GP Petroleums defers NCD, OCD plan; signs acquisition exclusivity

GP Petroleums board met on Aug 19, 2026. The board deferred a decision on raising funds through Non-Convertible and Optionally Convertible Debentures, seeking additional information first. Separately, the company signed a 4-month exclusivity agreement with Incubit DMCC to evaluate a potential strategic acquisition, called Project Petroleum, covering assets and entities in India, UAE and Africa. An exclusivity fee of USD 100,000 will be paid and adjusted against the final deal consideration. The deal is a related party transaction due to a common director, and it does not yet bind the company to buy.