Editor's Pick: The week ahead....
(GBP.L) Global Petroleum Ltd Buy/Sell
8.25
+0.00
(0%)
Add to portfolio
Set Alert
Level 2
Desktop Trader
News
Be automatically updated! Get company news by RSS.
Click here for the feed: RSS Feed or learn more about the benefits RSS
| Date/Time | Headline | Source |
|---|---|---|
| 1 | ||
| Fri 07:26 | RNS |
|
|
RNS Number : 8318C Global Petroleum Ltd 20 November 2009 20 November 2009 RNS AIM release
RESULTS OF ANNUAL GENERAL MEETING The Company's Annual General Meeting was held today, 20 November 2009 at 10.00am (WST). The resolutions voted on were in accordance with the Notice of Annual General Meeting previously advised to the Australian Securities Exchange. In accordance with Section 251AA of the Corporations Act 2001, the following information is provided:
Enquiries:
Global Petroleum Limited
Astaire Securities Plc (Nominated Adviser and Broker)
This information is provided by RNS The company news service from the London Stock Exchange END
RAGFEISWSSUSEEF More |
||
| Wed 07:24 | RNS |
|
|
RNS Number : 6802C Global Petroleum Ltd 18 November 2009 18 November 2009 RNS AIM release
FIFTH LEIGHTON WELL FLOWS OIL AND GAS AT 480 BOEPD Texon Petroleum Ltd (ASX: TXN) has advised that the fifth Leighton production well (Tyler Ranch ¿4) has flowed 480boepd from the Olmos reservoir comprising oil and gas at the rates of 410bopd and 425mcfgpd through a 10/64" choke at a flowing surface pressure of 2150psi. The first four Leighton production wells were initially produced through 10/64" and 12/64" chokes at rates of 360 to 500boepd. A smaller 8/64" choke will now be used in the Tyler Ranch ¿4 to investigate the performance of the well under different conditions from the first four wells. Information gained from Tyler Ranch ¿4 together with engineering data from the first four wells will assist in planning the development of the field with further production wells. The data will help in determining the appropriate well spacing to drain the field to maximize the recovery of oil and gas from the reservoir. Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited (70%) and Excellong, Inc (15%). Latest oil and gas futures prices (Source: NYMEX December 2009 contracts) Oil: US$ 79/bbl Gas: US$ 4.50/mmbtu Glossary: bbl: barrels boepd: barrels of oil equivalent per day bopd: barrels of oil per day mcfgpd: thousand cubic feet of gas per day mmbtu: million British thermal units psi: pounds per square inch Enquiries:
Global Petroleum Limited
Astaire Securities Plc (Nominated Adviser and Broker)
This information is provided by RNS The company news service from the London Stock Exchange END
DRLDVLBFKFBLFBX More |
||
| 09-11-09 | RNS |
|
|
RNS Number : 1767C Global Petroleum Ltd 09 November 2009 9 November 2009 RNS AIM release
GLOBAL TO PARTICIPATE IN SECOND UGANDA WELL Global Petroleum Limited ("Global" or "the Company") advises that it has elected to maintain its option to earn a 25% interest in Uganda Licence EA5 ("EA5") by funding 25% of the cost of the second exploration well in EA5. The well, which is named Avivi-1, is to be located 3km northwest of Rhino Camp town. The well has a primary stratigraphic target interval below 665m and a secondary target interval which is immediately above expected basement at a depth of 795m. The higher interval is targeted to encounter high quality fluvial sandstones, similar to those found in the successful wells in Licence EA1, adjacent to EA5, but which were absent in the first exploration well, Iti-1. The deeper prospective interval may have productive alluvial sandstones similar to those encountered in the basal reservoir at Iti-1. Information from the Iti-1 well, sedimentological studies and detailed re-evaluation of seismic data points to the area east of Iti-1, within the hinterland of the existing River Nile, as being most likely to contain a thick sequence of sediments with good quality reservoir development. Tower Resources Plc has advised that enquiries are now well advanced to acquire a drilling rig to drill Avivi-1 with a planned spud date by 1st February 2010. Activities have begun to prepare an Environmental Impact Assessment for approval by the Ugandan Government. Enquiries:
Global Petroleum Limited
Astaire Securities Plc (Nominated Adviser and Broker)
This information is provided by RNS The company news service from the London Stock Exchange END
MSCGRBDBRDGGGCC More |
||
| 30-10-09 | RNS |
|
|
RNS Number : 6506B Global Petroleum Ltd 30 October 2009 30 October 2009 RNS AIM release Global Petroleum Limited - September 2009 Quarterly Report Uganda EA5 Prospect During the quarter, Tower advised that that it has concluded a detailed evaluation of information from Iti-1, the first well in Exploration Area 5 in Uganda (see release dated 22 September 2009). Global is currently reviewing its position in regard to its participation in drilling a second well in light of the revised conclusions and will announce its decision in due course. Leighton Prospect (15% WI, 11.25% NRI) Texon Petroleum Ltd (ASX: TXN) advised during the quarter that the fourth well on the Leighton Project, Tyler Ranch ¿3, had begun to flow oil and gas at the gross rate of 500 boepd from the Olmos reservoir comprising 377 bopd and 746 mcf of gas per day through a 12/64 choke, at a flowing pressure at the surface of about 2,600 psi. This flow rate exceeded the initial flow rates of the previous 3 Leighton wells. The combined production rate of the four Leighton wells (Peeler ¿1, Tyler Ranch ¿1, Tyler Ranch ¿2 and Tyler Ranch ¿3) at the time was a gross 1,085 boepd with Global's share being 122 boepd. Tyler Ranch ¿3 was connected to oil tanks and the gas sales pipeline so that Global has now begun to earn revenue from the production. Subsequent to the quarter end, Texon advised that the fifth well, Tyler Ranch ¿4, had reached a total depth of 3,359 metres (11,019 feet) after intersecting oil and gas shows in the Olmos and Eagle Ford Shale reservoirs. Specialist technical analysis of the Eagle Ford Shale is being undertaken using wireline logs and rock samples to determine the thickness of the Eagle Ford Shale and whether it contains producible oil and gas. Results of this work are expected to be available in about three to four weeks. Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited (70%) and Excellong, Inc (15%). The Board continues to review opportunities for other acquisitions, joint ventures, or investments in the resources sector, both domestic and overseas, which may enhance shareholder value. Mark Savage Chairman Glossary:
Enquiries:
Global Petroleum Limited
Astaire Securities Plc (Nominated Adviser and Broker)
This information is provided by RNS The company news service from the London Stock Exchange END
MSCGRBDGIXXGGCG More |
||
| 30-10-09 | RNS |
|
|
RNS Number : 6507B Global Petroleum Ltd 30 October 2009 Rule 5.3 Appendix 5B Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001. Name of entity GLOBAL PETROLEUM LIMITED
68 064 120 896 30 SEPTEMBER 2009
Consolidated statement of cash flows
1.13 Total operating and investing cash flows (brought
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
1.25 Explanation necessary for an understanding of the transactions
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a
2.2 Details of outlays made by other entities to establish or increase their
Add notes as necessary for an understanding of the position.
