Global Petroleum Ltd
28 September 2006
28 September 2006
TIMING OF KENYA DRILLING
Further to Global's release of 24th August, Woodside as operator of the
Company's Kenya Joint Venture has advised that the drill rig is expected to be
handed over to Woodside in the second half of October 2006, with drilling
operations to begin about one month later after the rig has mobilized to Kenya.
Two wells are planned - one in each of Blocks L-5 and L-7. The first of two
wells is likely to be in L-5 on the Pomboo prospect and the second well will be
in Block L-7 and is likely to be on the Sokwe prospect.
Holdings in the L5 and L7 Joint venture are:
Woodside 30% (and operator);
Dana 30%
Repsol 20%
Global 20%
The costs associated with Global's 20% in L5 and L7 are carried for all
activities through the drilling of the first well in each of these areas.
Woodside and Repsol earn their farm-in equity when these two wells are drilled.
For further information, refer also to Global's releases dated 16/3/06, 4/5/06
and 24/8/06 and Global's website: www.globalpetroleum.com.au
Further information
Global Petroleum
John Armstrong - Executive Chairman +61 (0) 7 3211 1122
Bell Pottinger Corporate & Financial
Nick Lambert +44 (0) 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange