Global Petroleum Regulatory News (GBP)

10 May 2005 08:28

Global Petroleum Ltd10 May 2005 10 May 2005 Global Petroleum Ltd ("Global") Drilling Programme in offshore Kenya Woodside Energy Ltd (50% and operator in L5 and L7) has advised that due to aworldwide shortage of suitable deepwater drilling vessels, it looks unlikelythat a drill rig will be able to be sourced in time for drilling in the 4thquarter of the year. The high demand for deep water rigs is driven by theincrease in oil and gas exploration being undertaken around the world as aresult of high oil prices. Woodside is actively seeking a drill rig for Kenya drilling and has indicatedthe second quarter of 2006 as a likely drilling date of the first well which ispresently targeted to be in Block L-5. Global has a 20% equity interest in Blocks L5, L7 and is fully carried for thecost of two wells. Global also has a 20% equity interest two other Blocks, L10and L11. Further information: Global Petroleum LimitedDr John Armstrong, Executive Chairman +61 (0) 7 3211 1122 Bell Pottinger Corporate & FinancialNick Lambert +44 (0) 7811 358 764 This information is provided by RNS The company news service from the London Stock Exchange