REG - Global Petroleum Ltd - Partnership Agreement

Global PetroleumAnnouncement

26/01/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240126:nRSZ9799Aa&default-theme=true

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

 

-ends-

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCQKPBKCBKDPDB