Last checked at 25 Jun 2010 09:09
25 June 2010
Uganda Update
Global Petroleum Limited (the "Company")
Global Petroleum Limited (Global) has reached agreement with Neptune Petroleum (Uganda) Limited, a wholly owned subsidiary of Tower Resources plc (Tower), whereby Global will have a continuing option to participate in the Uganda project whilst having no current obligation to contribute to ongoing expenditure.
The agreement provides Global with a right to convert its investment in the project to date into a 25% legal and beneficial interest in Uganda Licence EA5. Under the terms of the agreement, Global shall have the right to elect to participate until such time that Tower has obtained a firm offer of funds, from a third party or through its own fund-raising efforts, to fund any material operation in respect of the Licence. Global will be required to reimburse Tower for 25% of ongoing costs during the option period should it elect to participate and, in the event of third party funding, Global will dilute proportionately with Tower.
For more information please contact:
| Global Petroleum Limited | ||
| Clint McGhie | Tel | + 61 8 9322 6322 |
| | global.info@globalpetroleum.com.au | |
| Astaire Securities Plc (Nominated Adviser and Broker) | ||
| William Vandyk | Tel | +44 20 7492 4750 |