Business
Kenya Exploration Update
Kenya Exploration Update.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n Global Petroleum Ltd\n04 May 2006\n\n\n4 May 2006\n\nGlobal Petroleum Limited ('Global')\n\n WOODSIDE COMMITS TO SECOND EXPLORATION WELL IN JOINT VENTURE WITH GLOBAL AND\n DANA IN OFF-SHORE KENYA\n\nThe Woodside led Joint Venture has elected to enter the 1st Additional\nExploration Phase in PSC L-7, which includes a one well commitment to be drilled\nbefore June 2008, Global Petroleum Limited announced today.\n\nAs a result of both the Dana and Woodside farm-in, Global will be fully carried\nthrough the first exploration wells in each of L5 and L7 and retains 20%\nequity. Other equity levels are Woodside Energy (Kenya) Pty Ltd 50% (Operator)\nand Dana 30%.\n\nWelcoming the decision, Global Chairman Dr John Armstrong, said: 'This is an\nexcellent outcome for Global. The extended commitment from Woodside, a\nsuccessful major oil and gas exploration and development company, supports\nGlobal's confidence in this under-explored province.'\n\nThe Joint Venture is scheduled to drill the first of the two wells in Block L-5\nbeginning October 2006, with the timing dependent on met-ocean conditions and\nthe arrival of the rig in Kenya. The board of the Japanese Agency for\nMarine-Earth Science and Technology (JAMSTEC) owner of the deepwater drilling\nvessel has now approved the rig contract with Woodside.\nDr Armstrong said Woodside and the Joint Venture's further commitment in L7\nsupport's Global's view regarding the prospectivity of the region:\n\n* Woodside regards Kenya as an under-explored frontier area with significant \n potential, identifying it as 'the most prospective part of east Africa, with \n several large geological structures hosting multiple targets similar to those \n found on Australia's North West Shelf' (Woodside website)\n\n* Kenya has 'multiple large structural prospects' (Woodside presentation \n November 2005)\n\n* Woodside has identified some 50 prospects and leads, a number of which are \n capable of holding several hundred million to a billion barrels of recoverable \n oil.\n\nFurther information\n\nGlobal Petroleum Limited\nDr John Armstrong, Executive Chairman Tel: +61 (0) 732 111 122\n Fax: + 61 (0) 732 110 133\n Web: www.globalpetroleum.com.au\n\nBell Pottinger Corporate & Financial\nNick Lambert Tel: +44 (0) 20 7861 3232\n\n* The technical information in this report was prepared by Dr John Armstron...