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

Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021
Trading: stash the family cash in this cheap wealth management firm
Trading

Trading: stash the family cash in this cheap wealth management firm

Wealth management is a growth market. Rathbone Brothers should be a prime beneficiary – and looks cheap. Matthew Partridge explains the best way to pl…
12 Oct 2021

Most Popular

Properties for sale for around £1m
Houses for sale

Properties for sale for around £1m

From a stone-built farmhouse in the Snowdonia National Park, to a Victorian terraced house close to London’s Regent’s Canal, eight of the best propert…
15 Oct 2021
How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
How to invest in SMRs – the future of green energy
Energy

How to invest in SMRs – the future of green energy

The UK’s electricity supply needs to be more robust for days when the wind doesn’t blow. We need nuclear power, says Dominic Frisby. And the future of…
6 Oct 2021