Global Petroleum to Schedule Seismic Survey Offshore Kenya

Global Petroleum Limited advises that the Woodside led Joint Venture in Kenya Licenses L-5 and L-7 comprising Woodside Energy (Kenya) Pty Ltd (40% and operator), UK based Dana Petroleum (E&P) Limited (40%) and Global Petroleum (20%) has invited tenders for a minimum of 2,500km of new 2D seismic over about 10 key leads which have been mapped using the seismic recorded by the Joint Venture last year. The areas proposed to be covered by the new survey are shown on the accompany map.

The new seismic survey is scheduled for the last quarter of this year which would enable drilling to commence in late 2005 or early 2006.

The leads to be investigated by the new seismic are in water depths of 500 to 2,500 meters and range in size up to several tens of square kms with very significant reserves upside potential.

The costs associated with Global's 20% holding in L-5 and L-7 are carried for all activities through the drilling and testing of two wells.