Global Petroleum has the right to earn a 50% interest in EA5, north-western Uganda, by meeting the cost of two exploration commitment wells. Under the terms of the farm in agreement, Global Petroleum will earn a 50% interest in the EA5 license and production sharing agreement by funding the cost of drilling Iti-1 (subject to a cap), the first well of a two well programme, and a second well at the company’s discretion, currently expected to be Sambia-1, when the results of Iti-1 have been interpreted.
