Global Petroleum Regulatory News (GBP)

1 Nov 2006 08:40

Global Petroleum Ltd01 November 2006 1 November 2006 Global Petroleum Ltd DRILLING RIG MOBILIZING TO KENYA Global advises that on 1st November, Woodside, as operator of the Company's Kenya Joint Venture, took assignment of the rig which will drill the Joint Venture's two Kenya wells. It is expected that the rig will take some four weeks to mobilize to Kenya so that the drilling operations should commence towards the end of November. The first well will be Pomboo No. 1 in Block L-5. Pomboo has a proposed total depth of approximately 5,000 metres below sea level. The second well will be on the Sokwe prospect in Block L-7. Woodside 30% (and operator);Dana 30% *Repsol 20% *Global 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. For further information, refer also to Global's releases dated 16/3/06, 4/5/06, 24/8/06 and 29/9/06 and Global's website: www.globalpetroleum.com.au * Footnote Another transaction is pending which, subject to the necessary permissions, willresult 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. Further information Global Petroleum LtdJohn Armstrong, Executive Chairman Tel: (07) 3211 1122 Bell Pottinger Corporate & FinancialNick Lambert Tel : +44 (0) 20 7861 3232 This information is provided by RNS The company news service from the London Stock Exchange