The company has sold off its interest in the Bolivar association contract area in the Middle Magdalena basin to Everest Hill Energy.
Under the terms of the agreement, Global will be fully carried on three wells involving re-entry and hydraulic fracturing, with Everest paying all costs of the work programme.
The first of the re-entry wells is expected to spud with the next two months.
The work programme will be operate through a joint venture agreement between the companies.
Global managing director Stephen Boss said the company wanted to get back into operations.
“This agreement not only provides us with the funding for a three well progamme but it also allows us to share the risks as we jointly develop the Company's largest asset base,”...
