Iti-1 Update

RNS Number : 8729T

Global Petroleum Ltd

15 June 2009

 



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 [e-mail]

Astaire Securities Plc (Nominated Adviser and Broker) 

William Vandyk         Tel [phone] 

 

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