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Global Petroleum ( (GB:GEO) ) has provided an update.
GEO Exploration Limited has completed the acquisition of the Gorge Project in Western Australia, finalising ministerial consents, paying A$100,000 in cash and issuing 48.13 million consideration shares, alongside 18.47 million shares to consultant Callum Baxter for technical and commercial support. The licence, which has shown historical high‑grade rock chip and soil gold results and near‑surface gold nuggets over a 5km strike, will now move into systematic modern exploration and target definition ahead of initial drilling, while in Namibia the company continues to seek a farm‑out partner for its PEL0094 offshore licence, where rising regional activity has attracted new interested parties and could reshape deal terms, potentially unlocking value for shareholders and influencing its capital and operational strategy across the portfolio.
More about Global Petroleum
GEO Exploration Limited is an AIM-quoted resources company focused on upstream energy and minerals exploration, with assets spanning gold exploration in Western Australia and a 78% interest in offshore Petroleum Exploration Licence 0094 in Namibia’s Walvis Basin, where it targets multi‑billion‑barrel prospective oil resources.
Average Trading Volume: 79,661,630
Technical Sentiment Signal: Strong Sell
Current Market Cap: £7.56M
For detailed information about GEO stock, go to TipRanks’ Stock Analysis page.