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Global Petroleum sells interest in Olmos leases for $2.8mln

Last updated: 07:42 08 Mar 2012 GMT, First published: 08:42 08 Mar 2012 GMT

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Global Petroleum (LON:GBP) has sold its interest in the Olmos production and related leases, which form part of the Leighton project tin Texas, to US group SV Resource Partners for US$2.8 million.

The company had a 15 percent working interest in nine producing wells at Leighton. The operator of the Leighton project Texon Petroleum (ASX:TXN) has also sold its interest in the Olmos leases to SV.

The sale did not include Global’s interest in the Eagle Ford production wells and related leases, also part of Leighton, which were put up for sale last month.

“The company will make a further announcement in due course in relation to the sale of Eagle Ford,” Global told investors in today’s statement.

“Global expects the proceeds therefrom further to enhance the company's ability to fund the pursuit of other opportunities.”

Global expects its Eagle Ford shale 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.

Shares in Global rose 2.5 percent to 17 pence in early deals, giving it a market cap of £33.9 million.

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