The sale of 11.29% in FOGL to raise capital for existing projects reduces Global's stake to just 1.85%.
The increased working capital would enable Global to progress existing projects as well as seek other opportunities for acquisitions, joint ventures or investments in the resources sector, the company said.
Global already owns an extensive suit of oil and gas properties in Kenya and Malta.
In Malta, Global has an 80% stake in blocks 4 and 5 in the southern region of the Ragusa Trough, while in Kenya the company holds 20% in blocks L-5 and L-7.
