Brisbane-based Global said it planned to list on the AIM within the first quarter of 2005 to expose its emerging oil and gas activities to greater capital raising opportunities.

Global Petroleum’s executive chairman, Dr John Armstrong, told the company’s annual general meeting in Brisbane yesterday that the AIM listing was timely.

“We have now assembled an attractive portfolio of assets and joint venture partners, including Woodside and Hardman, and the next couple of years will see Global Petroleum participate in resources drilling activity in a number of our petroleum and mineral properties,” Armstrong said.

“This is in line with our strategy to obtain 100% of high upside oil or gas projects and then farm-out to proven operators with the financial muscle and technical expertise to successfully mature promising drill targets to commercial production for the benefit of our shareholders.”

Global Petroleum has seen its market capitalisation grow from A$22 million at the time of the 2003 AGM to over A$61 million based on its closing share price on the ASX last night.

The company has exploration interests in onshore Queensland and in offshore acreage in Kenya, Montenegro and the Falklands.

“As these assets are well distributed around the world, our presence in two equities markets provides greater opportunity to source capital as key project initiatives move into operational phases,” Armstrong said.