Business
Quarterly Report June 2006
Quarterly Report June 2006.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n Global Petroleum Ltd\n31 July 2006\n\n\n\n Global Petroleum Limited - June 2006 Quarterly Report\n\n\nKenya (Global 20%)\n\n\nOn 4 May the Company announced that Woodside had elected to drill the second of\nits Kenya farm-in wells. The well will be drilled in L-7 before June 2008. The \nCompany holds 20% in two blocks (L-5 and L-7) offshore Kenya together with\nWoodside (50% and operator) and Dana (30%).\n\nOn 16 March, the Company announced that Woodside had secured the deepwater\nvessel 'Chikyu' to drill the first Kenya well which will be in Licence L-5\ncommencing about October 2006, with the timing dependent on met-ocean conditions\nand the 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.\n\n\nL-5 and L-7 now contains some 50 prospects and leads, a number of which are each\ncapable of containing several hundred million to a billion barrels of\nrecoverable oil. There are Direct Hydrocarbon Indicators (DHI: potential oil and\ngas indicator) on some of the leads.\n\nThe costs associated with Global's 20% equity in L-5 and L-7 are carried for all\nactivities including the drilling and testing of the first two wells. Woodside\nearns its 50% equity in L-5 and L-7 when these two wells have been drilled.\n\n\nFalkland Oil and Gas Limited ('FOGL') (Global shareholding 14.0%)\n\n\nFOGL has an average 90% holding in 79,000 sqkm of prospective offshore licences\nto the East and South of the Falkland Islands.\n\nThe farmout process continues with the objective of securing partners with\nappropriate financial capability and deepwater experience. FOGL announced on\n26th July 2006 that it intends to conduct a controlled source electromagnetic\nsurvey over the Company's licences in the South and East Falkland Basins. FOGL\nannounced its preliminary results for the year ended 31 March 2006 on 11th July\n2006.\n\nAt a FOGL share price of £1.02/share (as at 26 July 06), Global's shareholding\nis valued at A$31.7m (18.4 cents/share).\n\n\nMalta Exploration Study Agreement Area 3 - Blocks 4 & 5 (Global 80%)\n\n\nBlocks 4 & 5 contain four leads (1 Triassic, 2 Jurassic / Cretaceous, 1 \nTertiary) and a number of natural oil slicks on the ocean surface have been\ndetected by satellite im...