25th Jan 2007 08:40
Global Petroleum Ltd25 January 2007 25 January 2007 KENYA Further to Woodside's release of 23 January 2007 regarding the results of thePomboo well in Kenya, Global advises that the L7 Joint Venture has decided notto drill Sokwe South No. 1 in this drilling campaign. There are numerous prospects and leads in our Kenya Licences L5 and L7. Pomboohas established the presence of reservoirs and seals although the well lackedoil and gas shows. It is important that the decision on the next phase ofexploration be determined after a comprehensive technical assessment of therelevance and implications of the new information obtained from Pomboo. Thiswork is expected to occur over the next three to six months. Accordingly, Woodside as operator of the L5 and L7 Joint Venture will discussoptions with the Kenya Government with a view to agreeing the appropriate wayforward for the JV and Government. The L5 and L7 Joint Venture comprises: Woodside Energy (Kenya) Pty Ltd 30% (and operator);Dana Petroleum (E&P) Ltd 30% *Repsol Exploracion S.A. 20% *Global Petroleum 20% The costs associated with Global's 20% in L5 and L7 are carried for allactivities through the drilling of the first well in each of these areas. For further information, refer to Global's website: www.globalpetroleum.com.au The technical information in this report was prepared by Dr John Armstrong PhD,BSc (1st Hons) Geo, executive Chairman of Global Petroleum Limited who has 35years experience in the upstream oil and gas industry. The information has beenreviewed as to its reliability by Mr Wal Muir BSc Hons (UNSW) MBA (UQ), who is apartner in MBA Petroleum Consultants. MBA provides independent technical adviceto Global. Wal Muir has over 27 years experience in the petroleum explorationindustry both in Australia and overseas. He is a Distinguished Member of thePetroleum Exploration Society of Australia and a member of the AustralianSociety of Exploration Geophysicists. John ArmstrongExecutive Chairman Telephone: +61 7 3211 1122Fax: +61 7 3211 0133Web: www.global-petroleum.co.uk Footnote: Another transaction is pending which, subject to the necessary permissions, will result in the transfer of a 3% interest in L5 and L7 from Dana to Repsol, resulting in Repsol having a 23% interest in L5 and L7 and Dana a 27% interest. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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