Global Petroleum Regulatory News (GBP)

13 Mar 2007 07:26

Global Petroleum Ltd13 March 2007 13 March 2007 KENYA UPDATE Global advises that the Government of Kenya has extended the current explorationperiod (i.e. first additional exploration period) for the Kenyan PSC L-5 by 16months to 11th July 2008, bringing it into alignment with the equivalentexploration period for L-7. Our Kenya Joint Venture will now be able to progressthe study referred to in the Company's release of 25th January. The Joint Venture has until the end of this extension period to decide whetherto commit to a further well in L-5 in the 2nd additional exploration period of 2years. In L-7, the Joint Venture has until 11th July 2008 to drill the 1st well in thisLicence before deciding whether to proceed to the 2nd additional explorationperiod 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 allactivities through the drilling of the first well in each of these areas. For further information, refer to Global's website: www.globalpetroleum.com.au or www.global-petroleum.co.uk John ArmstrongExecutive Chairman Telephone: +61 7 3211 1122Fax: +61 7 3211 0133Web: www.globalpetroleum.com.au www.global-petroleum.co.uk • Footnote: 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. This information is provided by RNS The company news service from the London Stock Exchange