Estimated cash outflows for next quarter
Reconciliation of cash
Changes in interests in mining tenements
6.1 Interests in mining
6.2 Interests in mining
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
7.10 Expired during
7.11 Debentures
7.12 Unsecured notes
Compliance statement 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
Sign here:............................................................ Date: 30 October 2009 (Director/Company secretary)
Notes
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with. == == == == == This information is provided by RNS The company news service from the London Stock Exchange END
MSCUROBRKKRRORA More |
||
| 27-10-09 | AFX UK Focus |
|
|
LONDON, Oct 27 (Reuters) - Global Petroleum Ltd:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
||
| 27-10-09 | RNS |
|
|
RNS Number : 4166B Global Petroleum Ltd 27 October 2009 27 October 2009 RNS AIM release
LEIGHTON - OLMOS AND EAGLE FORD OIL AND GAS SHOWS Texon Petroleum Ltd (ASX: TXN) has advised that the fifth well on the Leighton project, Tyler Ranch ¿4, has reached a total depth of 3,359 metres (11,019 feet) after intersecting oil and gas shows in the Olmos and Eagle Ford Shale reservoirs. The Olmos has a similar thickness to the previous 4 Leighton wells. Production casing will now be run prior to fracture stimulating the Olmos in the next 10-15 days, after which the well will be placed on production. Specialist technical analysis of the Eagle Ford Shale is being undertaken using wireline logs and rock samples to determine the thickness of the Eagle Ford Shale and whether it contains producible oil and gas. Results of this work are expected to be available in about three to four weeks. Originally a depth of 3,444 metres (11,300 feet) was planned to be drilled to penetrate the Edwards Limestone which underlies the Eagle Ford Shale. Drilling was stopped at 3,359 metres (11,019 feet) and wireline logs recorded over the Olmos and Eagle Ford. Drilling difficulties at the top of the Edwards Limestone prevented drilling further without incurring considerable extra cost. A later well at Leighton will be planned to test the Edwards Limestone. Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited (70%) and Excellong, Inc (15%). Oil and gas futures prices [Source: NYMEX November/December 2009 contracts] Oil: US$78.56/bbl Gas: US$4.53/mmbtu Enquiries:
Global Petroleum Limited
Astaire Securities Plc (Nominated Adviser and Broker)
This information is provided by RNS The company news service from the London Stock Exchange END
MSCDDLBLKBBLFBV More |
||
| 21-10-09 | RNS |
|
|
RNS Number : 1354B Global Petroleum Ltd 21 October 2009 21 October 2009 RNS AIM release
2009 ANNUAL REPORT AND ANNUAL GENERAL MEETING Global Petroleum Limited has today posted a Notice of Annual General Meeting, which will be held on 20 November 2009, and a Proxy Form to all shareholders. The Company has also today sent copies of its Annual Report for the year ended 30 June 2009 to shareholders. These documents are also available at www.globalpetroleum.com.au. Enquiries:
Global Petroleum Limited
Astaire Securities Plc (Nominated Adviser and Broker)
This information is provided by RNS The company news service from the London Stock Exchange END
NOAFEESMFSUSEES More |
||
| 20-10-09 | RNS |
|
|
RNS Number : 0611B Global Petroleum Ltd 20 October 2009 20 October 2009 RNS AIM release
FIFTH LEIGHTON WELL - OIL SHOWS IN OLMOS Texon Petroleum Ltd (ASX: TXN) has advised that the fifth well on the Leighton project, Tyler Ranch ¿4, has encountered oil and gas shows in the Olmos reservoir at a depth of 2,701 metres (8,860 feet). The oil and gas shows in Tyler Ranch ¿4 are over an interval which is similar to the first four Leighton production wells (Peeler ¿1, Tyler Ranch ¿1, Tyler Ranch ¿2 and Tyler Ranch ¿3). The well is currently drilling ahead at a depth of 2,835 metres (9,300 feet) to a planned total depth of 3,444 metres (11,300 feet). The Eagle Ford Shale is expected to be intersected at about 3,230 metres (10,600 feet). The well should reach its total depth in the next few days at which time wire line logs will be recorded. If the logs confirm producible Olmos reservoir then the well will be completed for production from the Olmos. Data from the logs will also enable an assessment of whether the Eagle Ford Shale could contain producible oil and gas at Leighton. Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited (70%) and Excellong, Inc (15%). Enquiries:
Global Petroleum Limited
Astaire Securities Plc (Nominated Adviser and Broker)
This information is provided by RNS The company news service from the London Stock Exchange END
DRLQBLBLKBBLFBD More |
||
| 12-10-09 | RNS |
|
|
RNS Number : 5935A Global Petroleum Ltd 12 October 2009 12 October 2009 RNS AIM release
DRILLING COMMENCES ON FIFTH LEIGHTON PRODUCTION WELL Texon Petroleum Ltd (ASX: TXN) has advised that that the fifth Leighton well, Tyler Ranch ¿4, commenced drilling on 10 October 2009. The well has a planned total depth of 3,444 metres (11,300 feet) and will take about 20-25 days to drill. The well will penetrate the Olmos reservoir at approximately 2,703 metres (8,870 feet) , which is the same oil and gas reservoir as is producing in the first four Leighton wells (Peeler ¿1, Tyler Ranch ¿1, Tyler Ranch ¿2 and Tyler Ranch ¿3). Tyler Ranch ¿4 is located 326 metres south west of Tyler Ranch ¿1. In addition to targeting the Olmos reservoir, Tyler Ranch ¿4 will drill deeper to the Eagle Ford Shale which has flowed oil and gas from Petrohawk wells at rates of 3.8-8.3mmcfgpd and 200-395 bbl of condensate (oil) per day and which represents a significant upside opportunity for the joint venture in the Leighton area. If the wire line electric logs indicate producible oil and gas in the Olmos reservoir the well will be completed as the fifth oil and gas producer from this zone. Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited (70%) and Excellong, Inc (15%). Latest oil and gas futures prices [Source: NYMEX November 2009 contract] Oil: US$72.27/bbl Gas: US$4.79/mmbtu Glossary:
Enquiries:
Global Petroleum Limited
Astaire Securities Plc (Nominated Adviser and Broker)
This information is provided by RNS The company news service from the London Stock Exchange END
DRLQLLBFKBBXFBB More |
||
| 01-10-09 | RNS |
|
|
RNS Number : 1069A Global Petroleum Ltd 01 October 2009 1 October 2009 RNS AIM release
LEIGHTON PRODUCTION GROWS
