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“The high demand for deep water rigs is driven by the increase in oil and gas exploration being undertaken around the world as a result of high oil prices,” Global said.
“Woodside is actively seeking a drill rig for Kenya drilling and has indicated the second quarter of 2006 as a likely drilling date of the first well which is presently targeted to be in Block L-5.”
Woodside is operator and has a 50% stake in L5 and L7. Global has a 20% equity interest in these blocks and is fully carried for the cost of two wells. Global also has a 20% equity interest two other Blocks, L10 and L11.
