Global Petroleum Ltd - oil & gas exploration in Africa and the Mediterranean - Pretax loss in the year that ended June 30 narrows to $1.6 million from $3.9 million a year ago. Posts no revenue, unchanged year-on-year. Has no costs related to exploration write-offs, compared to $2.4 million a year prior.
Touts optimism regarding Orange Basin in southern Namibia: ‘The recent drilling successes in the Orange Basin are expected to bring a very strong boost to both industry and investor confidence in relation to Namibian offshore exploration generally. Global believes it is well positioned to benefit from this, and the company is continuing with its farm-out process to fund the next stage of exploration on its licence.’
In Italy, firm plans to continue to progress its applications in context of the prevailing political climate.
Current stock price: 0.38 pence, up 1.1% on Wednesday
12-month change: down 29%
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