Global Petroleum exploring for new opportunities under new revitalised board
February 20, 2024 at 08:14 am EST
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Global Petroleum (AIM:GBP) executive chairman Daniel Page highlights the company's strategic direction and future plans in an interview with Proactive's Stephen Gunnion.
The UK-listed exploration company is undergoing a significant restructuring, led by Page and the new board since their appointment in November.
The company holds legacy assets in Namibia and Italy and has entered into a promising joint venture in the Eastern Mediterranean with Cynergy East Med LLC. This partnership is set to capitalise on substantial opportunities in the region, further energised by recent announcements from BP and NOC.
Global Petroleum is focusing on producing assets, aiming to leverage the Eastern Mediterranean's potential to enhance shareholder value.
Page discussed the company's approach to its legacy assets, including a 78% interest in an exploration license in Walvis Bay, Namibia, emphasising the importance of financial discipline and a thorough technical review to maximise shareholder returns.
The company is actively exploring opportunities in Africa and the Eastern Mediterranean, committed to asset diversification across these regions. Financially, Global Petroleum is in a stronger position, with improved cost management and a strategic focus on achieving cash flow positive status.
Page said the board's decisions are driven by financial discipline and the goal of enhancing shareholder value within a reasonable timeframe.
He also highlighted the alignment between the directors' interests and shareholder value, noting their significant investment in the company and a compensation structure focused on long-term equity and options rather than immediate cash rewards.
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Proactive UK Ltd
Proactive UK Ltd
+44 20 7989 0813
uk@proactiveinvestors.com
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Global Petroleum Limited is an Australia-based holding company, which is engaged in oil and gas exploration and development. The Companyâs principal asset is an exploration block located offshore Namibia. The Company holds approximately 78% participating interest in Petroleum Exploration License (PEL) 0094, which covers Block 2011A in the Walvis Basin, offshore north-west Namibia. This License covers an area of approximately 5,798 square kilometers in water depths ranging from 450 meters to 1,550 meters. The Companyâs wholly owned subsidiaries include Global Petroleum Exploration Limited, and Global Petroleum Namibia Limited.