The first well will be Pomboo No. 1 in Block L-5. Pomboo has a proposed total depth of approximately 5,000 meters below sea level. The second well will be on the Sokwe prospect in Block L-7.
Partners in the project are Woodside as operator with 30%; Dana with 30%; Repsol with 20% and Global with the remaining 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.
Another transaction is pending which, subject to the necessary permissions, will result in the transfer of a 3% interest in L-5 and L-7 from Dana to Repsol, resulting in Repsol having a 23% interest in L-5 and L-7 and Dana a 27% interest.
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