Global Oil & Gas

$1.365 Million Raise to Fast-Track Offshore Peru Workplan

Global Oil & Gas Ltd (ASX:GLV) (Global or the Company) is pleased to advise it has received firm commitments for a placement raising A$1.365 million before costs (Placement).


The Placement was well supported by a number of new and existing professional and sophisticated investors and provides Global with a strong cash balance to expedite its workplan for the Tumbes Basin Technical Evaluation Agreement (TEA or block), offshore Peru.

The block comprises over 3,800km2 of existing 3D seismic data and more than 7,000km of 2D seismic. Two prospective areas (announced 12 and 21 February 2024) cover 650km2 from an aggregate of 1,000km2 of 3D seismic which is currently being reprocessed as the Company compiles an inventory of leads, prospects and Resources.

The Company continues to identify a series of highly encouraging targets within the TEA area.

Placement details

The Placement to professional and sophisticated investors is to be conducted in one tranche (subject to shareholder approval for director participation).

A total of 91,000,000 new shares (New Shares) are to be placed at an issue price of $0.015 per Share along with attaching listed options to Placement investors on a 1 for every 4 basis exercisable at $0.04 on or before 31 December 2025 (Placement Options - GLVOA). The issue price of $0.015 per Share represents a 4.2% discount to the 15 day volume-weighted average price (VWAP).

The issue of the New Shares will not be subject to Shareholder approval (other than director participation as outlined below) and will be made within the Company’s existing placement capacity under ASX Listing Rules 7.1 (43,633,299 New Shares) and 7.1A (46,700,034 New Shares). Settlement is scheduled to occur on Wednesday, 6 March 2024.

Shareholder approval will be sought for director, Matt Ireland, to participate in the Placement (666,667 New Shares plus attaching options) under ASX Listing Rule 10.11.

The issue of Placement Options is subject to the Company obtaining approval from its shareholders for the purposes of ASX Listing Rule 7.1.


Click here for the full ASX Release

This article includes content from Global Oil & Gas Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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FINANCIAL RESULTS Three Months Ended

Nine Months Ended

 September 30

September 30
($000s, except per share amounts)  2024

2023

% Change

2024

2023

% Change

 
















Oil and natural gas sales 2,362

679

248

9,192

2,459

274

  

 

 

 

 

 
Cash flow used in operating activities (3,730)
(2,553)
46

(954)
(3,830)
(75)
Per share - basic and diluted (1) (0.01)
(0.01)
-

(-)

(0.01)
(100)

  

 

 

 

 

 
Adjusted funds flow (used) (1) (207)
(773)
(73)
1,133

(2,083)
(154)
Per share - basic and diluted (-)

(-)

-

-

(-)

-

  

 

 

 

 

 
Net loss (2,464)
(1,869)
32

(5,994)
(5,823)
3
Per share - basic and diluted (-)

(-)

-

(0.01)
(0.01)
-

  

 

 

 

 

 
Capital expenditures (1) 15,760

31,176

(49)
19,545

39,957

(51)

  

 

 

 

 

 
Adjusted working capital (1)  

 

 

47,264

23,516

101

  

 

 

 

 

 
Common shares outstanding (000s)  

 

 

 

 

 
Weighted average - basic and diluted 530,212

426,476

24

529,605

425,685

24

  

 

 

 

 

 
End of period - basic  

 

 

530,267

426,670

24
End of period - fully diluted  

 

 

617,214

469,781

31
   

 

 

 

 

 
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