RNS Number:7745L
Global Petroleum Ltd
03 May 2005

3 May 2005

Global Petroleum Limited ('Global')

ANNOUNCEMENT RE: FALKLAND OIL AND GAS LIMITED

Global Petroleum Limited (AIM / ASX: GBP), an Australian-based oil and gas
exploration company, advises that Falkland Oil and Gas Limited (FOGL) made the
attached release on the 3rd of May 2005.

This announcement suggests that Global's 16.06% shareholding (i.e. 12.848
million shares) in FOGL could potentially have quite significant value for
Global shareholders. A FOGL share price of #1/share translates to approximately
19c per Global share (GBP 8p/Global share).

Further information about FOGL's Falkland Island Oil & Gas Project can be found
in a presentation that FOGL has posted on its website www.fogl.co.uk

Further information:

Global Petroleum Limited
Dr John Armstrong, Executive Chairman +61 (0) 7 3211 1122

Bell Pottinger Corporate & Financial
Nick Lambert +44 (0) 7811 358 764

Tuesday 3rd May 2005

Falkland Oil and Gas Limited

("FOGL" or "the company")

Significant increase in number of identified leads

Enhanced possibility of a new petroleum province
in the South and East Falkland Basins

FOGL announces that it has completed its current 9,450 km 2D seismic data
acquisition programme over most of its licence area. The initial interpretation
of the preliminary processed records from the survey has proved encouraging and
greatly exceeds the Company's initial expectations.

The programme has indicated a larger and more diverse project than originally
anticipated and has identified numerous possible drill targets, with indications
that some could potentially be of significant size.

FOGL has now identified approximately 130 leads,(1) far in excess of the eight
(8) leads identified at the time of its AIM IPO in October 2004. Given the
positive results of the survey, FOGL now plans to increase the scope of its
exploration programme far beyond that envisaged at the time of the IPO.

Key points:

* Approximately 130 leads identified, a number of which appear capable of
containing recoverable reserves in excess of 200 million barrels

* FOGL now represents a larger and more diverse project than originally
anticipated

* Encouraging signs that oil and gas could be present

* Further work is planned targeting defining 20 drillable prospects by
about mid-2006

* FOGL is targeting drilling of the first well in 2007

* Already an enhanced possibility of project success

* Licences cover area equivalent to the North Sea Southern Gas Basin and
Central Graben

* Cash position of #10.9 million as at 31 March 2005. FOGL is evaluating
its funding requirements and the source of funds for the increased exploration
programme

John Armstrong, Executive Chairman of FOGL, said:

"In my opinion, this is the most exciting project I've seen for many years. The
results of the 2D seismic are encouraging; the number of leads identified has
far exceeded our most optimistic estimates and we believe it has greatly
enhanced FOGL's prospects. It is clear that the scope of work needed to maximise
the potential of our acreages has increased significantly.

"It is important to remember that, while the leads identified to date each have
seismic expression which indicates the possible presence of a drillable
prospect, when fully mapped, and with the benefit of further data, such leads
may not have all the characteristics necessary to become drillable prospects.
Nevertheless, the large number of leads distributed across several playtypes
suggests that a number of the leads could become technically sound and
potentially economically viable drill prospects. It is the Company's goal to
identify and define 20 such prospects in the immediate future so that they can
be considered for drilling in 2007.

"We have made a lot of progress in the six months since our AIM IPO and the
results to date have been remarkable. Although there is a long way to go, it now
seems quite possible that the Falkland Islands could become a new petroleum
province by the end of the decade."

Hydrocarbon Indicators

Initial interpretation of the new data gives considerable cause for optimism.
The preliminary results of the survey identify numerous Direct Hydrocarbon
Indicators (DHI's) pointing to the presence of working petroleum systems. The
DHI's include gas chimneys, amplitudes and possibly gas hydrates. The leads are
large and diverse, with some leads possibly covering areas of 300 to 500 sq km,
sufficient to hold large reserves of oil or gas. There is also a wide range of
play types with several different styles identified.

Exploration Programme & Funding Arrangements

FOGL plans to conduct further seismic surveys targeting all the leads but with
particular emphasis on the approximately 50 most promising. The aim will be to
develop 20 high quality, technically sound and potentially economically viable
drilling prospects. The Company then intends to develop a multi-well drilling
programme which may be able to begin in 2007.

Full details of the exploration programme are still to be finalised but given
the increased number of identified leads the company expects to expand
significantly the scope of the exploration programme.

Although FOGL had net cash of #10.9 million as at 31 March 2005, the increased
scope of the programme will require additional funding and the Board is
currently considering its options. A further statement on the funding
arrangements and the full details of the programme will be announced soon.

