Drilling of second Leighton w

RNS Number : 9925N

Global Petroleum Ltd

27 February 2009

 



27 February 2009

RNS AIM release

DRILLING OF SECOND LEIGHTON WELL COMMENCES

Global Petroleum Limited ('Global' or 'the Company') is pleased to announce that drilling of the second Leighton oil and gas well, Tyler Ranch #1, operated by Texon Petroleum Limited (ASX: TXN), commenced on 26 February 2009. 

Texon have advised that the well has a planned total depth of 2,743 metres (9,000 feet) and will take about 15 days to reach its target.

Global will have earned a 15% working interest (11.25% net revenue interest) in the Leighton leases when this second well has been drilled by funding 30% of the cost of drilling the well, which is forecast to be approximately US$650,000 in total, in addition to reimbursing Texon US$180,000 in respect of prospect generation and lease costs for the well.

Enquiries:

Global Petroleum Limited
Shane Cranswick	Tel	+ 61 8 9322 6322
	Email	[e-mail]
Blue Oar Securities Plc (Nominated Adviser and Broker)
William Vandyk/Olly Cairns	Tel	[phone] [phone]

 

END

 

 

MSCCKOKBQBKKFBB