|New Australian oil & gas company launched |
|Monday, 3 June 2002|
A new Australian oil and gas company with global ambitions was launched today. Global Petroleum Ltd lodged its prospectus with Australian Securities and Investment Commission on Friday and told the market it expects to become an ASX listed company in August with an initial market capitalisation of more than $40 million.
Global Petroleum is the new entity to emerge from the restructure, share consolidation and renaming of former mineral explorer, Apollo Group.
Global said in a statement to the market it intends to raise $15 million by issuing 60 million shares at 25 cents each with a $12 million minimum. The money will be used to fund an international oil and gas exploration program as well build on its initial petroleum asset base.
The company plans to spend around $10 million on exploring under-explored deeper waters in its large offshore permits in the first two and half years of operations, including $4.7 million in the initial 18 months after listing.
Global already owns an extensive suite of oil and gas properties covering 17.2 million acres in Kenya, Montenegro, Fiji and Jordan. The company is also negotiating with the Falklands Islands Government for the first access to waters south and east of the controversial islands.
"For Australian investors, the Global float and the company's strategic direction is a new opening to the international oil and gas industry," said Global executive chairman, Dr John Armstrong. "We will also consider any suitable investment opportunities that become available in the Australian oil and gas sector."
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