Global Petroleum presented its Quarterly Report for the period ending March 31, 2010.
Global and joint venture partner Dana Petroleum had commenced legal proceedings in the English High Court of Justice against Woodside Energy as a result of Woodside's decision not to drill a second exploratory well in the project area, offshore Kenya.
Subsequent to the quarter end, the parties reached a mutual agreement to withdraw from legal proceedings, with a lump sum payment of US $12 million to be received by Dana and Global jointly, apportioned on a 50/50 basis.
Uganda EA5 Prospect
During the quarter, Tower Resources advised that it has completed operations on the Avivi-1 exploration well in Uganda License EA5. The well was plugged and abandoned and the rig released.
The well, which was drilled to a total depth of 764 meters, did not encounter oil, despite persistent methane gas traces, and tested water from the target reservoir interval using a wireline fluid sampler. Electric logging confirmed the absence of oil and gas.
The Board continues to review opportunities for other acquisitions, joint ventures, or investments in the resources sector, both domestic and overseas, which may enhance shareholder value.
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