Global Petroleum (GB:GBP) has released an update.
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Global Petroleum Limited has announced a joint venture with renowned geologist Callum Baxter to advance a mineral exploration license in Western Australia, funded by a share placement of £600,000 and a retail offer. The partnership aims to tap into the region’s rich mineral deposits and enhance shareholder value, with Global acquiring an initial 70% interest and the option to increase it to 80%. Global will manage the joint venture and has committed to a minimum spend of £750,000 over 12 months on exploration activities.
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