Uganda Update

RNS Number : 2406O

Global Petroleum Ltd

25 June 2010

 



 

25 June 2010

Uganda Update

Global Petroleum Limited (the "Company")

Global Petroleum Limited (Global) has reached agreement with Neptune Petroleum (Uganda) Limited, a wholly owned subsidiary of Tower Resources plc (Tower), whereby Global will have a continuing option to participate in the Uganda project whilst having no current obligation to contribute to ongoing expenditure.

The agreement provides Global with a right to convert its investment in the project to date into a 25% legal and beneficial interest in Uganda Licence EA5.  Under the terms of the agreement, Global shall have the right to elect to participate until such time that Tower has obtained a firm offer of funds, from a third party or through its own fund-raising efforts, to fund any material operation in respect of the Licence.  Global will be required to reimburse Tower for 25% of ongoing costs during the option period should it elect to participate and, in the event of third party funding, Global will dilute proportionately with Tower.

For more information please contact:

Global Petroleum Limited
Clint McGhie	Tel	+ 61 8 9322 6322
	Email	[e-mail]
Astaire Securities Plc (Nominated Adviser and Broker)
William Vandyk	Tel	[phone]

 

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