Global Petroleum (AIM:GBP) shares were boosted in Friday’s early deals after it reported the signing of a new partnership agreement with Cynergy East Med LLC, which sees the pair exploring energy opportunities in the Eastern Mediterranean region.
This new partnership aligns with the nano-caps exploration company's new strategic direction and reflects its commitment to exploring new and valuable energy opportunities, Global noted.
It comes as a new executive board has taken the reins at Global, led by Daniel Page and Cecilia Yu.
"On appointment we said that we would aim to maximise shareholder value and deliver a pathway to profitability,” executive chair Page said in a statement.
“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."
Mike Germanos, the founder and CEO of Cynergy East Med, added: "The Cynergy team and I are thrilled to announce our partnership with Global Petroleum (AIM:GBP).
“We look forward to evaluating opportunities and seeking to unlock the substantial financial and strategic value in the East Med energy value chain."
Global shares rose around 12% to change hands at 0.096p, valuing the company at just over £1.5 million.