Global Petroleum Regulatory News (GBP)

28 Sep 2006 10:59

Global Petroleum Ltd28 September 2006 28 September 2006 TIMING OF KENYA DRILLING Further to Global's release of 24th August, Woodside as operator of the Company's Kenya Joint Venture has advised that the drill rig is expected to be handed over to Woodside in the second half of October 2006, with drilling operations to begin about one month later after the rig has mobilized to Kenya. Two wells are planned - one in each of Blocks L-5 and L-7. The first of two wells is likely to be in L-5 on the Pomboo prospect and the second well will be in Block L-7 and is likely to be on the Sokwe prospect. Holdings in the L5 and L7 Joint venture are: 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. Woodside and Repsol earn their farm-in equity when these two wells are drilled. For further information, refer also to Global's releases dated 16/3/06, 4/5/06 and 24/8/06 and Global's website: www.globalpetroleum.com.au Further information Global PetroleumJohn Armstrong - Executive Chairman +61 (0) 7 3211 1122 Bell Pottinger Corporate & FinancialNick Lambert +44 (0) 20 7861 3232 This information is provided by RNS The company news service from the London Stock Exchange