survey planned by Searcher in the Walvis Basin in 2023. The area of the EIA sponsored\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/12\/Namibia-PEL-94.png?fit=468%2C662&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13605,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-sintana-energy-says-over-50-of-3d-seismic-in-pel-87-complete\/","url_meta":{"origin":9354,"position":3},"title":"NAMIBIA: Sintana Energy Says Over 50% of 3D Seismic in PEL 87 Complete","author":"","date":"April 24, 2023","format":false,"excerpt":"Sintana Energy confirms that over fifty per cent of the 6,872 square kilometers of 3D seismic survey data has been gathered from Petroleum Exploration License 87 and the surrounding area in the Orange Basin in Namibia. 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The program has been designed to acquire approximately 200-line km of 2D seismic data. 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Trago will retain a\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/10\/Namibia-PEL-90.jpg?fit=541%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/10\/Namibia-PEL-90.jpg?fit=541%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/10\/Namibia-PEL-90.jpg?fit=541%2C600&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=9354"}],"version-history":[{"count":2,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9354\/revisions"}],"predecessor-version":[{"id":9356,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9354\/revisions\/9356"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8631"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=9354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=9354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=9354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}