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Drill Rig Secured For EA5 Oil
Drill Rig Secured For EA5 Oil.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n RNS Number : 3265Q Global Petroleum Ltd 08 April 2009 \n \n8 April 2009\nRNS AIM release\nDRILL RIG SECURED FOR EA5 OIL PROSPECT IN UGANDA\nGlobal Petroleum Limited ('Global' or 'the Company') is pleased to announce that its joint venture partner Neptune Petroleum (Uganda) Limited ('Neptune'), a wholly-owned subsidiary of Tower Resources plc ('Tower'), has signed a contract with the ASCOM S.A. Group ('ASCOM') to provide a mobile MBU-125 land rig to drill Iti-1, the first well in Uganda Licence EA5. \n\nTower has advised that the Iti-1 well site and camp site are completed and all Government consents are in place. All drilling supplies will be on site shortly and agreements with the necessary service suppliers are close to finalisation in readiness for the rig's arrival and there do not appear to be any serious logistical impediments to transporting the rig to the site. The current best estimate is that the rig will arrive at the well site in early May to commence drilling by mid-month.\n\nUnder the terms of the Farm In Agreement, Global is earning up to a 50% interest in the EA5 Licence and Production Sharing Agreement by funding the cost of drilling Iti-1 (subject to a cap), the first well of a two well programme, and a second well at the Company's discretion, currently expected to be Sambia-1, when the results of Iti-1 have been interpreted. \n\n\n\n\n\n\n\nEnquiries:\n\n\n\n\n\nGlobal Petroleum Limited\n\n\n\n\n\n\n\n\n\n\nShane Cranswick\n\n\nTel\n\n\n + 61 8 9322 6322\n\n\n\n\n\n\n\nEmail\n\n\[email protected]\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBlue Oar Securities Plc (Nominated Adviser and Broker)\n\n\n\n\n\n\n\n\n\n\nWilliam Vandyk/Olly Cairns\n\n\nTel\n\n\n+44 20 7448 4400\n+61 8 6430 1630\n\n\n\n\n\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCUUUMPCUPBUAR \n ","length":4474,"tagName":"div"}]