24th Aug 2006 09:47
Global Petroleum Ltd24 August 2006 24 August 2006 Global Petroleum Ltd Repsol joins global Joint Venture for offshore Kenya drilling Global Petroleum Ltd reports that Repsol Exploracion S.A. (a wholly ownedsubsidiary of Spanish based company Repsol YPF - an integrated oil and gascompany which produces over 1 million barrels of oil equivalent per day) hasjoined the Joint Venture which will drill two wells offshore Kenya in the lastquarter of this year, one each in Blocks L5 and L7. Holdings in the L5 and L7Joint venture are now: • Woodside 30% (and operator);• Dana 30%• Repsol 20%• Global 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.Woodside and Repsol earn their farm-in equity when these two wells are drilled. The Joint Venture has already contracted a rig for drilling. The first of thetwo wells is likely to be in L5 on the Pomboo prospect and this is scheduled tobegin in October this year. The second well will be drilled in Block L7 and islikely to be on the Sokwe prospect. For further information, refer also to Global's releases dated 16/3/06 and 4/5/06 and Global's website: www.globalpetroleum.com.au Further information Global Petroleum LtdJohn Armstrong, Executive Chairman + 61(0) 7 3211 1122 Bell Pottinger Corporate & FinancialNick Lambert +44 (0)20 7861 3232 www.globalpetroleum.com.au This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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