Global Petroleum Regulatory News (GBP)

20 Apr 2005 13:35

Global Petroleum Ltd20 April 2005 20 April 2005 Global Petroleum Limited ("Global" or "the Company") Statement re: press comment Global Petroleum Limited, (AIM: GBP), the Australian-based oil and gas exploration company, makes the following comment in response to recent press coverage on drilling in deepwater acreage. "The company notes a recent press article which refers to Global's 'venture inKenya' having 'just a 3% chance of success'. The world average commercialsuccess rate for drilling in deepwater acreage, with the advent of moderntechnology, has been between 20%-25% over the last 10 years (source: WoodMackenzie). On this basis alone, the reference to Kenya in the article may significantlyoverstate the risk and understate the potential oil and gas value of Global's20% shareholding in the Kenya project. The costs associated with Global's 20% holding in Kenya Licences L5 & L7 arecarried for all activities through the drilling and testing of two wells by thebalance of the Joint Venture." Further information: Global Petroleum LimitedDr John Armstrong, Executive Chairman +61 (0) 7 3211 1122 Bell Pottinger Corporate & FinancialNick Lambert +44 (0) 7811 358 764 This information is provided by RNS The company news service from the London Stock Exchange