Global closes on new blocks but gives up on Mozambique deep

摘要

Global Petroleum is closing in on the purchase of new assets but has handed back a block in the Mozambique Channel. The Australian minnow says that it is now back in the hunt for assets following the drop in price. "The company has held detailed discussions with various parties with a view to concluding an acquisition of assets which would add significant near-term value, to be funded from internal resources and, if market conditions permit, the raising of further capital. Global has noted a more re- alistic view recently on the part of asset or corporate vendors, and believes that the company will be able to execute a transaction on terms that deliver good value to shareholders," it said.