20 April 2010
RNS AIM release
KENYA JOINT VENTURE - UPDATE OF LEGAL PROCEEDINGS
As previously advised, Global Petroleum Limited ("Global") and joint venture partner Dana Petroleum (E&P) Limited ("Dana") had commenced legal proceedings in the English High Court of Justice against Woodside Energy (Kenya) Pty Limited ("Woodside") as a result of Woodside's decision not to drill a second exploratory well in the project area, offshore Kenya.
The parties have reached a mutual agreement to withdraw from legal proceedings, with a lump sum payment of US$12 million (approximately A$12.98 million) to be received by Dana and Global jointly, apportioned on a 50/50 basis.
Enquiries:
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Global Petroleum Limited |
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Shane Cranswick |
Tel |
+ 61 8 9322 6322 |
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Astaire Securities Plc (Nominated Adviser and Broker) |
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William Vandyk |
Tel |
+44 20 7448 4400 |
This information is provided by RNS