A total of 2.95 million shares will be allotted to RAB Energy Fund (RABEF) and 2.95 million shares to RAB Special Situations LP (RABSS) at an issue price of 15c per share.

All private shareholders of Global Petroleum will be given the opportunity of further investment in the company by means of a non-renounceable pro-rata rights issue, under which shareholders will be able to subscribe for one new share for each three existing shares, at the price of 15c per share.

Company executive chairman Dr John Armstrong added that any funds left from the seismic work would support the entry into new projects.