Repsol Welcomed to Kenya Exploration JV

Global Petroleum Ltd reports that Repsol Exploracion S.A. (a wholly owned subsidiary of Spanish based company Repsol YPF) 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.

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