Global Petroleum Regulatory News (GBP)

1 Nov 2005 10:06

Global Petroleum Ltd01 November 2005 Global Petroleum Limited Global withdraws from L-10 And L-11 in offshore Kenya Global Petroleum advises that it has withdrawn from both L-10 and L-11. Theoperator, Dana Petroleum has advised the Minister for Energy in the KenyanGovernment. With respect to L-10, Dana as operator and on behalf of Global had beennegotiating since September 2004 the terms of an extension to the block beyondthe expiry date of December 2004, but was unable to reach agreement with theKenyan Government. With respect to L-11, Woodside Energy has given notice of its withdrawal fromthis Block and Global and Dana have decided to withdraw also. Dana as operatorhas notified the Minister for Energy of the withdrawal. Global retains a 20% equity position in each of Blocks L-5 and L-7 where itsshare of the cost of two wells is fully carried. Woodside is the operator with50% of L-5 and L-7 and is actively seeking a drilling rig. The CEO of Woodside, in his presentation to North American Investors inSeptember 2005, noted that the first well is scheduled for the second or thirdquarter of 2006. Woodside's mapping of seismic data acquired in the Company'sKenya licences indicates that L-5 and L-7 are two very prospective areas havingover 30 leads and prospects with a number being capable of holding severalhundred million barrels of oil. For further information: Global Petroleum LimitedDr John Armstrong Tel: +61 (0) 7 3211 1122 / +61 (0) 408 824 370E-mail: john.armstrong@globalpetroleum.com.au Bell Pottinger Corporate & FinancialNick Lambert Tel: +44 (0) 7811 358 764 This information is provided by RNS The company news service from the London Stock Exchange