Business
Quarterly Report/Cashflow
Quarterly Report/Cashflow.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n Global Petroleum Ltd\n31 January 2008\n\n\n31 January 2008\n\nRNS AIM release\n\n\n December 2007 Quarterly Report / Change of Nominated Adviser and Broker\n\nKenya (Global 20%)\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\nUnder a Farm-in Agreement dated 28 June 2006, Woodside Energy (Kenya) Pty Ltd\nagreed to drill one well in each of the Kenyan blocks L-5 and L-7, and to fully\ncarry Global's interest (20%) in those wells. In January 2007 the first well,\nPomboo, was drilled. The second well is due to be drilled by July 2008 to comply\nwith the L-7 licence work obligations. However current indications are that it\nis unlikely that Woodside will drill that well by the due date. Global has\nwritten to Woodside advising that if the well is not drilled, Woodside will be\nin breach of its obligations under the Farm-in Agreement. Global is taking\nfurther legal advice on this issue.\n\nMalta Exploration Study Agreement Area 3 - Blocks 4 & 5 (Global 80%)\n\nRWE Dea AG ('RWE'), which has farmed into Global's interest in the Exploration\nStudy Agreement covering Blocks 4 & 5, has the right to earn up to a total 70%\ninterest if the parties enter into a PSC with the Malta Government and RWE\ncommits to the drilling of a well. The ESA has been extended by the Malta\nGovernment until 30 June 2008 and RWE is currently in initial discussions with\npotential additional farm in partners for the project.\n\nShould a well be drilled, Global's 30% share (including 3% on behalf of a UK\nmarketing agency that assisted Global in the farm-in process) of the costs of\nsuch a well would be fully carried by RWE.\n\nFalkland Oil and Gas Limited ('FOGL')\n\nDuring the quarter FOGL announced it had entered into a farm-out agreement with\na subsidiary of BHP Billiton over FOGL's 2002 and 2004 licences to the South and\nEast of the Falkland Islands. Under the agreement, BHP Billiton will acquire a\n51% interest, and will take over the operatorship of the licences. A minimum of\ntwo exploration wells will be drilled in the next 3 years and BHP Billiton pays\nFOGL US$12.75 million in reimbursement of certain historical costs.\n\nAn update was released by FOGL in December summarising its 2007 Falkland Islands\nex...