FOURTH WELL FLOWS OIL AND GAS 500 BOEPD Tyler Ranch ¿3 (Fourth Leighton Well) Texon Petroleum Ltd (ASX: TXN) has advised that the fourth well on the Leighton Project, Tyler Ranch ¿3, has begun to flow oil and gas at the gross rate of 500 boepd from the Olmos reservoir comprising 377 bopd and 746 mcf of gas per day through a 12/64 choke, at a flowing pressure at the surface of about 2,600 psi. This flow rate exceeds the initial flow rates of the previous 3 Leighton wells. The combined production rate of the four Leighton wells (Peeler ¿1, Tyler Ranch ¿1, Tyler Ranch ¿2 and Tyler Ranch ¿3) at this time is a gross 1,085 boepd with Global's share being 122 boepd. Tyler Ranch ¿3 has been connected to oil tanks and the gas sales pipeline so that Global will now begin to obtain revenue from the production. Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited (70%) and Excellong, Inc (15%). Tyler Ranch ¿4 (Fifth Leighton Well) The next (fifth) Leighton production well (Tyler Ranch ¿4) is anticipated to commence drilling next week. In addition to targeting the Olmos reservoir, Tyler Ranch ¿4 will be deepened to the Eagle Ford Shale which has flowed oil and gas from Petrohawk wells at rates of 3.8-8.3mmcfgpd and 200-395 bbl of condensate (oil) per day and which represents a significant upside opportunity for the joint venture in the Leighton area. Latest oil and gas futures prices [Source: NYMEX November 2009 contract]: Oil: US$70.20/bbl Gas: US$4.80/mmbtu Enquiries:
Global Petroleum Limited
Astaire Securities Plc (Nominated Adviser and Broker)
Glossary:
This information is provided by RNS The company news service from the London Stock Exchange END
MSCQFLFBKBBZFBQ More |
||
| 30-09-09 | RNS |
|
This news article is displayed preformatted as it may contain results tables
RNS Number : 9524Z
Global Petroleum Ltd
30 September 2009
GLOBAL: PETROLEUM LIMITED
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2009
The full audited 2009 Financial Report is available at www.globalpetroleum.com.au.
REVIEW OF OPERATIONS AND ACTIVITIES
Leighton Project
On 15 August 2008, the Company announced it was farming in to the Leighton oil prospect owned by Texon Petroleum Limited (ASX: TXN). The Company earned a 15% Working Interest ("WI") in the first well by funding 30% of the cost of drilling the well in addition to reimbursing Texon US$180,000 in respect of prospect generation and lease costs for the well.
When the first well on Leighton has been drilled, Global opted to participate in the drilling of a second well under the same terms to earn a 15% WI in the Leighton leases. All subsequent wells drilled on Leighton are at each company's earned working interest.
Global has now commenced receiving revenue from the production of both Peeler ¿1 and Tyler Ranch ¿1.
Uganda
During the year, Global announced that it has reached agreement ("Farm In Agreement") with Neptune Petroleum (Uganda) Limited ("Neptune"), a wholly-owned subsidiary of Tower Resources plc ("Tower"), an AIM listed oil and gas exploration company, to farm in to an interest in Neptune's Uganda acreage. Global has the right to earn a 50% interest in Exploration Area 5 ("EA5"), north western Uganda by meeting the cost of two exploration commitment wells.
EA5 is a 6,040 sq km licence area situated at the northern end of the Albertine Graben in northern Uganda. A regional aeromagnetic survey has identified that EA5 contains one of five identified sedimentary depocentres (or basins), called the Rhino Camp Basin, within the Albertine Graben and a programme of seismic interpretation and geochemical sampling has been completed.
It was agreed that Global's funding of Iti-1 was capped at US$6.5 million in the event that drill stem testing was 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. In May 2009, Neptune drilled Iti-1 and advised that the well, which was drilled to a total depth of 592 meters, did not encounter any producible reservoir sands at the Iti-1 location. Minor hydrocarbon shows were monitored during drilling but evidence of limited quantities of oil in the lowermost target horizon remained ambiguous in the subsequent down-hole well logs and pressure test data. The lack of reservoir at this location did not justify further testing or the immediate move to drill a second well. The Company realised a write down in exploration expenditure of A$9,397,989 during the financial year in relation to the EA5 Project.
There are no expenditure cap levels for the drilling of the second well. Notwithstanding the above, Global may opt not to fund the second well in which case Global may, at its sole discretion, continue with a 25% interest or withdraw from EA5 altogether.
A re-evaluation of the well data, combined with all other available technical data, has now been completed.
Global is reviewing the results of this work before electing to participate in a second well.
Kenya
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 are continuing legal proceedings to recover losses suffered as a result. The proceedings have progressed to the pre-trial disclosure stage. The Company anticipates a hearing in the English High Court of Justice in 2010.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Other than as outlined in the Review of Operations and Activities above, the only other significant change in the state of affairs of the Company during the year was the sale of its remaining parcel of Falkland Oil and Gas Limited shares during the year which realised a profit on sale of $2,087,167.
SIGNIFICANT POST BALANCE DATE EVENTS
As at the date of this report there are no matters or circumstances, which have arisen since 30 June 2009 that have significantly affected or may significantly affect:
* the operations, in financial years subsequent to 30 June 2009 of the Company;
* the results of those operations, in financials years subsequent to 30 June 2009 of the Company; or
* the state of affairs, in financial years subsequent to 30 June 2009 of the Company.
ENVIRONMENTAL REGULATION AND PERFORMANCE
The Company's operations are subject to various environmental laws and regulations under the relevant government's legislation. Full compliance with these laws and regulations is regarded as a minimum standard for all operations to achieve.
Instances of environmental non-compliance by an operation are identified either by external compliance audits or inspections by relevant government authorities.
There have been no significant known breaches by the Company during the financial year.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS
It is the Board's current intention that the Company will focus on maximising the value of its oil and gas exploration assets in Kenya and Malta and continue to examine new opportunities in mineral exploration, particularly in the oil and gas sector.
All of these activities are inherently risky and the Board is unable to provide certainty that any or all of these activities will be able to be achieved. In the opinion of the Directors, any further disclosure of information regarding likely developments in the operations of the Company and the expected results of these operations in subsequent financial years may prejudice the interests of the Company and accordingly, has not been disclosed.
