Business
Kenya - Update
Kenya - Update.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n Global Petroleum Ltd\n13 March 2007\n\n\n13 March 2007\n\n KENYA UPDATE\n\nGlobal advises that the Government of Kenya has extended the current exploration\nperiod (i.e. first additional exploration period) for the Kenyan PSC L-5 by 16\nmonths to 11th July 2008, bringing it into alignment with the equivalent\nexploration period for L-7. Our Kenya Joint Venture will now be able to progress\nthe study referred to in the Company's release of 25th January.\n\nThe Joint Venture has until the end of this extension period to decide whether\nto commit to a further well in L-5 in the 2nd additional exploration period of 2\nyears.\n\nIn L-7, the Joint Venture has until 11th July 2008 to drill the 1st well in this\nLicence before deciding whether to proceed to the 2nd additional exploration\nperiod and commit to a 2nd well in L-7.\n\nThe L5 and L7 Joint Venture comprises:\n\nWoodside Energy (Kenya) Pty Ltd 30% (and operator);\nDana Petroleum (E&P) Ltd 30% *\nRepsol Exploracion S.A. 20% *\nGlobal Petroleum 20%\n\nThe costs associated with Global's 20% in L5 and L7 are carried for all\nactivities through the drilling of the first well in each of these areas.\n\nFor further information, refer to Global's website: www.globalpetroleum.com.au \nor www.global-petroleum.co.uk\n\nJohn Armstrong\nExecutive Chairman\n\nTelephone: +61 7 3211 1122\nFax: +61 7 3211 0133\nWeb: www.globalpetroleum.com.au\n www.global-petroleum.co.uk\n\n• Footnote: Another transaction is pending which, subject to the necessary \n permissions, will result in the transfer of a 3% interest in L5 and L7 from \n Dana to Repsol, resulting in Repsol having a 23% interest in L5 and L7 and \n Dana a 27% interest.\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2062,"tagName":"div"}]