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Global announces successful close of offer

Junior explorer Global Petroleum expects to list on the Australian Stock Exchange later this mont...

The company announced today it had successfully closed the offer contained in its Supplementary Prospectus dated 28 August 2002, with subscriptions reaching the $2 million minimum. The first raising the company attempted was targetting $15 million.

"Subject to the satisfactory completion of all documentation with the ASX, the company anticipates re-listing and quotation of its securities within two weeks," said Global Petroleum's executive chairman, Dr John Armstrong.

“The completion of the capital-raising will now allow the company to proceed to implement the exploration program set out in the Prospectus and Supplementary Prospectus,” Dr Armstrong said.

The Supplementary Prospectus offered 8 million shares at 25 cents each to raise the $2 million. Global Petroleum is listing on assets in Kenya, Montenegro, the Falkland Islands and Fiji.

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