(Alliance News) - Global Petroleum Ltd on Tuesday said its partnership agreement with Cynergy East Med LLC has mutually ended, following the resignation of the company's chair.
Back in January, the Africa and Mediterranean focused oil and gas explorer said it would partner with Cynergy to explore energy opportunities in the East Mediterranean.
Cynergy is a Cyprus-based energy asset acquisition and project development vehicle.
However, on Tuesday, Global Petroleum ended the partnership. This follows the resignation of its chair.
On Monday, Global Petroleum said that its Executive Chair Daniel Page had abruptly left after just over three months in the role.
On Tuesday, the company said: "The board remains active operationally and looks forward to updating shareholders on company initiatives in due course."
Shares in Global Petroleum were down 3.2% to 0.070 pence each in London on Tuesday afternoon.
By Sophie Rose, Alliance News senior reporter
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Global Petroleum (GBP)