(Alliance News) - Global Petroleum Ltd on Friday said it will partner with Cynergy East Med LLC to explore energy opportunities in the East Mediterranean.
Shares in Global Petroleum rose 8.9% to 0.090 pence each in London on Friday afternoon.
The Africa and Mediterranean focused oil and gas explorer said through the pact, the companies will explore "unique and high value opportunities" in the Eastern Mediterranean, starting from 2024.
Both firms will mutually benefit from these opportunities, Global Petroleum said.
Cynergy is a Cyprus-based energy asset acquisition and project development vehicle.
Global Petroleum Chair Daniel Page said: "On appointment we said that we would aim to maximise shareholder value and deliver a pathway to profitability. 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."
By Sabrina Penty, Alliance News reporter
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Global Petroleum (GBP)