Global Petroleum exploring for new opportunities under new revitalised board
London, UK
|
February 20, 2024 08:13 AM Eastern Standard Time
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.
Contact Details
Proactive UK Ltd
Proactive UK Ltd
+44 20 7989 0813
