Global Energy Holdings is selling its 10% carried interest in South Africa’s Block 3B/4B in the OrangeBasin. The stake is being bought by an affiliate of BHP Billiton Petroleum, who is the operator of the block and with its affiliates holds the remaining 90% stake.
Randall C. Thompson, founder and manager of Global, said “This transaction continues to validate Global’s business model of identifying and acquiring licenses and concessions in offshore, deepwater basins usually devoid of any significant exploration activity.
Global’s exploration team adds value by investigating early stage work program and seismic activity, secures farm out partners for extensive work programs related to deepwater drilling and then monetizes all or part of Global’s share in the enhanced exploration project while retaining a carried economic interest in the future exploration work programs of the project.”
Thompson further commented, “This represents the eighth successful farmout/sale transaction for the Global group of companies over the past 24 years including such areas as the Philippines, China, Belize, Morocco, and New Zealand. Each of our successes has translated into profits for our investors, exciting opportunities for our partners and increased revenue for the countries in which we operate.”
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