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RNS Number : 9799A Global Petroleum Ltd 26 January 2024
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.
26 January 2024
Global Petroleum Limited
("Global" or "the Company")
Partnership Agreement
Global Petroleum Limited (LSE AIM: GBP) ("Global" or "the Company"), an oil
and gas upstream exploration company presently focused on Africa and the
Mediterranean, announces that the Company has entered into a Partnership
Agreement ("PA") with Cynergy East Med LLC ("Cynergy"). Under the terms of
the PA Cynergy and Global will look to explore energy opportunities in the
East Mediterranean.
In the current market landscape, characterised by unique dynamics and
geopolitical shifts, Cynergy has a market position that combined with Global
allows the partnership to explore unique and high value opportunities in the
Eastern Mediterranean in 2024. The PA will enable both parties to mutually
beneficially assess this as well as other opportunities in the prolific
Eastern Mediterranean.
The agreement follows the appointment of a new Executive Board, led by Daniel
Page and Cecilia Yu, focused on delivering shareholder value.
Further announcements will be made as and when appropriate.
Daniel Page, Executive Chairman of Global Petroleum commented:
"On appointment we said that we would aim to maximise shareholder value and
deliver a pathway to profitability. I am excited by the opportunity with
Cynergy to evaluate the prolific Eastern Mediterranean basin. We believe
that this partnership has the potential to assess some very exciting assets
and I look forward to updating shareholders on progress in due course."
Mike Germanos, Founder and CEO of Cynergy East Med LLC, Said
"The Cynergy team and I are thrilled to announce our partnership with Global
Petroleum. We look forward to evaluating opportunities and seeking to unlock
the substantial financial and strategic value in the East Med energy value
chain."
For further information please visit: www.globalpetroleum.com.au or contact:
Global Petroleum Limited +44 (0) 20 3 875 9255
Andrew Draffin, Company Secretary and non-Executive Director
Panmure Gordon (UK) Limited (Nominated Adviser & Joint Broker) +44 (0) 20 7886 2500
James Sinclair-Ford / Freddie Twist
Corporate Broking: Hugh Rich
CMC Markets (Joint Broker) +44 (0) 20 7170 8200
Tom Curran / Thomas Smith
SI Capital Limited +44 (0) 148 341 3500
Nick Emerson / Nick Briers
Tavistock (Financial PR & IR) +44 (0) 20 7920 3150
Simon Hudson / Nick Elwes
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