Iti-1 Update

15 Jun 2009 07:00



Iti-1 Completed and Abandoned

Global Petroleum Limited ("Global" or "the Company") advises that Tower Resources plc ("Tower") has completed operations on the Iti-1 exploration well in Uganda Licence EA5. 

Tower has advised that the well, which was drilled to a total depth of 592 meters, did not encounter any producible reservoir sands at the Iti-1 location. Minor hydrocarbon shows were monitored during drilling but evidence of limited quantities of oil in the lowermost target horizon remained ambiguous in the subsequent down-hole well logs and pressure test data. The lack of reservoir at this location could not justify further testing or the immediate move to drill a second well. A complete re-evaluation of the well data, combined with all other available technical data, will now be undertaken. 

Enquiries: 

Global Petroleum Limited 

Shane Cranswick  Tel + 61 8 9322 6322

Email global.info@globalpetroleum.com.au

Astaire Securities Plc (Nominated Adviser and Broker) 

William Vandyk  Tel +44 20 7448 4400