Global Petroleum has welcomed a new leadership team with ambitious plans to grow and diversify the organization. Chairman Daniel Page, who joined the board during a comprehensive overhaul in November 2023, spoke about the company’s new direction and strategic goals.
The previous leadership team, including Peter Hill, John van der Welle, and Garrick Higgins, resigned, making way for the fresh leadership at Global Petroleum. Joining Chairman Daniel Page on the reconstituted board are Cecilia Yu, who serves as the executive director, and Azib Khan, taking on the role of non-executive director. Andrew Draffin retained his position as a non-executive director and company secretary.
Chairman Page brings a wealth of experience to his role, with a background in asset management, commodities macro management, and investment. He emphasized his unique perspective, having been on both sides of deals and business management. Cecilia Yu, on the other hand, boasts an impressive track record, having managed a significant credit-investing hedge fund. Her career began at Trafigura, a renowned global commodities trading firm.
Chairman Page outlined their strategic plan, highlighting their intention to make a significant impact on the company’s growth and direction. He expressed his optimism about opportunities in the Eastern Mediterranean and Namibia and emphasized the board’s forward-looking vision that extends beyond the next decade.
Global Petroleum boasts a market capitalization of approximately £2.3 million. However, Chairman Page’s goal is to propel the company’s value to a substantial £200–250 million within the next ten years. The leadership team, affectionately referred to as the “Dan and Cecilia” team, has a clear plan in place. Their journey to lead Global Petroleum began when they were working together throughout 2023, exploring avenues for their involvement. Ultimately, a global shareholder, Omar Ahmad, proposed that the new team replace the existing board.
Omar Ahmad, who holds a significant stake in Global Petroleum, saw the potential in Chairman Page and Cecilia Yu, recognizing their ability to drive the company forward. Chairman Page explained that they were drawn to the opportunity to operate in the Eastern Mediterranean and Africa, citing their capabilities and expertise in these regions.
Global Petroleum has long-held interests in Namibia, a country that has recently gained significant attention in the oil and gas industry due to major resource discoveries in the Orange Basin. Notably, Global owns a 78% stake in PEL 94, located in Namibia’s Walvis Basin, where the non-commercial Wingat-1 well successfully recovered oil to the surface in 2013.
The company also holds interests in Italy’s Adriatic Sea, although it has faced certain local challenges in executing its plans. In a clear indication of the new strategic direction, Global Petroleum announced an agreement with Cyprus-based Cynergy East Med in January. This partnership agreement is aimed at exploring energy opportunities, marking a significant step in the company’s journey to expand its footprint in the Eastern Mediterranean.
Chairman Page emphasized that the “Dan and Cecilia” team brings unique strengths to the table, including their ability to execute deals effectively. He highlighted their experience in asset financing and their capacity to work on the practical aspects of producing assets, in addition to their financial acumen.
While the Eastern Mediterranean is recognized as a challenging region for business, particularly given the ongoing conflicts, Chairman Page affirmed their determination to operate in the area, emphasizing the value they bring to the table in terms of execution and asset financing. The board’s deep understanding of the cultural, political, and security drivers in the region positions them to navigate complex challenges effectively. They also believe that gas production in the area can contribute to energy security.
Global Petroleum also unveiled a compensation structure for its board that aims to align rewards with shareholder interests. The executives will receive a modest salary and a contracting fee, with the majority of their compensation in the form of shares and options.
With a 10-year vision in mind, Chairman Page and the “Dan and Cecilia” team are committed to building Global Petroleum’s value over time. They underscore their alignment with shareholders’ interests and their focus on the long-term success of the company. Despite challenges in the exploration and production sectors, Chairman Page remains optimistic about accessing capital through AIM, the London Stock Exchange’s market for smaller companies. He acknowledges the market’s liquidity challenges but believes that access to capital remains strong for those who can effectively present their assets and opportunities.
Chairman Page emphasized their unique perspective as “credit people” in evaluating oil and gas assets. They view these assets through a financial lens, considering them as bond-like investments with certain costs and expected returns over a defined period. In closing, Chairman Page emphasized their ability to enhance partnerships in Africa and the Eastern Mediterranean and their capacity to seize opportunities in acquiring undervalued producing assets.
