2 October 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")
Extension
of CEO Loan Agreement
Global Petroleum Limited (LSE
AIM:GBP) is pleased to announce that the Loan Agreement as
announced on 16 July 2024 with CEO Omar Ahmad has been extended to
30 September 2025. There are no other changes to the loan terms
which remain interest free.
The extension aims to ensure that
additional working capital can be allocated to further advance the
exploration project in Western Australia and discussions in Namibia
for a commercial farm in agreement.
The loan extension is regarded as a
related party transaction under the AIM Rules. Accordingly,
the independent directors, being all of the directors other than
Omar Ahmad, consider, having consulted with
the Company's nominated adviser, that the terms of the transaction
are fair and reasonable insofar as its shareholders are
concerned.
Hamza Choudhry CFO of Global
Petroleum Limited commented:
"The extension of the loan by CEO
Omar Ahmad highlights his and Global's dedication to enhancing
exploration efforts with the Juno project in Western Australia, as
well as the positive discussions with our commercial partner in
Namibia for a farm-in agreement; showing the Board's determination
to focus on delivering value to our shareholders. We eagerly
anticipate sharing updates with our shareholders in due course."
For further information please
visit: www.globalpetroleum.com.au
or contact:
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