NAIROBI, Kenya -- Australia's Global Petroleum Ltd. says the government of Kenya has extended the current exploration period for Kenyan PSC L-5 by 16 months to July 11, 2008, bringing it into alignment with the equivalent exploration period for PSC L-7.
The Kenya Joint Venture has until the end of this extension period to decide whether to commit to a further well in PSC L-5 in the second additional exploration period of two years.
The JV has until July 11, 2008, to drill the first well in the L-7 PSC before deciding whether to proceed to the second additional exploration period and commit to a second well.
Woodside Energy (Kenya) Pty. Ltd. operates the L5 and L7 JV with 30% interest. Partners include Dana Petroleum (E&P) Ltd. with 30% interest, Repsol Exploracion S.A. 20% interest, and Global Petroleum with 20% interest.