Interim Financial Report - Half-year ended 31 December 2020

Source: www.gulfoilandgas.com 3/26/2021, Location: Africa

Global Petroleum Limited announces its financial results for the six months ended 31 December 2020.

Operational
- One year extension of licence PEL0094 sub-period until September 2021 agreed with Namibian Ministry of Mines and Energy, with an amended work commitment for the sub-period - now completed
- Work commitments also completed for last phase of PEL0029, which expired in December 2020, no further extensions being allowed
- Updated best estimate of Prospective Resources on PEL0094 announced in January 2021 showing threefold increase to 2,284 million barrels of oil net to Global
- Farm-out process for PEL0094 commenced in Q1 2021 and currently ongoing

Finances
- Successful equity raise of 1.4 million completed in September 2020, to fund ongoing exploration work on the Company's Namibian licences
- Cash balance at period end US$1,247,787 (30 June 2020: US$932,818)
- In order to preserve cash, further G&A reduction from April 2021 including a second 25 per cent cut of UK Directors' salary/fees, with other savings to be implemented
- Loss after tax US$3,044,332 (2019: loss US$748,541) after impairment write off following expiry of PEL0029 amounting to US$2,409,656 (2019: Nil).

Strategy and Outlook
The Company's strategy remains to seek a farm-in partner for PEL0094. In parallel with the farm-out process, given the Company's reducing cash resources and the continued delays regarding its Italian licence applications, the Board has also decided to explore all strategic alternatives, in order to maximize shareholder value.


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Gulf Oil and Gas
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