Kenya Update

RNS Number : 4492K

Global Petroleum Ltd

20 April 2010

 



20 April 2010

RNS AIM release

KENYA JOINT VENTURE - UPDATE OF LEGAL PROCEEDINGS

As previously advised, Global Petroleum Limited ("Global") and joint venture partner Dana Petroleum (E&P) Limited ("Dana") had commenced legal proceedings in the English High Court of Justice against Woodside Energy (Kenya) Pty Limited ("Woodside") as a result of Woodside's decision not to drill a second exploratory well in the project area, offshore Kenya.

The parties have reached a mutual agreement to withdraw from legal proceedings, with a lump sum payment of US$12 million (approximately A$12.98 million) to be received by Dana and Global jointly, apportioned on a 50/50 basis.  

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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