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    This should create a bit of interest for GBP holders today


    Woodside expertise will benefit Kenyan project

    Document date: Mon 12 May 2003 Published: Mon 12 May 2003 08:42:57
    Document No: 237418 Document part: A
    Market Flag: Y
    Classification: Progress Report

    GLOBAL PETROLEUM LIMITED 2003-05-12 ASX-SIGNAL-G
    HOMEX -
    Perth +++++++++++++++++++++++++
    ASX listed Global Petroleum Limited announced today that it had been
    joined by major Australian oil and gas company, Woodside Energy
    Limited, to explore for and develop oil and gas interests in offshore
    East Africa.

    Global's Chairman, Dr John Armstrong, said Woodside would acquire a
    40% interest and assume the role of Operator in four Kenyan blocks in
    which Global has a 20% interest.

    The remaining 40% is held by UK-based Dana Petroleum (E&P) Limited which farmed out the 40% stake to Woodside.

    ."Having such an internationally experienced oil and gas company as
    Woodside involved as Operator provides a major boost to the potential
    of the exploration effort on what is the flagship project within
    Global's suite of assets," Dr Armstrong said.

    "The Woodside farm-in is also the most significant development for
    Global since the Company listed on the ASX in November last year.

    "Woodside's technical expertise and its previous exposure to Africa's
    petroleum sector through its Mauritania drilling program, will
    contribute a sharp and purposeful edge to the Kenyan exploration," Dr
    Armstrong said.

    It is a transaction under which we expect to realise for
    shareholders the potentially very significant value of our 20%
    holding in these Kenyan blocks." Global - which holds the equity in its Kenya Licences via a wholly-owned subsidiary, Star Petroleum International Kenya - will
    retain its free-carried interest in the work program. This will now
    include a doubling of the acquisition of 2D seismic to 5,000
    kilometres, and options to drill two wells.

    The four Kenyan blocks, L5, L7, L10 and L11, total 47,500 square
    kilometres and are in water depths of up to 3,000 metres.

    Woodside's equity will revert to Dana and Global unless two wells
    have been drilled. If the wells are drilled, then Woodside will fully
    carry Global's share of the cost of these wells, including testing if
    required.

    Should Woodside and Dana determine the need for 2D seismic in excess
    of the 5,000 kilometre farm-in commitment and/or 3D seismic, then
    Global's share of the cost of this work will also be fully carried by
    Woodside.

    Woodside, as new operator, is planning to record the 5,000 kilometres of farm-in seismic in the 3rd quarter of this year.

    "Earlier mapping by Dana has identified some 100 leads spread amongst
    several play types within these blocks," Dr Armstrong said.

    "We are also encouraged by Woodside's assessment that there are a
    variety of different geological features on the Kenyan project with a
    size of possible prospects of 50 to 1,000 million barrels."

    FOR FURTHER INFORMATION: Please contact
    Dr John Armstrong
    Global Petroleum Limited (07) 3211 1122 / 0408 824 370
    Kevin Skinner
    Field Public Relations (08) 8232 1355 / 0414 822 631

    I hold GBP.






 
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