Global Petroleum Says Pomboo Well in Kenya Underway

Global Petroleum
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Global Petroleum reports that the Pomboo No. 1 Well in the L-5 Kenya License spudded on December 2, 2006. The well is being drilled in 2,200 meters of water to a depth of approximately 5,000 meters below sea level.

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.

The L-5 Joint Venture participants are Woodside as operator with 30%; Dana with 30%; Repsol with 20% and Global Petroleum with the remaining 20%.

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