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Global Petroleum Ltd (GBP)

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Friday 25 June, 2010

Global Petroleum Ltd

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

[email protected]

Astaire Securities Plc (Nominated Adviser and Broker)

William Vandyk

Tel

+44 20 7492 4750 

 


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