25th Nov '14


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"Ofcourse the big money is made by the individuals who buy and sit it out, ride out the drilling and providing the drill bit brings success they make a lot of money". or not of course..........!

Here is a bit more from Global Annual Report 2007 Talks about voting; "On 23 January 2007, Woodside as operator of the Company’s Kenya Joint Venture announced that Pomboo No. 1 had reached a total depth of 4,887 metres and would be plugged and abandoned. The well encountered “in excess of 200 metres of moderate to good quality reservoir sandstones” in the primary target zone…

I recall it was mentioned somewhere in the Global account of events, not too sure now, may have had 61pt8's investagative work involved but I am aware that I knew the breakdown of voting at the time.

As I recall at the time in 2006, being a holder then, I believe the decision not to drill the second well was made during a meeting between partners just after Pomboo-1 was drilled and found to be dry. The vote was split 50/50 in percentage terms but carried by Woodside's veto as Operator who, in conjunction with Repsol's vote, overruled the other two partners…

Repsol is the other partner......   Holdings in the L5 and L7 Joint venture :Woodside 30% (and operator);Dana 30%Repsol 20%Global 20%   Going on from my initial post here could be the bone of contention; "The costs associated with Global’s 20% in L5 and L7 are carried for all activities through the drilling of the first well in each of these areas. Woodside and Repsol earn…

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