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GLOBAL PETROLEUM LIMITED

ASX: GBP

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Global Petroleum is an Australian incorporated company trading on the Australian Stock Exchange and the AIM board of the London Stock Exchange (Code: GBP). The Company currently has 174,444,787 shares on issue and significant cash reserves. The Company will continually investigate opportunities that will grow the company by adding projects to our portfolio which fit the overall strategy of the company.

Kenya Project

The L5 and L7 Joint Venture comprises:

Woodside Energy (Kenya) Pty Ltd - 30% (and operator)
Dana Petroleum (E&P) Ltd - 30%
Repsol Exploracion S.A. - 20%
Global Petroleum - 20%

PSC L5 expired on 11 July 2008 and PSC L7 on 8 June 2008. None of the joint venture parties have given notice that they wish to renew the PSC’s.

As announced previously, notice has been given to Woodside Energy (Kenya) Pty Limited (“Woodside”) terminating the Farm-In Agreement (“FIA”). The termination notice has been given based on Woodside’s refusal to drill a second exploratory well in the project area in accordance with the FIA and its failure to take any steps to remedy this refusal, which the Company considers to be a repudiation and breach of the FIA. The Company and joint venture partner Dana Petroleum (E&P) Limited have commenced legal proceedings in the English High Court of Justice to recover losses suffered as a result.

Mine For

oil, gas

Location of operation(s)

Kenya

Address

Level 9, BGC Centre , 28 The Esplanade
PERTH, WA, AUSTRALIA

Phone

(08) 9322 6322

Email

Website


Last Updated

5/4/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.