Business
Iti-1 Update
Iti-1 Update.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n RNS Number : 8729T Global Petroleum Ltd 15 June 2009 \n \nIti-1 Completed and Abandoned\n\nGlobal Petroleum Limited ('Global' or 'the Company') advises that Tower Resources plc ('Tower') has completed operations on the Iti-1 exploration well in Uganda Licence EA5. \n\nTower has advised that the well, which was drilled to a total depth of 592 meters, did not encounter any producible reservoir sands at the Iti-1 location. Minor hydrocarbon shows were monitored during drilling but evidence of limited quantities of oil in the lowermost target horizon remained ambiguous in the subsequent down-hole well logs and pressure test data. The lack of reservoir at this location could not justify further testing or the immediate move to drill a second well. A complete re-evaluation of the well data, combined with all other available technical data, will now be undertaken. \n\nEnquiries: \nGlobal Petroleum Limited \nShane Cranswick Tel + 61 8 9322 6322\n Email [email protected]\n \nAstaire Securities Plc (Nominated Adviser and Broker) \nWilliam Vandyk Tel +44 20 7448 4400 \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCCKPKQPBKKKAD \n ","length":2405,"tagName":"div"}]