INCOME STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2009
Consolidated Company
2009 2008 2009 2008
$ $ $ $
Oil and Gas Revenue 224,884 - - -
Cost of Sales (282,906) - - -
Gross Profit (58,022) - - -
Other Income 2,087,167 27,108,462 - -
Administration costs (954,468) (992,491) (933,941) (959,011)
Business development (4,664) (125,126) (4,663) (125,126)
Exploration and evaluation (9,945,093) (9,378,112) (9,563,564) (547,607)
expenditure written off
Impairment provision for - - (420,980) (672,679)
inter-company loans
Impairment write-down of - - (630) (8,641,664)
investment in controlled
entities
Results from operating (8,875,080) 16,612,733 (10,923,778) (10,946,087)
activities
Net financial income 1,642,379 819,917 229,233 392,764
Profit/(loss) before income (7,232,701) 17,432,650 (10,694,545) (10,553,323)
tax
Income tax benefit/(expense) 1,599,622 (1,599,622) - -
Profit/(loss) after tax (5,633,079) 15,833,028 (10,694,545) (10,553,323)
Profit/(loss) attributable to (5,633,079) 15,833,028 (10,694,545) (10,553,323)
members of the parent
Basic earnings/(loss) per (3.23) 9.08
share from continuing
operations (cents per share)
Diluted earnings/(loss) per (3.23) 9.08
share from continuing
operations (cents per share)
The accompanying notes form part of the Income Statements.
BALANCE SHEETS
AS AT 30 JUNE 2008
Consolidated Company
2009 2008 2009 2008
$ $ $ $
Current assets
Cash and cash equivalents 26,151,515 34,454,208 2,396,752 5,365,560
Trade and other receivables 84,497 38,900 16,092 38,900
Other assets 600 600 600 600
Total current assets 26,236,612 34,493,708 2,413,444 5,405,060
Non-current assets
Trade and other receivables - - 1,592,118 326,198
Investments - 4,618,239 925,624 925,624
Exploration and evaluation - - - -
expenditure
Oil and gas assets 1,238,654 - - -
Total non-current assets 1,238,654 4,618,239 2,517,742 1,251,822
TOTAL ASSETS 27,475,266 39,111,947 4,931,186 6,656,882
Current liabilities
Trade and other payables 381,749 213,378 237,896 112,573
Current tax payable - 1,654,255 - -
Total current liabilities 381,749 1,867,633 237,896 112,573
Non-current liabilities
Trade and other payables - - 8,904,786 61,260
Provisions 8,503 - - -
Deferred tax liabilities - 1,260,497 - -
Total non-current liabilities 8,503 1,260,497 8,904,786 61,260
TOTAL LIABILITIES 390,252 3,128,130 9,142,682 173,833
NET ASSETS/(LIABILITIES) 27,085,014 35,983,817 (4,211,496) 6,483,049
Equity
Issued capital 35,590,053 35,590,053 35,590,053 35,590,053
Reserves (153,590) 3,112,134 - -
Accumulated losses (8,351,449) (2,718,370) (39,801,549) (29,107,004)
TOTAL EQUITY/(DEFICIT) 27,085,014 35,983,817 (4,211,496) 6,483,049
The accompanying notes form part of the Balance Sheets.
CASH FLOW STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2008
Consolidated Company
2009 2008 2009 2008
$ $ $ $
Cash flows from operating
activities
Cash paid to suppliers and (963,910) (1,186,073) (809,468) (1,138,812)
employees
Interest received 1,617,166 820,621 204,020 393,468
Oil and gas revenue received 116,765 - - -
Net cash used in operating 770,021 (365,452) (605,448) (745,344)
activities
Cash flows from investing
activities
Acquisition of investments - - (630) -
Payments for exploration (11,389,363) (160,706) (9,591,521) (159,512)
expenditure
Proceeds from sale of 2,324,319 28,656,891 - -
investments
Repayment of loans from - - 326,198 -
controlled entities
Advances from/(to) controlled - - 6,902,593 (48,271)
entities
Net cash from/(used in) (9,065,044) 28,496,185 (2,363,360) (207,783)
investing activities
Net increase/(decrease) in (8,295,023) 28,130,733 (2,968,808) (953,127)
cash and cash equivalents
Cash and cash equivalents at 1 34,454,208 6,324,089 5,365,560 6,318,687
July
Effects of exchange rate (7,670) (614) - -
changes on cash and cash
equivalents
Cash and cash equivalents at 26,151,515 34,454,208 2,396,752 5,365,560
30 June
The accompanying notes form part of the Cash Flow Statements.
NOTES
Consolidated Company
2009 2008 2009 2008
$ $ $ $
1. PROFIT/(LOSS) FROM OPERATIONS
(a) Other Income
Gain on disposal of available-for-sale 2,087,167 27,108,462 - -
investments
(b) Profit/(Loss) Before Tax
Profit/(loss) before income tax has
been arrived at after charging the
following expenses attributable to
continuing operations:
Salaries and employee benefits expense 180,000 166,982 180,000 166,982
Consulting and professional fees 80,875 98,159 67,903 75,592
Shareholder costs 217,934 229,994 217,934 229,994
Administrative and other expenses 475,659 497,356 468,104 486,443
954,468 992,491 933,941 959,011
(c) Financial Income/(Expenses)
Interest income 1,617,166 820,621 204,020 393,468
Net foreign exchange gain/(loss) 25,213 (704) 25,213 (704)
1,642,379 819,917 229,233 392,764
(d) Cost of sales
Cost of oil and gas sold 39,716 - - -
Amortisation of oil and gas assets 243,190 - - -
282,906 - - -
Consolidated Company
2009 2008 2009 2008
$ $ $ $
2. INCOME TAX
(a) Recognised in the Income
Statement
Current tax expense/(benefit)
Current year 516,321 1,654,255 (236,724) (213,029)
Adjustments for prior years (1,654,255) - - -
(1,137,934) 1,654,255 (236,724) (213,029)
Deferred tax expense
Origination and reversal of - (54,633) - (995,300)
temporary differences
Recognition of previously (461,688) - - -
unrecognised tax losses
Tax benefits not brought to - - 236,724 1,208,329
account
(1,599,622) (54,633) 236,724 213,029
Total income tax expense in (1,599,622) 1,599,622 - -
the income statement
(b) Reconciliation Between
Profit/(Loss)
Before Tax and Tax
Expense
Profit/(loss) before tax (7,232,701) 17,432,650 (10,694,545) (10,553,323)
expense
Prima facie tax (2,169,810) 5,229,795 (3,208,364) (3,165,997)
expense/(benefit) at 30%
(2008: 30%)
Increase/(decrease) in income
tax expense due to:
Exploration and evaluation 3,028,484 - 2,876,219 87,496
expenditure written off
Write-down of investment - - 189 2,592,499
Amortisation of oil and gas 72,957 - - -
assets
Provision for intercompany - - 126,294 -
loans
Gain on disposal of (383,414) (5,079,826) - -
investments not assessable for
income tax purposes
Other items 2,054 78,915 (31,062) -
Over provision in prior years (1,654,255) - - -
Temporary differences not - 1,370,738 - 1,870,172
previously brought to account
Tax benefit not brought to (495,638) - 236,724 1,208,328
account
Income tax expense on pre-tax (1,599,622) 1,599,622 - -
net (profit)/loss
Consolidated Company
2009 2008 2009 2008
$ $ $ $
(c) Deferred Income Tax
Deferred income tax at 30 June 2009
relates to the following:
Deferred tax liabilities
Exploration and evaluation assets 55,550 - - -
Available-for-sale investments - 1,315,130 - -
Deferred tax assets used to offset (55,550) (54,633) - -
deferred tax liabilities
- 1,260,497 - -
Deferred tax assets
Share issue costs - 33,033 - 33,033
Other financial assets - - 126,483 -
Accrued expenses 21,600 21,600 21,600 21,600
Deferred tax assets used to offset (55,550) (54,633) - -
deferred tax liabilities
Recognised tax losses 33,950 - - -
Tax benefit not brought to account - - (148,083) (54,633)
- - - -
(d) Tax losses not brought to
account
Australia 3,095,104 4,634,060 3,095,104 4,634,060
Unused tax losses for which no
deferred tax asset has been
recognised
Potential tax benefit @30% 928,531 1,390,218 928,531 1,390,218
596,562 586,566 - -
United Kingdom
Unused tax losses for which no
deferred tax asset has been
recognised
Potential tax benefit @28% 167,037 164,238 - -
The adjustment in respect of income tax of previous years was in relation to the treatment of the sale of Falkland Oil and Gas shares during the financial year ended 30 June 2008. Documentation provided to the Company following the lodgement of the 2008 Financial Report allowed the Company to adjust its income tax calculations and reduce the tax liability on the sale of the shares.
