Global Petroleum Regulatory News (GBP)

15 Dec 2006 09:46

Global Petroleum Ltd15 December 2006 15 December 2006 POMBOO NO. 1 In the last few days, the Company has received a number of enquiries fromshareholders as to the status of its Kenya project. The Pomboo No. 1 well is in 2,200 metres of water and operations are progressingslowly as expected in these water depths. Pomboo is preparing to run the riserfrom the drilling rig to the seafloor in preparation for recommencing drillingin the next few days. The Pomboo well is currently at a depth of 2,944 metres below sea level with aplanned total depth of about 5,000 metres. The objectives of the well aretowards the deeper part of this interval. Subject to operational conditions, the Joint Venture plans to proceed directlyfrom Pomboo No. 1 (in L-5) to Sokwe South No. 1 (in L-7) after Pomboo hasreached its total depth. The L-5 and L-7 Joint Venture comprises: Woodside 30% (and operator);Dana 30% *Repsol 20% *Global 20% The costs associated with Global's 20% in L-5 and L-7 are carried for all activities through the drilling of the Pomboo and Sokwe wells. For further information, refer also to Global's releases 1/11/06, 14/11/06, 4/12/06, 5/12/06 and 12/12/06 and Global's website: www.globalpetroleum.com.au The technical information in this report was prepared by Dr John Armstrong PhD,BSc (1st Hons) Geo, executive Chairman of Global Petroleum Limited who has 35years experience in the upstream oil and gas industry. The information has beenreviewed as to its reliability by Mr Wal Muir BSc Hons (UNSW) MBA (UQ), who is apartner in MBA Petroleum Consultants. MBA provides independent technical adviceto Global. Wal Muir has over 27 years experience in the petroleum explorationindustry both in Australia and overseas. He is a Distinguished Member of thePetroleum Exploration Society of Australia and a member of the AustralianSociety of Exploration Geophysicists. John ArmstrongExecutive Chairman Telephone: (07) 3211 1122Fax: (07) 3211 0133Web: www.globalpetroleum.com.au * Footnote: Another transaction is pending which, subject to the necessary permissions, will result 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. This information is provided by RNS The company news service from the London Stock Exchange