But Global said it would keep a 20% equity position in each of the Woodside-operated blocks L-5 and L-7, where Global’s share of the costs of two wells is fully carried.

The company said Woodside, which holds a 50% interest in the blocks, was currently seeking a drill rig, with the first well due for spudding in the second or third quarter of next year.

“Woodside’s mapping of seismic data acquired in the company’s Kenya licences indicates that L-5 and L-7 are two very prospective areas," Global executive chairman Dr John Armstrong said.

"[These blocks] have over 30 leads and prospects with a number being capable of holding several hundred million barrels of oil."