Consolidated Company
2009 2008 2009 2008
$ $ $ $
3. INVESTMENTS
Listed equity securities available-for-sale
- at fair value - 4,618,239 - -
Investments in controlled entities
- at recoverable amount - - 925,624 925,624
- 4,618,239 925,624 925,624
Investments in listed equity securities available-for-sale were previously recognised at fair value (current market value) and represent an investment in Falkland Oil and Gas Limited ("FOGL"). The balance of FOGL shares were sold during the year ended 30 June 2009.
The Company recognised an impairment loss amounting to $630 in respect of investments in controlled entities at recoverable amount during the current financial year. In 2008 the Company recognised an impairment loss amounting to $8,641,664 in respect of investments in controlled entities at recoverable amount owing to the impairment or disposal of exploration and evaluation assets.
Consolidated Company
Notes 2009 2008 2009 2008
$ $ $ $
4. EXPLORATION AND
EVALUATION EXPENDITURE
Cost
Carrying amount at beginning - 9,247,206 - 388,095
of year
Expenditure incurred 11,520,945 171,093 9,563,564 159,512
Exchange differences (94,008) (40,187) - -
Expenditure written off (9,945,093) (9,378,112) (9,563,564) (547,607)
Transferred to Oil and Gas (1,481,844) - - -
Assets
Carrying amount at end of year - - - -
Expenditure written-off during the 2009 year primarily relates to the Uganda project. The recoverability of the carrying amounts of exploration and evaluation assets is dependent on the successful development and commercial exploitation or sale of the respective area of interest.
Consolidated Company
2009 2008 2009 2008
$ $ $ $
5. ISSUED CAPITAL
(a) Issued and Paid Up Capital
174,444,787 (2008: 174,444,787 35,590,053 35,590,053 35,590,053 35,590,053
) fully paid ordinary shares
(b) Movements in Ordinary Share Capital During the Past Two Years Were as Follows:
Date Details Number of Ordinary Shares $
1 July 2007 Opening balance 174,444,787 35,590,053
30 June 2008 Closing balance 174,444,787 35,590,053
30 June 2009 Closing balance 174,444,787 35,590,053
Effective 1 July 1998, the Company Law Review Act abolished the concept of par value shares and the concept of authorised capital. Accordingly, the Company does not have authorised capital or par value in respect of its issued shares.
Consolidated Company
2009 2008 2009 2008
$ $ $ $
6. RESERVES
(a) Balances
Investments available-for-sale-reserve
Shares - listed - 4,404,696 - -
Deferred tax liability in respect of - (1,315,130) - -
unrealised gain
- 3,089,566 - -
Foreign currency translation reserve (153,590) 22,568 - -
Total Reserves (153,590) 3,112,134 - -
(b) Nature and purpose of reserves
(i) Investments available-for-sale reserve
The investments available-for-sale reserve is used to record fair value changes on available-for-sale investments.
(ii) Foreign currency translation reserve
The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations where their functional currency is different to the presentation currency of the reporting entity, as well as from the translation of liabilities that hedge the Company's net investment in a foreign subsidiary.
(c) Dividends
No dividends have been declared, provided for or paid in respect of the years ended 30 June 2009 or 2008. With respect to the payment of dividends by Global Petroleum in subsequent reporting periods (if any), no franking credits are currently available, or are likely to become available in the next 12 months.
7. RELATED PARTIES
(a) Key Management Personnel
The following were key management personnel of the Company at any time during the reporting period and unless otherwise indicated were key management personnel for the entire period:
Mr Mark Savage
Mr Peter Blakey
Mr Peter Taylor
Mr Ian Middlemas
Mr Shane Cranswick
(i) Director and Executive remuneration
Company and Consolidated 2009 2008
$ $
Short-term employee benefits 180,000 164,341
Post-employment benefits - 2,641
Other - Consulting fees 45,000 47,250
Total compensation 225,000 214,232
Key management personnel disclosures previously required by AASB 124 Related Party Disclosures paragraphs Aus25.2 to Aus25.6 and Aus25.7.1 and Aus25.7.2 are included the Remuneration Report section of the Directors' Report.
(ii) Loans to key management personnel and their related parties
There were no loans made to key management personnel or their related parties during the reporting period.
(iii) Other key management personnel transactions
A number of directors, or their related parties, hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities. A number of these entities transacted with the Company or its controlled entities in the reporting period. The terms and conditions of these transactions were no more favourable than those available, or which might be available, or which might reasonably be expected to be available, on similar transactions to unrelated entities on an arm's length basis.
During the year the Company paid $175,197 (2008: $204,505) to TM Services Limited, a company controlled by Mr P Taylor and Mr P Blakey, for office usage and administrative and technical assistance in London.
There were no liabilities arising from the above transactions at 30 June 2009 (2008: $nil).
(iv) Options and rights over equity instruments
No options were held by key management personnel related parties during the year ended 30 June 2009.
