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Receipt of Ministerial Consen
Receipt of Ministerial Consen.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n RNS Number : 2729N Global Petroleum Ltd 13 February 2009 \n \n\n13 February 2009\nRNS AIM release\n\nMINISTERIAL CONSENT RECEIVED FOR GLOBAL PETROLEUM TO FARM IN TO EA5 OIL PROSPECT IN UGANDA\n\nGlobal Petroleum Limited ('Global' or 'the Company') is pleased to announce that consent of the Minister of Energy and Mineral Development of the Government of the Republic of Uganda has been received in relation to its 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 earn a 50% interest in Neptune's Exploration Area 5 ('EA5'). \n\nGlobal has the right to earn a 50% interest in EA5, north-western Uganda, by meeting the cost of two exploration commitment wells. \n\nUnder the terms of the Farm In Agreement, Global will earn a 50% interest in the EA5 Licence and Production Sharing Agreement by funding the cost of drilling Iti-1 (subject to a cap), the first well of a two well programme, and a second well at their discretion, currently expected to be Sambia-1, when the results of Iti-1 have been interpreted. \n\nThe Ministerial Consent allows Tower and Global to finalise the contractual and logistical negotiations for a drilling rig to begin drilling operations within the next two months. The first well is expected to be completed within two weeks of commencement of drilling.\n\n\n\n\n\n\nEnquiries:\n\n\n\n\n\nGlobal Petroleum Limited\n\n\n\n\n\n\n\n\n\n\nShane Cranswick\n\n\nTel\n\n\n + 61 8 9322 6322\n\n\n\n\n\n\n\nEmail\n\n\[email protected]\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBlue Oar Securities Plc (Nominated Adviser and Broker)\n\n\n\n\n\n\n\n\n\n\nWilliam Vandyk/Olly Cairns\n\n\nTel\n\n\n+44 20 7448 4400\n+61 8 6430 1630\n\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCTJMRTMMMBMPL \n ","length":4917,"tagName":"div"}]