Global Petroleum Ltd
25 January 2007
25 January 2007
KENYA
Further to Woodside's release of 23 January 2007 regarding the results of the
Pomboo well in Kenya, Global advises that the L7 Joint Venture has decided not
to drill Sokwe South No. 1 in this drilling campaign.
There are numerous prospects and leads in our Kenya Licences L5 and L7. Pomboo
has established the presence of reservoirs and seals although the well lacked
oil and gas shows. It is important that the decision on the next phase of
exploration be determined after a comprehensive technical assessment of the
relevance and implications of the new information obtained from Pomboo. This
work is expected to occur over the next three to six months.
Accordingly, Woodside as operator of the L5 and L7 Joint Venture will discuss
options with the Kenya Government with a view to agreeing the appropriate way
forward for the JV and Government.
The L5 and L7 Joint Venture comprises:
Woodside Energy (Kenya) Pty Ltd 30% (and operator);
Dana Petroleum (E&P) Ltd 30% *
Repsol Exploracion S.A. 20% *
Global Petroleum 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.
For further information, refer to Global's website: www.globalpetroleum.com.au
The technical information in this report was prepared by Dr John Armstrong PhD,
BSc (1st Hons) Geo, executive Chairman of Global Petroleum Limited who has 35
years experience in the upstream oil and gas industry. The information has been
reviewed as to its reliability by Mr Wal Muir BSc Hons (UNSW) MBA (UQ), who is a
partner in MBA Petroleum Consultants. MBA provides independent technical advice
to Global. Wal Muir has over 27 years experience in the petroleum exploration
industry both in Australia and overseas. He is a Distinguished Member of the
Petroleum Exploration Society of Australia and a member of the Australian
Society of Exploration Geophysicists.
John Armstrong
Executive Chairman
Telephone: +61 7 3211 1122
Fax: +61 7 3211 0133
Web: www.global-petroleum.co.uk
Footnote: Another transaction is pending which, subject to the necessary
permissions, will result in the transfer of a 3% interest in L5 and L7 from Dana
to Repsol, resulting in Repsol having a 23% interest in L5 and L7 and Dana a 27%
interest.
This information is provided by RNS
The company news service from the London Stock Exchange