The movement during the year ended 30 June 2008 in the number of options over ordinary shares in Global Petroleum Limited held, directly, indirectly or beneficially, by each key management person, including their related parties, is as follows:
Directors Held at 1 July 2007 Granted as Exercised Expired Held at Vested and
Compen-sation 30 June 2008 Exercisable at 30
June 2008
Mr P Dighton 200,000 - - - 200,000(1) 200,000(1)
Notes
(1) The balance shown as the closing balance for Mr P Dighton is his balance as at his date of resignation of 31 January 2008.
No options have been granted since the end of the year.
(v) Movements in shares
The movement during the reporting period in the number of ordinary shares in Global Petroleum Limited held, directly, indirectly or beneficially, by each key management person, including their related parties, is as follows:
Year ended 30 June 2009 Opening Balance Acquisitions Received on Exercise Disposals Closing Balance
of Options
Directors
Mr M Savage - - - - -
Mr P Blakey 27,424,318 381,947 - 425,000 27,381,265
Mr P Taylor 27,424,318 1,430,074 - 425,000 28,429,392
Mr I Middlemas 1,430,000 - - - 1,430,000
Mr S Cranswick (1) 110,000 - - - 110,000
Year ended 30 June 2008 Opening Balance Acquisitions Received on Exercise Disposals Closing Balance
of Options
Directors
Mr M Savage - - - - -
Mr P Blakey 27,424,318 - - - 27,424,318
Mr P Taylor 27,424,318 - - - 27,424,318
Mr I Middlemas 1,430,000 - - - 1,430,000
Mr S Cranswick (1) 110,000 - - - 110,000
Former Directors
Mr P Dighton - - - - -
Notes
(1) The balance shown as the opening balance for Mr Cranswick is his balance at his date of appointment as a director - 6 June 2008.
No shares were granted to key management personnel during the reporting period as compensation in 2009 or 2008.
(vi) Changes in key management personnel in the period after the reporting date and prior to the date when the financial report is authorised for issue
There were no changes in key management personnel in the period after the reporting date and prior to the date when the financial report is authorised for issue.
(b) Non-Key Management Personnel Disclosure
(i) Identity of related parties
The Company has a related party relationship with its subsidiaries (see Note 15), joint ventures (see Note 16) and with its key management personnel (see disclosures for key management personnel on preceding pages).
Subsidiaries
Consolidated Company
Note 2009 2008 2009 2008
$ $ $ $
Provision for inter-company loans - - 420,980 672,679
Loan repayments received from - - 326,198 -
controlled entities
Recharge amounts - - - 48,271
Net amounts receivable from, and
payable to, controlled entities at
balance date were as follows:
Amounts receivable from controlled 4 - - 1,592,118 326,198
entities
Amounts payable to controlled entity 9 - - 8,904,787 61,260
Amounts receivable from and payable to controlled entities are non-interest bearing and are repayable on demand.
An amount of $420,980 was provided for during the year (2008: $672,679).
Consolidated Consolidated
2009 2008
Cents per Share Cents per Share
8. EARNINGS PER SHARE
Basic profit/(loss) per share (3.23) 9.08
Diluted profit/(loss) per share (3.23) 9.08
The following reflects the income and share data used in the calculations of basic and diluted earnings per share:
Consolidated
2009 2008
$ $
Net profit/(loss) used in calculating (5,633,079) 15,833,028
basic and diluted earnings per share
Number of Shares Number of Shares
2009 2008
Weighted average number of ordinary 174,444,787 174,444,787
shares used in calculating basic earnings
per share
Effect of dilutive securities - -
Adjusted weighted average number of 174,444,787 174,444,787
ordinary shares and potential ordinary
shares used in calculating basic and
diluted earnings per share
(a) Non-dilutive securities
No options were outstanding as at 30 June 2009 hence there is no dilutive effect.
(b) Conversions, Calls, Subscriptions or Issues after 30 June 2008
Since 30 June 2009, no shares have been issued and no incentive options have been granted. No shares have been issued as a result of the exercise of options since 30 June 2009.
9. SEGMENT INFORMATION
Segment information is presented in respect of the Consolidated Entity's geographical segments. The primary format, geographical segments, is based on the Consolidated Entity's management and internal reporting structure. Inter-segment pricing is determined on an arm's length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to be used for more than one period.
(a) Geographical Segments
The Company's geographical segments are as follows:
2009 Australia Europe Africa Falkland Islands USA Elimi- Consoli-
$ $ $ $ $ nations dated
$ $
Segment revenue
External revenue - - - - 224,884 - 224,884
Total revenue - - - - 224,884 - 224,884
Result
Segment result 702,656 53,066 (10,085,644) 2,087,167 (58,042) 68,096 (7,232,701)
Income tax expense 1,599,622
Profit for the period (5,633,079)
Exploration and evaluation - - 9,945,093 - - - 9,945,093
expenditure written off
Assets
Segment assets 26,334,526 - - - 1,410,740 - 27,475,266
Liabilities
Segment liabilities 237,896 2,770 141,083 - 8,503 - 390,252
Acquisitions of non-current - - 10,039,101 - 1,481,844 - 11,520,945
assets, including capitalised
exploration and evaluation
expenditure
2008 Australia Europe Africa Falkland Islands USA Elimi- Consoli-
$ $ $ $ $ nations dated
$ $
Segment revenue
External revenue - - - - - - -
Total revenue - - - - - - -
Result
Segment result (258,406) (1,084,315) (8,333,091) 27,108,462 - - 17,432,650
Income tax expense (1,599,622)
Profit for the period 15,833,028
Exploration and evaluation - 1,071,877 8,306,235 - - - 9,378,112
expenditure written off
Assets
Segment assets 35,549,364 4,481 - 4,618,239 - (1,060,137) 39,111,947
Liabilities
Segment liabilities 3,088,585 572,080 201,404 326,198 - (1,060,137) 3,128,130
Acquisitions of non-current - 15,547 155,546 - - - 171,093
assets, including capitalised
exploration and evaluation
expenditure
(b) Business Segments
The Company operates within one business segment, being the petroleum and mineral exploration industry. Accordingly, the Company's total revenue and result for the year relate to that business segment.
(c) Credit Standby Arrangements with Banks
At balance date, the Company had no used or unused financing facilities.
(d) Non-cash Financing and Investing Activities
There were no significant non-cash financing or investing activities in the current or prior year.
10. CAPITAL AND OTHER COMMITMENTS
(a) Exploration Expenditure Commitments
In order to maintain current rights of tenure to exploration tenements, the Company is required to perform minimum exploration work to meet the minimum expenditure requirements specified by various foreign governments where exploration tenements are held. These obligations are subject to renegotiation when application for a tenement is made and at other times. These obligations are not provided for in the financial report and are payable:
Consolidated Company
2009 2008 2009 2008
$ $ $ $
Within one year - - - -
Financial commitments for subsequent periods can only be determined at future dates, as the success or otherwise of exploration programmes determines courses of action allowed under options available in tenements.
