Drilling Offshore Kenya to Start Later This Year

Kenya Offshore Blocks
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Woodside as operator of the Company's Kenya Joint Venture has advised that the drill rig is expected to be handed over to Woodside in the second half of October 2006, with drilling operations to begin about one month later after the rig has mobilized to Kenya.

Two wells are planned one in each of Blocks L-5 and L-7. The first of two wells is likely to be in L-5 on the Pomboo prospect and the second well will be in Block L-7 and is likely to be on the Sokwe prospect.

Holdings in the L5 and L7 Joint venture are Woodside 30% (and operator); Dana 30%; Repsol 20%; and 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.

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