Global Petroleum to Terminate Woodside Kenyan Farm-In Agreement

Global Petroleum Limited announced that after seeking legal advice, notice has been given to Woodside Energy (Kenya) Pty Limited terminating the Farm-In Agreement relating to certain interests in the Lamu Basin, offshore Kenya.

The termination notice has been given based on Woodside's refusal to drill a second exploratory well in the project area in accordance with the FIA and its failure to take any steps to remedy this refusal, which the Company considers to be a repudiation and breach of the FIA.

The Company and joint venture partner Dana Petroleum (E&P) Limited have advised Woodside that they intend to issue legal proceedings to recover losses suffered as a result.