Leighton Prospect Update

RNS Number : 1806U

Global Petroleum Ltd

19 June 2009

 



19 June 2009

RNS AIM release

TEXON PETROLEUM LIMITED ANNOUNCEMENT - LEIGHTON PROSPECT

Global Petroleum Limited ('Global' or 'the Company') advise that Texon Petroleum Limited has released an announcement in relation to the Leighton Prospect. The full announcement is below. 

Global has a 15% working interest (11.25% net revenue interest) in the Leighton Prospect.

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]

19 June 2009

RESERVES INCREASE BY 40%

Texon Petroleum Ltd ('Texon') advises that the Company's independent reserves engineer (H.J. Gruy and Associates, Inc.) after reviewing the results of the Company's first two Leighton wells (Peeler #1 and Tyler Ranch #1), has increased the number of Proved Undeveloped ('PUD') and Probable Well Locations in the Leighton oil and gas field to 12 and 6 respectively.

The Company's 2008 Year End reserves were based on Peeler #1 and five (5) Proved Undeveloped well locations.

After allowing for wells which have ceased production and actual production in the first half of 2009, and the 12 PUD Leighton locations (without including the Gruy certified but less certain Probable locations), the Company's reserves at mid year 2009 are estimated to be slightly more than 1.0mmboe - an increase of about 40%.

The 6 Leighton Probable locations could represent a further 450,000 boe to the Company.

Development of the Leighton oil and gas field (which could ultimately involve 30 wells) and the exploration of the Company's nearby (5-6km away) Leighton look-alike - Mosman prospect (possibly a further 15 wells) are priorities for the Company.

-ENDS-

For further information, please contact:

Dr John Armstrong

Chairman

Brisbane: 07 3211 1122

Or

Mr David Mason

Chief Executive Officer

Brisbane: 07 3211 1122

Houston: [phone] (Houston is 15 hours behind Aust Eastern Standard time)

Glossary:

boe: barrels of oil equivalent (including gas converted to oil equivalent barrels on basis of 6mcf to 1 barrel of oil equivalent)

mmboe: million barrels of oil equivalent (including gas converted to oil equivalent barrels on basis of 6mcf to 1 barrel of oil equivalent)

PUD: Proved undeveloped well locations

 

END

 

 

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