(b) Joint Venture Commitments
Capital commitments of the Company to joint venture operations:
Consolidated Company
2009 2008 2009 2008
$ $ $ $
Within one year - - - -
One year or later and no later than five years - - - -
- - - -
11. CONTINGENCIES
(a) Acquisition of Astral Petroleum Limited - Contingent Consideration
In accordance with the terms of the acquisition agreement (as amended), consideration payable upon the acquisition of Astral Petroleum Limited in December 2004 included amounts contingent on certain conditions relating to the farmout of the interest acquired by the Consolidated Entity in the Malta exploration study agreement. In June 2006, the Consolidated Entity entered a farmout agreement with RWE Dea AG. If RWE Dea AG, during the term of the exploration study agreement, commits to drill one well and enters into a production sharing contract, the Company will be required to issue 4 million fully-paid ordinary shares in the capital of the Company as additional consideration to the Astral vendors (Tranche 3 shares).
At the Company's AGM on 17 November 2006 shareholders approved an extension of time to 30 June 2008 for the issue to the related party vendors of Astral Petroleum Limited their share of an additional four million fully paid ordinary shares in the Company if the Company achieves an unconditional commitment by RWE to drill a well in respect of the Malta Exploration Study Agreement. This date has not been extended beyond 30 June 2008, however the Board will review this if an unconditional commitment to drill a well is received from RWE and revert to shareholders for approval as appropriate.
(b) Indemnities
Indemnities have been provided to directors and certain executive officers of the Company in respect of liabilities to third parties arising from their positions, except where the liability arises out of conduct involving a lack of good faith. No monetary limit applies to these agreements and there are no known obligations outstanding at 30 June 2009 and 2008.
(c) Joint Ventures
In accordance with normal industry practice the Consolidated Entity has entered into joint ventures with other parties for the purpose of exploring for and developing petroleum interests. If a party to a joint venture defaults and does not contribute its share of joint venture obligations, then the other joint venture participants may be liable to meet those obligations. In this event the interest in the permit held by the defaulting party may be redistributed to the remaining joint venturers.
12. SUBSEQUENT EVENTS
As at the date of this report there are no matters or circumstances, which have arisen since 30 June 2009 that have significantly affected or may significantly affect:
* the operations, in financial years subsequent to 30 June 2009 of the Consolidated Entity;
* the results of those operations, in financials years subsequent to 30 June 2009 of the Consolidated Entity; or
* the state of affairs, in financial years subsequent to 30 June 2009 of the Consolidated Entity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAENEDFKNEFE
More |
||
| 21-09-09 | RNS |
|
|
RNS Number : 4029Z Global Petroleum Ltd 21 September 2009 Iti-1 Conclusions Revised Global Petroleum Limited advises that Tower Resources plc ("Tower") has announced that it has concluded a detailed evaluation of information from the Iti-1 exploration well in Uganda Licence EA5. Analyses and interpretations have been carried out by independent experts and specialists using relevant laboratories in the UK. The overall findings of the re-evaluation is that the Iti-1 well found 15-20 metres of clean reservoir sands, with significant potential to contain oil just above basement between 540 and 575 meters. Tower has advised that this conclusion would need to be verified by a well test, and given the high cost of re-entering the existing well it is likely that the company will instead drill another well on the Iti structure at a later date. However, Tower's first priority, and commitment under its work programme, is to drill a second exploration well, and the company is still considering the best location for this second well in light of the information that the Iti-1 well has provided. Tower hopes, subject to Government approval, to drill this second well in early 2010, with a target of February. Tower has commenced discussions with the Government of Uganda to jointly agree the significance of these updated results. The immediate work programme will focus on evaluating prospective well locations and planning for drilling a second exploration well early in 2010. A further update will be provided once Tower has agreed a firm forward programme with the Government of Uganda, hopefully in the second half of October. A follow up well on the Iti structure will be considered in due course to confirm a working hydrocarbon system within the structure. Enquiries:
Global Petroleum Limited
Astaire Securities Plc (Nominated Adviser and Broker)
This information is provided by RNS The company news service from the London Stock Exchange END
MSCCKDKPNBKDQCB More |
||
| 21-09-09 | RNS |
|
|
RNS Number : 4022Z Tower Resources PLC 21 September 2009
PRESS RELEASE 21 September 2009 Tower Resources revises Iti-1 conclusions Tower Resources plc ("Tower" or the "Company") Tower Resources is pleased to announce that it has concluded its detailed evaluation of information from the Iti-1 well. Analyses and interpretations have been carried out by independent experts and specialists using relevant laboratories in the UK. The overall findings of the re-evaluation is that the Iti-1 well found 15-20 metres of clean reservoir sands, with significant potential to contain oil just above basement between 540 and 575 meters. This conclusion would need to be verified by a well test, and given the high cost of re-entering the existing well it is likely that the company will instead drill another well on the Iti structure at a later date. However, the company's first priority, and commitment under its work programme, is to drill a second exploration well, and the company is still considering the best location for this second well in light of the information that the Iti-1 well has provided. The company hopes, subject to Government approval, to drill this second well in early 2010, with a target of February. The following provides a summary of conclusions drawn to date from the re-assessment. 1. Independent inspections of the rock cuttings material by an expert sedimentologist and specialist laboratory analyses have confirmed the presence of clean reservoir sands, with good porosities and permeabilities, in the interval just above basement between 540 metres and 575 metres (*the basal reservoir*). Net sand thickness is estimated to be 15-20 metres. Basin modelling by the sedimentologist has also indicated that alluvial fans could be present at the Iti-1 location and could be analogous to the basin margin edge discoveries in Block EA2. 2. Detailed inspection of wireline pressure data, after undertaking quality control of the raw data and re-evaluation of wireline logs indicate that the basal reservoir could be oil bearing and is separated from the overlying sediments which are clearly sealing and water bearing.
3. Fluid samples taken by a wireline formation fluid sampler produced what had initially appeared to be samples containing only water. Subsequent inspection of the sample chambers showed oil traces, and small quantities of oil have been extracted from the rock samples. Analyses of these oil samples indicate that oil could be present above and within the basal reservoir although this could be consistent with residual non-producible oil in the formations. Further study is ongoing.