Potential Resources

The extent and depth of the basin suggests that, if it exists, the hydrocarbon
resource could be of a major scale. According to estimates by MBA Petroleum
Consultants, an independent consultant, 1,250 billion barrels of oil / oil
equivalent could have been generated in and in the vicinity of FOGL's licences.

Scott Pickford, petroleum engineers, made an independent assessment of the
initial eight (8) leads and concluded that each had the potential to contain
between 200 million and 600 million barrels of recoverable oil(2). It is
expected that Scott Pickford will be contracted to repeat the process and make
an independent judgement on the potential resources indicated by the new data.
Its findings will be announced on completion of the processing and
interpretation which is expected to be in the third quarter of this year.

An overview presentation will be posted on the FOGL website giving a summary of
the results announced here. Technical information including maps and seismic
lines will be posted on the Company's website in the near future.

www.fogl.co.uk

Enquiries:

FOGL

John Armstrong, Executive Chairman + 61 (0) 7 3211 1122 (+9 hrs GMT)
David Hudd, Deputy Chairman 07771 893 267

College Hill
Ben Brewerton 020 7457 2020

(1) a 'lead' is a feature that requires further technical appraisal prior to a
decision to drill

(2) P50 recoverable oil as estimated by Scott Pickford, a consultancy
specialising in geology, petroleum engineering and economic analyses, in 2004
(IPO Prospectus)

NOTES TO EDITORS

Falkland Oil and Gas Limited ("FOGL") is an oil and gas exploration company
focused exclusively on opportunities offshore of the Falkland Islands. It was
admitted to London's Alternative Investment Market ("AIM") on 14 October 2004 at
an issue price of 40p. The current major shareholders of FOGL are: Falkland
Islands Holdings plc (18%), Global Petroleum (16%) and RAB Capital plc (31%).

At the time of the admission to AIM, FOGL held a 77.5% interest in seven
offshore production licences covering approximately 33,700 sq km to the south
and east of the Falkland Islands. FOGL holds these licences in a joint venture
with Hardman Resources. In December 2004, FOGL was awarded a 100% licence over
an additional 50,000 sq kms adjacent to its existing licence areas. The 83,700
sq km area held by FOGL is equivalent to 380 North Sea blocks: as large as the
Southern Gas Basin and the Central Graben combined.

www.fogl.co.uk

This information is provided by RNS
The company news service from the London Stock Exchange

END

October 2005 Company Update

It's nearly 16mb file so patience will pay off dividends.

Now here is one for the future people.

From boyant on advfn

And well worth a read.

ANNUAL REPORT 2005

Global withdraws from L-10 and L-11 in offshore Kenya

"With respect to L-10, Dana as operator and on behalf of Global had been negotiating since September 2004 the terms of an extension to the block beyond the expiry date of December 2004, but was unable to reach agreement with the Kenyan Government"

"Global retains a 20% equity position in each of Blocks L-5 and L-7 where its share of the cost of two wells is fully carried. Woodside is the operator with 50% of L-5 and L-7 and is actively seeking a drilling rig. The CEO of Woodside, in his presentation to North American Investors in September 2005, noted that the first well is scheduled for the second or third quarter of 2006. Woodsides mapping of seismic data acquired in the Companys Kenya licences indicates that L-5 and L-7 are two very prospective areas having over 30 leads and prospects with a number being capable of holding several hundred million barrels of oil."

GBP fortunes changing perhaps with all buys today?

Is anyone still holding onto these? Any prospects? I'm still holding mine

Up 2.25p. RNS today announces that the JV will be drilling the first oil exploration well in offshore Kenya in October.

WOODSIDE COMMITS TO SECOND EXPLORATION WELL IN JOINT VENTURE WITH GLOBAL AND DANA IN OFF-SHORE KENYA

No looking back now.

Great prospects over all here imo.

"The Joint Venture is scheduled to drill the first of the two wells in Block L-5
beginning October 2006, with the timing dependent on met-ocean conditions and
the arrival of the rig in Kenya. "

SWW, that's good news by the sound of it, will definitely keep watching and waiting.

I like the fact that GBP enables you to have a crack at FOGL for free as well.

Wish I'd thought a bit harder about this stock while it was sub-20p, though!!

soul traders, it's easy to loose sight of the apparent sleepers when not much is going on that's newsworthy.

Sub 20 was very nice, I believe that this is still cheap now bearing in mind the potential.

You may be right about the potential. Alas I am fully invested elsewhere at the mo.

The trend since December may finally convince me, though.

soul - there is plenty of time before the drill ship gets on site, so take your time deciding what you want to do.

