Participation in Second Ugand

RNS Number : 1767C

Global Petroleum Ltd

09 November 2009

 



9 November 2009

RNS AIM release

GLOBAL TO PARTICIPATE IN SECOND UGANDA WELL

Global Petroleum Limited ("Global" or "the Company") advises that it has elected to maintain its option to earn a 25% interest in Uganda Licence EA5 ("EA5") by funding 25% of the cost of the second exploration well in EA5. The well, which is named Avivi-1, is to be located 3km northwest of Rhino Camp town.

The well has a primary stratigraphic target interval below 665m and a secondary target interval which is immediately above expected basement at a depth of 795m. The higher interval is targeted to encounter high quality fluvial sandstones, similar to those found in the successful wells in Licence EA1, adjacent to EA5, but which were absent in the first exploration well, Iti-1. The deeper prospective interval may have productive alluvial sandstones similar to those encountered in the basal reservoir at Iti-1. Information from the Iti-1 well, sedimentological studies and detailed re-evaluation of seismic data points to the area east of Iti-1, within the hinterland of the existing River Nile, as being most likely to contain a thick sequence of sediments with good quality reservoir development.

Tower Resources Plc has advised that enquiries are now well advanced to acquire a drilling rig to drill Avivi-1 with a planned spud date by 1st February 2010. Activities have begun to prepare an Environmental Impact Assessment for approval by the Ugandan Government.

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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