Global Petroleum Limited would like to provide an update on the ongoing farm-out
transaction for Petroleum Exploration Licence (PEL) 94.
The farm-out transaction is progressing well, and all parties are working diligently
towards a successful conclusion. We are also pleased to report renewed and new
interest from several well-known companies in the oil and gas industry. This increased
interest underscores the attractiveness of PEL 94 and our strategic position in the
market.
To ensure we secure the best possible outcome for our shareholders, we decided to
push out the previously stated deadline of 31st December 2024. Our priority is to
evaluate all available options thoroughly, without being constrained by a strict
timeline. By doing so, we aim to achieve the most advantageous terms and conditions
for the Company and its shareholders.
We will update the market as and when significant developments occur. Our aim is to
conclude the transaction at the earliest opportunity with the most beneficial terms for
the Company and its shareholders.
Omar Ahmad, CEO of Global Petroleum Limited, commented:
"We are committed to exploring all opportunities and secure the best possible deal for
our shareholders. The renewed and new interest from well-known companies is a
testament to the potential of PEL 94. This strategic decision allows us to achieve the
most beneficial outcome for the Company. We appreciate the patience and support of
our shareholders as we continue to work on this important transaction."