Global Petroleum Ltd
24 August 2006
24 August 2006
Global Petroleum Ltd
Repsol joins global Joint Venture for offshore Kenya drilling
Global Petroleum Ltd reports that Repsol Exploracion S.A. (a wholly owned
subsidiary of Spanish based company Repsol YPF - an integrated oil and gas
company which produces over 1 million barrels of oil equivalent per day) has
joined the Joint Venture which will drill two wells offshore Kenya in the last
quarter of this year, one each in Blocks L5 and L7. Holdings in the L5 and L7
Joint venture are now:
• 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.
The Joint Venture has already contracted a rig for drilling. The first of the
two wells is likely to be in L5 on the Pomboo prospect and this is scheduled to
begin in October this year. The second well will be drilled in Block L7 and is
likely to be on the Sokwe prospect.
For further information, refer also to Global's releases dated 16/3/06 and
4/5/06 and Global's website: www.globalpetroleum.com.au
Further information
Global Petroleum Ltd
John Armstrong, Executive Chairman + 61(0) 7 3211 1122
Bell Pottinger Corporate & Financial
Nick Lambert +44 (0)20 7861 3232
www.globalpetroleum.com.au
This information is provided by RNS
The company news service from the London Stock Exchange