Business
Repsol joins Kenya JV
Repsol joins Kenya JV.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n Global Petroleum Ltd\n24 August 2006\n\n\n24 August 2006\n\nGlobal Petroleum Ltd\n\n Repsol joins global Joint Venture for offshore Kenya drilling\n\nGlobal Petroleum Ltd reports that Repsol Exploracion S.A. (a wholly owned\nsubsidiary of Spanish based company Repsol YPF - an integrated oil and gas\ncompany which produces over 1 million barrels of oil equivalent per day) has\njoined the Joint Venture which will drill two wells offshore Kenya in the last\nquarter of this year, one each in Blocks L5 and L7. Holdings in the L5 and L7\nJoint venture are now:\n\n• Woodside 30% (and operator);\n• Dana 30%\n• Repsol 20%\n• Global 20%\n\nThe costs associated with Global's 20% in L5 and L7 are carried for all\nactivities through the drilling of the first well in each of these areas.\nWoodside and Repsol earn their farm-in equity when these two wells are drilled.\n\nThe Joint Venture has already contracted a rig for drilling. The first of the\ntwo wells is likely to be in L5 on the Pomboo prospect and this is scheduled to\nbegin in October this year. The second well will be drilled in Block L7 and is\nlikely to be on the Sokwe prospect.\n\nFor further information, refer also to Global's releases dated 16/3/06 and \n4/5/06 and Global's website: www.globalpetroleum.com.au\n\nFurther information\n\nGlobal Petroleum Ltd\nJohn Armstrong, Executive Chairman + 61(0) 7 3211 1122\n\nBell Pottinger Corporate & Financial\nNick Lambert +44 (0)20 7861 3232\n\n www.globalpetroleum.com.au\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":1807,"tagName":"div"}]