Global Petroleum Ltd
13 March 2007
13 March 2007
KENYA UPDATE
Global advises that the Government of Kenya has extended the current exploration
period (i.e. first additional exploration period) for the Kenyan PSC L-5 by 16
months to 11th July 2008, bringing it into alignment with the equivalent
exploration period for L-7. Our Kenya Joint Venture will now be able to progress
the study referred to in the Company's release of 25th January.
The Joint Venture has until the end of this extension period to decide whether
to commit to a further well in L-5 in the 2nd additional exploration period of 2
years.
In L-7, the Joint Venture has until 11th July 2008 to drill the 1st well in this
Licence before deciding whether to proceed to the 2nd additional exploration
period and commit to a 2nd well in L-7.
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
or www.global-petroleum.co.uk
John Armstrong
Executive Chairman
Telephone: +61 7 3211 1122
Fax: +61 7 3211 0133
Web: www.globalpetroleum.com.au
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