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

global.info@globalpetroleum.com.au

Astaire Securities Plc (Nominated Adviser and Broker)

William Vandyk

Tel

+44 20 7448 4400

 


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