Global Withdraws from Blocks L-10 and L-11 Offshore Kenya
Global Petroleum has withdrawn from both L-10 and L-11 blocks located offshore Kenya. 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 licenses 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.
Operates 4 Offshore Rigs
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