28th May 2008 07:00
ABN 68 064 120 896
28 May 2008
UPDATE ON KENYA PROJECT
Global Petroleum Limited ("the Company") advises that after seeking legal advice, notice has been given to Woodside Energy (Kenya) Pty Limited ("Woodside") terminating the Farm-In Agreement ("FIA") relating to certain interests in the Lamu Basin, offshore Kenya.
The termination notice has been given based on Woodside's refusal to drill a second exploratory well in the project area in accordance with the FIA and its failure to take any steps to remedy this refusal, which the Company considers to be a repudiation and breach of the FIA.
The Company and joint venture partner Dana Petroleum (E&P) Limited have advised Woodside that they intend to issue legal proceedings to recover losses suffered as a result.
Further announcements will be made by the Company as appropriate.
Enquiries:
| Global Petroleum Limited | Tel | +1 505 344 2822 |
| Mark Savage, Chairman | Fax | +1505 344 2922 |
| [email protected] | ||
| Blue Oar Securities Plc (Nominated Adviser and Broker) | Tel | 020 7418 4400 |
| Rhod Cruwys/Jerry Keen |
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Global Petroleum