Detailed discussions with the Government of Uganda have commenced to jointly agree the significance of these updated results. The immediate work programme will focus on evaluating prospective well locations and planning for drilling a second exploration well early in 2010. A further update will be provided to shareholders once a firm forward programme has been agreed with the Government of Uganda, hopefully in the second half of October. A follow up well on the Iti structure will be considered in due course to confirm a working hydrocarbon system within the structure. Peter Kingston commented; "We were surprised and disappointed at the initial findings of the Iti-1 well, which we originally reported in June, so we are naturally pleased that a much more comprehensive evaluation has indicated significant potential for hydrocarbons in the Iti structure. The outcome of the evaluation also provides us with great encouragement for the rest of Exploration Area 5." In accordance with AIM guidelines, Peter Kingston, who is a petroleum reservoir engineer with over 40 years experience in technical, executive and advisory roles in the oil exploration and production industry, and is Executive Chairman of the Company, is the qualified person that has reviewed and approved the technical information contained in this announcement. Contacts:
Astaire Securities (NOMAD and Broker)
This information is provided by RNS The company news service from the London Stock Exchange END
DRLLBMJTMMITBPL More |
||
| 18-09-09 | RNS |
|
|
RNS Number : 2848Z Global Petroleum Ltd 18 September 2009 18 September 2009 RNS AIM release Global Petroleum Limited (the "Company")
FOURTH LEIGHTON WELL - GOOD OIL AND GAS SHOWS IN OLMOS Texon Petroleum Ltd (ASX: TXN) has advised that the fourth well on the Leighton Project, Tyler Ranch ¿3, has reached a total depth of 2,743 metres (9,000 feet) after intersecting oil and gas shows in the target Olmos reservoir. The Olmos reservoir properties as indicated by wireline logs in Tyler Ranch ¿3 are similar to the first three Leighton production wells, (Peeler ¿1, Tyler Ranch ¿1, and Tyler Ranch ¿2) all 3 of which are producing oil and gas from the Olmos. Production casing will now be run in preparation to fracture stimulate and test Tyler Ranch ¿3 with separate testing equipment. If this test is successful, the well will be placed on production as soon as testing has been concluded, possibly by the end of September. Global is also pleased to announce that the Company has elected to participate in the fifth Leighton Olmos production well, Tyler Ranch ¿4, which is located approximately 320m West of Tyler Ranch ¿1. This is scheduled to begin drilling in early October and take 12-15 days to reach the Olmos target at about 8,800ft (2,682m). The well will then be deepened by 2,000ft (610m) to investigate whether the Eagle Ford Shale is oil and gas bearing at Leighton and this should take a further 5-7 days. Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited (70%) and Excellong, Inc (15%). Enquiries:
Global Petroleum Limited
Astaire Securities Plc (Nominated Adviser and Broker)
This information is provided by RNS The company news service from the London Stock Exchange END
DRLQVLBFKKBEBBB More |
||
| 11-09-09 | RNS |
|
|
RNS Number : 9017Y Global Petroleum Ltd 11 September 2009 11 September 2009 RNS AIM release THIRD LEIGHTON WELL (TYLER RANCH ¿2) FLOWS OIL AND GAS AT 366 BOEPD Tyler Ranch ¿2 Texon Petroleum Ltd (ASX: TXN) has advised that that the third well on the Leighton Project, Tyler Ranch ¿2, has begun to flow oil and gas at the gross rate of 366 boepd from the Olmos reservoir comprising 240 bopd and 756 mcf of gas per day through a 12/64 choke, at a flowing pressure at the surface of about 2,365 psi. This is in line with the first two wells (Peeler ¿1 and Tyler ¿1) which averaged 360 boepd per well initial production rate. The combined production rate of the three Leighton wells at this time is a gross 600 boepd with Global's share being 67.5 boepd. Tyler Ranch ¿2 has been connected to oil tanks and a gas sales pipeline so that Global will now begin to obtain revenue from the production. Tyler Ranch ¿3 Texon has also advised that drilling continues on the fourth Leighton production well (Tyler Ranch ¿3) which is at a depth of 4,189ft (1,277m) and is anticipated to reach the targeted Olmos oil and gas reservoir in 6 to 8 days. Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited (70%) and Excellong, Inc (15%).
Glossary:
boepd: barrels of oil equivalent per day
Enquiries:
Global Petroleum Limited
Astaire Securities Plc (Nominated Adviser and Broker)
This information is provided by RNS The company news service from the London Stock Exchange END
DRLQFLBFKKBLBBQ More |
||
| 07-09-09 | RNS |
|
|
RNS Number : 6097Y Global Petroleum Ltd 07 September 2009 7 September 2009 RNS AIM release
DRILLING COMMENCES ON FOURTH PRODUCTION WELL - LEIGHTON OIL AND GAS FIELD Texon Petroleum Ltd (ASX: TXN) has advised that the fourth Leighton well, Tyler Ranch ¿3, commenced drilling on 5 September 2009. The well has a planned total depth of 2,743 metres (9,000 feet) and will take about 12-15 days to reach its target, which is the same oil and gas reservoir as in the first three Leighton wells (Peeler ¿1, Tyler Ranch ¿1 and Tyler Ranch ¿2). Tyler Ranch ¿3 is located 420 metres south of Tyler Ranch ¿1. Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited (70%) and Excellong, Inc (15%). Testing of the recently drilled Tyler Ranch ¿2 is planned for Wednesday, 9 September 2009. If the test is successful, the well will be placed on production as soon as testing has been concluded - probably by mid September. Enquiries:
This information is provided by RNS The company news service from the London Stock Exchange END
DRLQDLBBKKBLBBB More |
||
| 02-09-09 | RNS |
|
|
RNS Number : 3785Y Global Petroleum Ltd 02 September 2009 2 September 2009 RNS AIM release
THIRD LEIGHTON WELL - OIL AND GAS SHOWS IN OLMOS RESERVOIR Global Petroleum Limited ("Global" or the "Company") Texon Petroleum Ltd (ASX: TXN) has advised that the third well on the Leighton Project, Tyler Ranch ¿2, has reached a total depth of 2,743 metres (9,000 feet) after intersecting oil and gas shows in the target Olmos reservoir - the same reservoir as is producing in the first two Leighton wells (Peeler ¿1 and Tyler Ranch ¿1). Wire line electric logs from Tyler Ranch ¿2 indicate 26 feet (8 metres) of Olmos oil and gas bearing formation. The Olmos reservoir properties as indicated by logs in Tyler Ranch ¿2 are similar to the first two Leighton production wells. Production casing will now be run in preparation to fracture stimulate and test Tyler Ranch ¿2 with separate testing equipment. If this test is successful, the well will be placed on production as soon as testing has been concluded, possibly by mid September. Once production casing is in place the rig will move to the fourth Leighton well (Tyler Ranch ¿3) located 420m south of Tyler Ranch ¿1. Tyler Ranch ¿3 is anticipated to commence drilling about the 7th of September and to reach the Olmos target 12-15 days later. Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited (70%) and Excellong, Inc (15%). Enquiries:
Global Petroleum Limited
Astaire Securities Plc (Nominated Adviser and Broker)
This information is provided by RNS The company news service from the London Stock Exchange END
DRLDLLBBKKBBBBF More |
||