As a result of both the Dana and Woodside farm-in, Global will be fully carried through the first exploration wells in each of L5 and L7 and retains 20% equity. Other equity levels are Woodside Energy (Kenya) Pty Ltd 50% (Operator) and Dana 30%.
Welcoming the decision, Global Chairman Dr John Armstrong, said: "This is an excellent outcome for Global. The extended commitment from Woodside, a successful major oil and gas exploration and development company, supports Global's confidence in this under-explored province."
The Joint Venture is scheduled to drill the first of the two wells in Block L–5 beginning October 2006, with the timing dependent on met-ocean conditions and the arrival of the rig in Kenya. The board of the Japanese Agency for Marine-Earth Science and Technology (JAMSTEC) owner of the deepwater drilling vessel has now approved the rig contract with Woodside.
Dr. Armstrong said Woodside and the Joint Venture's further commitment in L7 support's Global's view regarding the prospectivity of the region:
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