Global Petroleum Ltd on Friday said its annual loss narrowed during its most recent financial year, following a fall in expenses.
The Africa and Mediterranean-focused oil and gas company said its pretax loss for its financial year that ended June 30 narrowed to $1.0 million from $1.3 million the year before.
This was primarily driven by administrative expenses falling 39% to $441,559 from $727,225 last year. Employee benefits expenses also decreased 47% to $211,953 from $397,456, and exploration & business development expenses were down 63% to $10,248 from $27,667.
Shares in Global Petroleum were up 22% at 0.21 pence each in London on Friday afternoon.
Income for the year was $46,048, up from nothing the year before.
Chief Executive Officer Omar Ahmad said: ‘I am filled with optimism about the transformative journey Global Petroleum is undertaking. The advancements in the Namibian offshore sector in the Walvis Basin, and particularly the significant developments surrounding Licence PEL 0094 with our progressing talks with a commercial farm-in partner, position us as significant early movers in the Basin.
‘This is coupled with our strategic diversification into mineral resources in Western Australia, where we are not only enhancing our asset portfolio but also working with our distinguished joint venture partner Callum Baxter in project Juno, where the work programme is well underway.’
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