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.