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Global Petroleum completes Eagle Ford asset sale

Published: 08:54 11 Jun 2013 BST

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Global Petroleum (LON:GBP) has announced the completion of a deal to sell its Eagle Ford shale assets.

It is receiving US$510,000 from the deal with Millennial Energy, a privately owned Texas oil company.

The company owned a 7.939% 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.

And it put the assets up for sale in February following a similar move by the project operator Texon Petroleum

 

The sale is part of the group’s strategy to focus on projects in Africa.

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