Global Petroleum Regulatory News (GBP)

30 Oct 2009 07:45



30 October 2009

RNS AIM release

Global Petroleum Limited - September 2009 Quarterly Report

Uganda EA5 Prospect 

During the quarter, Tower advised that that it has concluded a detailed evaluation of information from Iti-1, the first well in Exploration Area 5 in Uganda (see release dated 22 September 2009). 

Global is currently reviewing its position in regard to its participation in drilling a second well in light of the revised conclusions and will announce its decision in due course.

Leighton Prospect (15% WI, 11.25% NRI)

Texon Petroleum Ltd (ASX: TXN) advised during the quarter that the fourth well on the Leighton Project, Tyler Ranch #3, had begun to flow oil and gas at the gross rate of 500 boepd from the Olmos reservoir comprising 377 bopd and 746 mcf of gas per day through a 12/64 choke, at a flowing pressure at the surface of about 2,600 psi. This flow rate exceeded the initial flow rates of the previous 3 Leighton wells.

The combined production rate of the four Leighton wells (Peeler #1, Tyler Ranch #1, Tyler Ranch #2 and Tyler Ranch #3) at the time was a gross 1,085 boepd with Global's share being 122 boepd. 

Tyler Ranch #3 was connected to oil tanks and the gas sales pipeline so that Global has now begun to earn revenue from the production.

Subsequent to the quarter end, Texon advised that the fifth well, Tyler Ranch #4, had reached a total depth of 3,359 metres (11,019 feet) after intersecting oil and gas shows in the Olmos and Eagle Ford Shale reservoirs.

Specialist technical analysis of the Eagle Ford Shale is being undertaken using wireline logs and rock samples to determine the thickness of the Eagle Ford Shale and whether it contains producible oil and gas. Results of this work are expected to be available in about three to four weeks.

Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited (70%) and Excellong, Inc (15%).

The Board continues to review opportunities for other acquisitions, joint ventures, or investments in the resources sector, both domestic and overseas, which may enhance shareholder value.

Mark Savage

Chairman

Glossary:

bbl:  barrel

boepd:  barrels of oil equivalent per day

bopd:  barrels of oil per day

mcf:  thousand cubic feet

mmbtu:  million British thermal units

mmcfgpd:  million cubic feet of gas per day

psi:  pounds per square inch

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