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Global Petroleum Ltd (GBP)

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Wednesday 08 April, 2009

Global Petroleum Ltd

Drill Rig Secured For EA5 Oil

RNS Number : 3265Q
Global Petroleum Ltd
08 April 2009

8 April 2009

RNS AIM release


Global Petroleum Limited ('Global' or 'the Company') is pleased to announce that its joint venture partner Neptune Petroleum (Uganda) Limited ('Neptune'), a wholly-owned subsidiary of Tower Resources plc ('Tower'), has signed a contract with the ASCOM S.A. Group ('ASCOM') to provide a mobile MBU-125 land rig to drill Iti-1, the first well in Uganda Licence EA5. 

Tower has advised that the Iti-1 well site and camp site are completed and all Government consents are in place. All drilling supplies will be on site shortly and agreements with the necessary service suppliers are close to finalisation in readiness for the rig's arrival and there do not appear to be any serious logistical impediments to transporting the rig to the site. The current best estimate is that the rig will arrive at the well site in early May to commence drilling by mid-month.

Under the terms of the Farm In Agreement, Global is earning up to 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. 


Global Petroleum Limited

Shane Cranswick


  + 61 8 9322 6322


[email protected]

Blue Oar Securities Plc (Nominated Adviser and Broker)

William Vandyk/Olly Cairns


+44 20 7448 4400

+61 8 6430 1630

This information is provided by RNS
The company news service from the London Stock Exchange

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