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Additional Information

Market:	ASX AIM
Sector:	Oil and Gas Exploration and Production
EPIC:	GBX
Latest Price:	0.01 (-6.67% )
52-week High:	0.42
52-week Low:	0.01
Market Cap:	2.59M

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Global Petroleum

Global Petroleum (ASX:GBP, LON: GBP) is involved in exploration and development group focusing on the petroleum sector with interests in projects in offshore Namibia, Juan de Nova, the United States and Uganda.

Global Petroleum JV close to drilling in prospective Uganda licence area for oil

Thursday, May 14, 2009

Global Petroleum Ltd (ASX:GBP) has reported that its joint venture partner Tower Resources plc (AIM:TRP) 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. This is the first well in Uganda Licence EA5.

The Blocks to the south of EA5 have had consistent success with a 100% exploration and appraisal success rate since mid 2006, including the recently announced successful and significant well, Buffalo-1, in EA1 some 80 kms from the Iti-1 location, held by Tullow Oil Plc and Heritage Oil Limited.

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.

It has been agreed that Global’s funding of Iti-1 will be capped at US$6.5 million in the event that drill stem testing is not justified and US$7.5 million in the event that the presence of hydrocarbons supports the need for a drill stem test programme, after which Global would fund 25% of continuing well costs.

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.

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