Global: Kenya Exploration Period Extended
Global Petroleum Ltd said that the Government of Kenya has extended the current exploration period (i.e., first additional exploration period) for the Kenyan PSC L-5 by 16 months to 11th July 2008, bringing it into alignment with the equivalent exploration period for L-7. Global's Kenya Joint Venture will now be able to progress the study referred to in the Company's release of 25th January.
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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