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(Sharecast News) - Global Petroleum announced a development in its efforts to explore energy opportunities in the East Mediterranean on Friday, as it entered into a partnership agreement with Cynergy East Med.
The AIM-traded firm said the strategic partnership was aimed at leveraging the strengths of both Global and Cynergy to explore unique and high-value opportunities in the Eastern Mediterranean region in 2024.
It said that, in the current global energy landscape marked by evolving dynamics and geopolitical shifts, Cynergy had a market position that, when combined with Global's expertise, positioned the partnership to capitalise on opportunities in the region.
The partnership agreement would serve as the framework for both companies to jointly assess the opportunities, along with other potential ventures in the area.
It noted that the collaboration came on the heels of Global Petroleum's recent appointment of a new executive board, led by Daniel Page and Cecilia Yu.
"On appointment we said that we would aim to maximise shareholder value and deliver a pathway to profitability," said executive chairman Daniel Page.
"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."
At 1538 GMT, shares in Global Petroleum were up 6.06% at 0.09p.
Reporting by Josh White for Sharecast.com.