Business
Preliminary Results
Preliminary Results.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n RNS Number : 9524Z Global Petroleum Ltd 30 September 2009 \n \nGLOBAL: PETROLEUM LIMITED\nPRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2009\nThe full audited 2009 Financial Report is available at www.globalpetroleum.com.au.\nREVIEW OF OPERATIONS AND ACTIVITIES\nLeighton Project \nOn 15 August 2008, the Company announced it was farming in to the Leighton oil prospect owned by Texon Petroleum Limited (ASX: TXN). The Company earned a 15% Working Interest ('WI') in the first well by funding 30% of the cost of drilling the well in addition to reimbursing Texon US$180,000 in respect of prospect generation and lease costs for the well.\nWhen the first well on Leighton has been drilled, Global opted to participate in the drilling of a second well under the same terms to earn a 15% WI in the Leighton leases. All subsequent wells drilled on Leighton are at each company's earned working interest. \nGlobal has now commenced receiving revenue from the production of both Peeler #1 and Tyler Ranch #1.\nUganda \nDuring the year, Global announced that it has reached agreement ('Farm In Agreement') with Neptune Petroleum (Uganda) Limited ('Neptune'), a wholly-owned subsidiary of Tower Resources plc ('Tower'), an AIM listed oil and gas exploration company, to farm in to an interest in Neptune's Uganda acreage. Global has the right to earn a 50% interest in Exploration Area 5 ('EA5'), north western Uganda by meeting the cost of two exploration commitment wells. \nEA5 is a 6,040 sq km licence area situated at the northern end of the Albertine Graben in northern Uganda. A regional aeromagnetic survey has identified that EA5 contains one of five identified sedimentary depocentres (or basins), called the Rhino Camp Basin, within the Albertine Graben and a programme of seismic interpretation and geochemical sampling has been completed. \nIt was agreed that Global's funding of Iti-1 was capped at US$6.5 million in the event that drill stem testing was not justified and US$7.5 million in the event that the presence of hydrocarbons supports the need for a drill stem test programme, after which Global would fund 25% of continuing well costs. In May 2009, Neptune drilled Iti-1 and advised that the well, which was drilled to a total depth of 592 meters, did not encounte...