Global Petroleum Regulatory News (GBP)

6 Jun 2005 14:13

Global Petroleum Ltd06 June 2005 6 June 2005 Mr Simon O'Brien,Companies Advisor,Australian Stock Exchange Limited,Level 5, Riverside Centre,123 Eagle Street,Brisbane QLD 4000. Dear Mr O.Brien, Re: Price Query In relation to your price query of the 3 June 2005 the Company responds asfollows: 1. Global Petroleum Limited (Global) is not aware of any information concerning it that has not been announced to the market which if known could be an explanation for recent trading in securities in the company. 2. Not applicable. 3. Global believes there is reason to think that there may be a change in the operating loss before abnormal items and income tax so that the financial year ended 30 June 2005 figure would vary from the previous financial year by more than 15%. The reason for this variation is that in the previous financial year the loss of $3,054,000 included an amount of $1.78 million which was written off against an exploration asset which had been sold. Please refer to page 15 of the company's 2004 annual report. Had this write off not occurred the loss for the previous financial year would have been $1.28 million and the likely loss for the current financial year would not be expected to vary from this figure by more than 15%. 4. Global believes there is reason to think that it may record a material abnormal or extraordinary amount of approximately $450,000 being establishment costs of admission of the company to the AIM board in London in March 2005. 5. The company has no other explanation for the price change and increase in volume in the securities of the company over the period 1-3 June 2005. However we note that the oil price has firmed from about USD49 on the 23/24 May 2005 to about USD54 on 1 /2 June 2005. We also note that FOGL made an announcement on 31 May 2005 that it had raised 10 million sterling to fund further seismic and on the same day Global advised the market that it had not participated in the FOGL raising and that Global's 12.85 million shares would now represent 14% of FOGL. The increase of the share price which began 26 May 2005 suggest that the market considered the stock significantly undervalued up to that point. With respect to the volume increase over this period, sales volumes in the region of 400,000 and 500,000 are not uncommon and have occurred previously in the stock. Sales in the 600,000 area are more rare but have nevertheless occurred. Global has maintained its policy of keeping the market fully informed and reinterates that it is not aware of the reason for the price movement except perhaps as stated above. 6. We confirm that Global Petroleum is in compliance with the Listing Rules and in particular Listing Rule 3.1. Yours sincerely Des OllingCompany SecretaryGlobal Petroleum LimitedLevel 9, 46 Edward StreetBrisbane, Qld 4000Tel: (07) 3211 1122Fax: (07) 3211 0133E-mail: des.olling@globalpetroleum.com.au Australian Stock Exchange Limited ABN 98 008 624 691 Level 6 Riverside Centre 123 Eagle Street Brisbane QLD 4000 PO Box 7055 Riverside Centre Brisbane QLD 4001 Telephone 61 (07) 3835 4004 Facsimile 61 (07) 3832 4114 Internet http://www.asx.com.au 3 June 2005 Mr Des Olling Company Secretary Global Petroleum Limited Level 9 46 Edward Street BRISBANE QLD 4000 By Email: des.olling@globalpetroleum.com.au Global Petroleum Limited (the "Company") RE: PRICE QUERY We have noted a change in the price of the Company's securities from 32.5 centson 1 June 2005 to 40.5 cents today. We have also noted an increase in the volumeof trading in the securities over this period.In light of the price change and increase in volume, please respond to each ofthe following questions. 1. Is the Company aware of any information concerning it that has not been announced which, if known, could be an explanation for recent trading in the securities of the Company? 2. If the answer to question 1 is yes, can an announcement be made immediately? If not, why not and when is it expected that an announcement will be made? Please note, if the answer to question 1 is yes and an announcement cannot be made immediately, you need to contact us to discuss this and you need to consider a trading halt (see below). 3. Is there any reason to think that there may be a change in the operating loss before abnormal items and income tax so that the figure for the financial year ended 30 June 2005 would vary from the previous financial year by more than 15%? If so, please provide details as to the extent of the likely variation. 4. Is there any reason to think that the Company may record any material abnormal or extraordinary loss for the financial year year ended 30 June 2005? If so, please provide details. 5. Is there any other explanation that the Company may have for the price change and increase in volume in the securities of the Company? 6. Please confirm that the Company is in compliance with the listing rules and, in particular, listing rule 3.1. Your response should be sent to me by e-mail at simon.obrien@asx.com.au or byfacsimile on facsimile number (07) 3832 4114. It should notbe sent to theCompany Announcements Office. Unless the information is required immediately under listing rule 3.1, aresponse is requested as soon as possible and, in any event, not later than halfan hour before the start of trading (ie before 9.30 a.m. E.S.T.) on Monday, 6June 2005). Under listing rule 18.7A, a copy of this query and your response will bereleased to the market, so your response should be in a suitable form andseparately address each of the questions asked. If you have any queries orconcerns, please contact me immediately. Listing rule 3.1Listing rule 3.1 requires an entity to give ASX immediately any informationconcerning it that a reasonable person would expect to have a material effect onthe price or value of the entity's securities. The exceptions to thisrequirement are set out in listing rule 3.1A. In responding to this letter you should consult listing rule 3.1 and GuidanceNote 8 - Continuous Disclosure: listing rule 3.1.If the information requested by this letter is information required to be givento ASX under listing rule 3.1 your obligation is to disclose the informationimmediately. Your responsibility under listing rule 3.1 is not confined to, or necessarilysatisfied by, answering the questions set out in this letter. Trading haltIf you are unable to respond by the time requested, or if the answer to question1 is yes and an announcement cannot be made immediately, you should consider arequest for a trading halt in the Company's securities. As set out in listingrule 17.1 and Guidance Note 16 - Trading Halts we may grant a trading halt atyour request. We may require the request to be in writing. We are not requiredto act on your request. You must tell us each of the following. • The reasons for the trading halt.• How long you want the trading halt to last.• The event you expect to happen that will end the trading halt.• That you are not aware of any reason why the trading halt should not be granted.• Any other information necessary to inform the market about the trading halt, or that we ask for. The trading halt cannot extend past the commencement of normal trading on thesecond day after the day on which it is granted. If a trading halt is requestedand granted and you are still unable to reply to this letter before thecommencement of trading, suspension from quotation would normally be imposed byus from the commencement of trading if not previously requested by you. The sameapplies if you have requested a trading halt because you are unable to releaseinformation to the market, and are still unable to do so before the commencementof trading. If you have any queries regarding any of the above, please let me know.Yours sincerely,Simon O'BrienCompanies Adviser This information is provided by RNS The company news service from the London Stock Exchange