Global Petroleum Share News (GBP)

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