NAMIBIA: Global Petroleum Raises £1 million to Fund PEL94 Licence Commitments

Global Petroleum has announced that it has successfully raised £1,000,000
in aggregate before costs, through the Placing of 200,000,000 Ordinary Shares at a Placing Price of 0.5 pence per share.

The Placing will position the Company to part-fund the new license commitments, as well as provide general working capital, including the possible pursuit of other strategic options.

This follows an announcement earlier this week that the Ministry of Mines and Energy had agreed to Global’s proposal to enter into the next licence sub-period, from September 2021 to September 2022. The work commitment for the next subperiod is to acquire and process 2,000 square kilometres of 3D seismic data, a commitment which
Global expects to fulfil via a farmout.

The farmout process is also currently underway. The wider context in offshore Namibia exploration is the drilling programme in Namibia’s Orange Basin to be undertaken by the oil majors, Total (Venus-1 ) and Shell (PEL0039). Both wells are expected to spud in Q4 2021.

In January 2021 the Company announced its updated Prospective Resources on its Namibian licence PEL0094. The inclusion of seven new leads, in addition to the Marula and Welwitschia Deep prospects, resulted in a threefold increase to 2,284 million barrels of Best Estimate (P50) Prospective Resources of oil net to Global, confirming the Company’s view that the acreage is highly prospective.