Global Petroleum Ltd
15 December 2006
15 December 2006
POMBOO NO. 1
In the last few days, the Company has received a number of enquiries from
shareholders as to the status of its Kenya project.
The Pomboo No. 1 well is in 2,200 metres of water and operations are progressing
slowly as expected in these water depths. Pomboo is preparing to run the riser
from the drilling rig to the seafloor in preparation for recommencing drilling
in the next few days.
The Pomboo well is currently at a depth of 2,944 metres below sea level with a
planned total depth of about 5,000 metres. The objectives of the well are
towards the deeper part of this interval.
Subject to operational conditions, the Joint Venture plans to proceed directly
from Pomboo No. 1 (in L-5) to Sokwe South No. 1 (in L-7) after Pomboo has
reached its total depth.
The L-5 and L-7 Joint Venture comprises:
Woodside 30% (and operator);
Dana 30% *
Repsol 20% *
Global 20%
The costs associated with Global's 20% in L-5 and L-7 are carried for all
activities through the drilling of the Pomboo and Sokwe wells.
For further information, refer also to Global's releases 1/11/06, 14/11/06,
4/12/06, 5/12/06 and 12/12/06 and Global's website: www.globalpetroleum.com.au
The technical information in this report was prepared by Dr John Armstrong PhD,
BSc (1st Hons) Geo, executive Chairman of Global Petroleum Limited who has 35
years experience in the upstream oil and gas industry. The information has been
reviewed as to its reliability by Mr Wal Muir BSc Hons (UNSW) MBA (UQ), who is a
partner in MBA Petroleum Consultants. MBA provides independent technical advice
to Global. Wal Muir has over 27 years experience in the petroleum exploration
industry both in Australia and overseas. He is a Distinguished Member of the
Petroleum Exploration Society of Australia and a member of the Australian
Society of Exploration Geophysicists.
John Armstrong
Executive Chairman
Telephone: (07) 3211 1122
Fax: (07) 3211 0133
Web: www.globalpetroleum.com.au
* Footnote: Another transaction is pending which, subject to the necessary
permissions, will result in the transfer of a 3% interest in L-5 and L-7 from
Dana to Repsol, resulting in Repsol having a 23% interest in L-5 and L-7 and
Dana a 27% interest.
This information is provided by RNS
The company news service from the London Stock Exchange
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