Who is to say your current investments are not as good or even better?

Thanks SWW - Time will tell :o)

Thought I would bring this over from TMF as it clarifies yesterdays RNS.

Thanks to tournesolf for his efforts.

Starts "tournesolf

After yeserday's rns I called Global's PR outfit to obtain clarification. They contacted Global overnight and have just called me back with the results.

According to Global's chairman; Woodside and the other JV partners are now committed to drilling 2 wells, one each in L5 and L7, both in the 4th quarter of 2006.

The apparent ambiguity in the RNS was simply an inadvertent punctuation error.

The deadline for drilling L7 as laid out in the terms of the PSC is 2008. But Woodside et al have decided to get on with it without hanging around.

+++++++++++++++++++++++++++++

The decision to bring forward the L7 drilling is a significant assertion of confidence. (as well as a reflection of the tightness of the rig market) which has to be construed as a GOOD THING

+++++++++++++++++++++++++++++

Well done to Global's PR people (bell Pottinger) for being so responsive. We criticise their profession from time to time, so we should not be shy of giving them credit when it is called for.


RG "


Well, I did what I said I wouldn't and topped up a few more.

That will do now though.

Good rise toady as well.

soul* - when you get here! .... just had a look at the chart and now from memory, there was good support at about 27 (hit twice recently and rebounded) but a resistance at 28 ...... one was 25 mda and the other 50 and both rising, but can't remember which way round ...... Current mid is 28, so there is an argument for waiting until it breaks back upwards

Cynic, you beat me to it !! :o)

Okay, to bring everybody up to date, I just posted the following on "Driver's Tips".

Guten Tag from Frankfurt!

Today's tip for hole-in-the-ground fans: Global Petroleum (GBP). Mkt Cap around 50 mil, holds 14% of FOGL shares (in itself worth 16 mil at today's 125p a share), and has an exciting portfolio including prospects in Malta and offshore Ireland. The most important bit is offshore Kenya, in JV with Woodside and Dana, in which GBP holds 20%. Multiple leads in two blocks, some capable of containing multiple hundred-million to one billion bbls in place.

A drilling rig has been secured and GBP will be free-carried for the first well in each of the two blocks. Drilling is hoped to take place in Oct 2006.

Chart showed a nice steady climb in the last few months; the last few days of upheaval have caused a retrace so the shares could be a real bargain.

WDIK, IMO, PDYOR, etc.

I am about to dip a toe in the water. Opinions welcomed, especially on the GBP thread. Ta.

Cynic,

Good point re the chart - I think you have observed correctly. Am not a TA expert, but I wonder if the retrace of the recent pronounced peak up to 36p and down to 25p can be in part regarded as an exception due to the recent prevailing market panic.

The SP has ticked up again today and we are at
GBP Bid: 27p Offer: 29p Change: 1.25 (my broker's indicative spread).

I have been sufficiently convinced to get in with an initial 5,000 shs just now. Am awaiting order processing for a price.

EDIT Got in at 29p plus costs.

movement .... yes in part, though of course MDA by definition moves daily!

Well, the SP hasn't done much in 3 months (unlike most other things in my portfolio, which have descended).

RNS out today:

Global Petroleum Ltd - Repsol joins Kenya JV
RNS Number:0558I
Global Petroleum Ltd
24 August 2006


24 August 2006

Global Petroleum Ltd

Repsol joins global Joint Venture for offshore Kenya drilling

Global Petroleum Ltd reports that Repsol Exploracion S.A. (a wholly owned
subsidiary of Spanish based company Repsol YPF - an integrated oil and gas
company which produces over 1 million barrels of oil equivalent per day) has
joined the Joint Venture which will drill two wells offshore Kenya in the last
quarter of this year, one each in Blocks L5 and L7. Holdings in the L5 and L7
Joint venture are now:

* Woodside 30% (and operator);
* Dana 30%
* Repsol 20%
* Global 20%

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 their farm-in equity when these two wells are drilled.

The Joint Venture has already contracted a rig for drilling. The first of the
two wells is likely to be in L5 on the Pomboo prospect and this is scheduled to
begin in October this year. The second well will be drilled in Block L7 and is
likely to be on the Sokwe prospect.

For further information, refer also to Global's releases dated 16/3/06 and
4/5/06 and Global's website: www.globalpetroleum.com.au

Further information

Global Petroleum Ltd
John Armstrong, Executive Chairman + 61(0) 7 3211 1122

Bell Pottinger Corporate & Financial
Nick Lambert +44 (0)20 7861 3232

www.globalpetroleum.com.au

On the positive side, however, they have a rig and drilling on the first prospect will begin in October. I'm happy.