Global Petroleum sinks on Sokwe South decision
Global Petroleum continued its nosedive today as the oil explorer said the L7 joint venture has decided not to drill Sokwe South No. 1, offshore Kenya in this drilling campaign.
This follows Tuesday’s disappointment when it said the Pomboo-1 exploration well in Block L-5 of the Lamu Basin in Kenya has been plugged and abandoned after failing to find hydrocarbons.
“It is important that the decision on the next phase of exploration be determined after a comprehensive technical assessment of the relevance and implications of the new information obtained from Pomboo,” said Global.
The work is expected to occur over the next three to six months.
Woodside as operator of the L5 and L7 JV will discuss options with the Kenya government with a view to agreeing the appropriate way forward for the JV and the government.
Global has a 20% interest in L5 and L7.