Project Update

RNS Number : 2314S

Global Petroleum Ltd

14 May 2009

 



14 May 2009

RNS AIM release

UGANDA EA5 PROSPECT UPDATE

Global Petroleum Limited ('Global' or 'the Company') is pleased to announce that Tower Resources plc ('Tower') have advised  that the MBU-125 drilling rig imported from Southern Sudan for the Iti-1 well is on site and is being rigged up. An additional two convoys containing the balance of the camp, drill pipe and other peripheral drilling equipment will be loaded and en route to the site early next week. Tower has advised that it anticipates the commencement of drilling to be on or shortly after 25 May 2009. An announcement will be released as soon as drilling commences.

Global has the right to earn a 50% interest in EA5, north-western Uganda, by meeting the cost of two exploration commitment wells. 

Under the terms of the Farm In Agreement, Global will earn a 50% interest in the EA5 Licence and Production Sharing Agreement by funding the cost of drilling Iti-1 (subject to a cap), the first well of a two well programme, and a second well at the Company's discretion, currently expected to be Sambia-1, when the results of Iti-1 have been interpreted. 

Enquiries:

Global Petroleum Limited
Shane Cranswick	Tel	+ 61 8 9322 6322
	Email	[e-mail]
Blue Oar Securities Plc (Nominated Adviser and Broker)
William Vandyk/Olly Cairns	Tel	[phone] [phone]

 

END

 

 

MSCIIFSSEIISLIA