Global Petroleum Regulatory News (GBP)

9 Jan 2007 08:01

Global Petroleum Ltd09 January 2007 9 January 2007 Exploration Study Agreement - Blocks 4&5 of Area 3, Offshore Malta Global Petroleum advises that the Joint Venture Parties, RWE Dea AG (20% andOperator) and Global Petroleum Limited (80%) have just completed the acquisitionof 852 km of 2D seismic over the ESA Area and has commenced the processing ofthis data and associated gravity and magnetic data as well as the reprocessingof the 2D seismic data recorded in 2000. The Malta Government has agreed to a three month extension to 31st March 2007 ofthe Exploration Study Agreement covering Blocks 4 & 5 of Area 3, Offshore Malta.The Option Date (for entering into a PSC) under the Farmin Agreement with RWEDea AG has also been extended to 31st March 2007. RWE Dea AG, who has farmed into Global's interest in the Exploration StudyAgreement covering Blocks 4 & 5, has the right to earn up to a total 70%interest if the parties enter into a PSC with the Malta Government and RWEcommits to the drilling of a well following the completion of the seismicprogram. Current interests in Blocks 4 & 5 are: * Global Petroleum Limited 80%* RWE Dea AG 20% If RWE proceeds to the drilling of a well, the costs associated with Global'sequity in Blocks 4 & 5 will be carried by RWE for all activities through the drilling of the well. For further information, refer also to Global's release dated 23 June 2006 andGlobal's website: www.global-petroleum.co.uk Dr John ArmstrongExecutive ChairmanTelephone: +61 7 3211 1122Fax: +61 7 3211 0133 Web: www.global-petroleum.co.uk This information is provided by RNS The company news service from the London Stock Exchange