Drilling of Leighton Oil Pros

RNS Number : 8237D

Global Petroleum Ltd

19 September 2008

 

19 September 2008

DRILLING OF THE LEIGHTON OIL PROSPECT COMMENCES

Texon Petroleum Limited (ASX:TXN) have advised that drilling of the Leighton prospect commenced on 17 September 2008. The well has a planned total depth of 2,835 meters (9,300 feet) and will take about 30-40 days to reach its target. 

Global will earn a 15% Working Interest ('WI') in the well by funding 30% of the cost of drilling the well, which is forecast to be approximately US$500,000.

In addition, Global has reimbursed Texon US$180,000 in respect of prospect generation and lease costs for the well.

Enquiries:

Global Petroleum Limited	Tel	[phone]
Mark Savage, Chairman	Fax	[phone]
	Email	[e-mail]
Blue Oar Securities Plc  (Nominated Adviser and Broker)	Tel	020 7418 4400
William Vandyk/Jerry Keen

 

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