Global Petroleum sells interest in Eagle Ford Shale

Global Petroleum has reached a deal with Millennial PDP Fund II to sell its interest in the Eagle Ford Shale oil and gas development in Texas.

Global Petroleum has reached a deal with Millennial PDP Fund II to sell its interest in the Eagle Ford Shale oil and gas development in Texas.

The fund, a wholly owned subsidiary of Millennial Energy, will buy the stake for a cash consideration of $0.51m.

The agreement comes after Global appointed Moyes & Co to market its interests to source potential buyers.

Subject to final due diligence, Global will sell its 7.939% working interest beneath the Olmos formation including the Eagle Ford Shale and the two Eagle Ford wells in which it has a 5.95% beneficial interest in production.

The company also announced the results of exploration well, Wingat-1, located in the Walvis Basin, offshore Namibia.

"The global directors and technical management team are encouraged by the presence in the Walvis Basin of two organic rich source rocks, encountered at a depth where they are actively generating oil," the group said.

"In addition, the recovery of four samples of light oil further proves the presence of a working oil source in the Walvis Basin."

Plans are underway to drill a second well, about 15 kilometres west of Wingat-1.

RD

Recommended

Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022
Why you should short this satellite broadband company
Trading

Why you should short this satellite broadband company

With an ill-considered business plan, satellite broadband company AST SpaceMobile is doomed to failure, says Matthew Partridge. Here's how to short th…
23 Sep 2022
Share tips of the week – 23 September
Share tips

Share tips of the week – 23 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Sep 2022
Momentum investing – and why price matters more than anything else
Investment strategy

Momentum investing – and why price matters more than anything else

The recent fashion for momentum investing, with investors piling into expensive growth stocks, is nothing new, says Merryn Somerset Webb. And the dang…
21 Sep 2022

Most Popular

Beating inflation takes more luck than skill – but are we about to get lucky?
Inflation

Beating inflation takes more luck than skill – but are we about to get lucky?

The US Federal Reserve managed to beat inflation in the 1980s. But much of that was down to pure luck. Thankfully, says Merryn Somerset Webb, the Bank…
26 Sep 2022
Earn 4.1% from the best savings accounts
Savings

Earn 4.1% from the best savings accounts

With inflation topping 10%, your savings won't keep pace with the rising cost of living. But you can at least slow the rate at which your money is los…
27 Sep 2022
The pick of this year's best-performing investment trusts
Investment trusts

The pick of this year's best-performing investment trusts

Market conditions haven’t been easy, but these investment trusts have delivered strong growth, says David Stevenson.
23 Sep 2022