The Joint Venture has until the end of this extension period to decide whether to commit to a further well in L-5 in the 2nd additional exploration period of 2 years.
In L-7, the Joint Venture has until 11th July 2008 to drill the 1st well in this License before deciding whether to proceed to the 2nd additional exploration period and commit to a 2nd well in L-7.
The L5 and L7 Joint Venture comprises:
--Woodside Energy (Kenya) Pty Ltd, 30% (and operator); --Dana Petroleum (E&P) Ltd, 30% * --Repsol Exploracion S.A., 20% * --Global Petroleum, 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 L5 and L7 from Dana to Repsol, resulting in Repsol having a 23% interest in L5 and L7 and Dana a 27% interest.
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