Global Petroleum Ltd
01 November 2005
Global Petroleum Limited
Global withdraws from L-10 And L-11 in offshore Kenya
Global Petroleum advises that it has withdrawn from both L-10 and L-11. The
operator, Dana Petroleum has advised the Minister for Energy in the Kenyan
Government.
With respect to L-10, Dana as operator and on behalf of Global had been
negotiating since September 2004 the terms of an extension to the block beyond
the expiry date of December 2004, but was unable to reach agreement with the
Kenyan Government.
With respect to L-11, Woodside Energy has given notice of its withdrawal from
this Block and Global and Dana have decided to withdraw also. Dana as operator
has notified the Minister for Energy of the withdrawal.
Global retains a 20% equity position in each of Blocks L-5 and L-7 where its
share of the cost of two wells is fully carried. Woodside is the operator with
50% of L-5 and L-7 and is actively seeking a drilling rig.
The CEO of Woodside, in his presentation to North American Investors in
September 2005, noted that the first well is scheduled for the second or third
quarter of 2006. Woodside's mapping of seismic data acquired in the Company's
Kenya licences indicates that L-5 and L-7 are two very prospective areas having
over 30 leads and prospects with a number being capable of holding several
hundred million barrels of oil.
For further information:
Global Petroleum Limited
Dr John Armstrong Tel: +61 (0) 7 3211 1122 / +61 (0) 408 824 370
E-mail: john.armstrong@globalpetroleum.com.au
Bell Pottinger Corporate & Financial
Nick Lambert Tel: +44 (0) 7811 358 764
This information is provided by RNS
The company news service from the London Stock Exchange