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Global Petroleum puts Eagle Ford assets up for sale

Last updated: 08:12 27 Feb 2012 GMT, First published: 09:12 27 Feb 2012 GMT

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Global Petroleum (LON:GBP) has put its Eagle Ford shale assets up for sale, following a similar move by operator Texon Petroleum (ASX:TXN).

Like Texon, Global has hired Albrecht & Associates and RBS Morgans to seek potential buyers for its interest in the Eagle Ford production wells and related leases, which form part of the Leighton project.

Last year, Global appointed Albrecht & Associates to sell its interest in in the Olmos production and related leases, while saying it would retain its Eagle Ford assets.

Global currently holds a 7.939 percent working interest in 1,651 acres beneath the Olmos formation including the Eagle Ford shale and the two Eagle Ford wells, representing a beneficial interest in the production of 5.95 percent.

The proceeds from the sale will be used to “pursue other opportunities”, said Global, adding that the existing Eagle Ford production wells have reduced the production risks of the leases.

Global expects the assets to draw “considerable interest” from companies that already have projects in the Eagle Ford play and seek to expand their exposure to the exploration potential of the area.

The company will now focus on its assets onshore Namibia. Last August, Global bought Jupiter Petroleum Limited - furthering its bid to position itself as an Africa-focused explorer.

Jupiter Petroleum holds prospective oil and gas exploration interests in offshore Namibia and in offshore Juan de Nova - a French dependency in the Mozambique Channel.

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on 16/2/24