Global Petroleum Regulatory News (GBP)

28 Jul 2005 11:01

Global Petroleum Ltd28 July 2005 Company Announcements OfficeAustralian Stock Exchange LimitedLevel 4, 20 Bond StreetSYDNEY NSW 2000 Dear Sirs, Global Petroleum Limited - June 2005 Quarterly Report Kenya (Global 20%) The Company has a holding of 20% in three blocks L-5, L-7, and L-11 offshoreKenya. In regard to the fourth Block L-10 which is held by Dana (80% andoperator) and Global (20%) - the terms of an extension of the Licence includingthe work programme are subject to discussion with the Kenya Government. In L-5, L-7 and L-11 Global is in a Joint Venture with Woodside (50% andoperator in L5 and L7, and 40% and Operator in L11) and Dana Petroleum (E&P)Limited (30% in L5 and L7 and 40% in L11). The costs associated with Global's20% equity are carried for all activities including the drilling and testing oftwo wells. In August 2004, the Company announced Woodside's intention tocontinue in Blocks L5 and L7 at which time Woodside committed to the drilling ofthe first of the two wells through which Global's costs are carried. Mapping of the 2003 5,500km 2D seismic survey revealed several leads in BlocksL-5 and L-7 in water depths of 1,650 -2,800 metres with the leads (potentialtargets for drilling) ranging in size from 10 sq km (2,500 acres) to 60 sq km(15,000 acres). Interpreted results of the 2004/05 3,600km 2D seismic survey are expected to beavailable in September and these will be the basis for selection of theprospects for drilling. On 10th May, the Operator, Woodside, indicated that itis actively seeking a drill rig for Kenya drilling and has indicated the secondquarter of 2006 as a likely drilling date of the first well which is presentlytargeted to be in Block L-5. In Block L-11, Woodside has until 4th Quarter 2005 to determine whether or notto continue in this Block. Falkland Oil and Gas Limited ("FOGL") (Global shareholding 14.0%) www.fogl.co.uk FOGL made announcements on 3rd May, 20th May, 31st May and 30th June whichadvised that 9450 km of 2D seismic in the two licence areas had been acquiredand were now being processed and interpreted. Based on the work to date, morethan 130 leads had been identified compared with the 8 at the time of the FOGLIPO. FOGL has entered into a further contract to acquire 8,000 km of 2D seismicwith an option to increase this to 15,000 km. Following a placement by FOGL inwhich Global did not participate, Global's interest remains at 12.85 millionshares (now 14.0%). At a FOGL share price of £1.20/share (as at 26th July), thisequates to a value to Global of A$35 million (21 cents/share). Falkland Gold and Minerals Limited ("FGML") (Global shareholding 10.1%)www.fgml.co.uk FGML announced on the 18th of July that as a result of drilling to dateindications of gold, platinum, palladium and silver have been identified invarious intersections. While initial results are sub-economic they confirm theexistence of the identified anomalies. Drilling and further soil sampling iscontinuing. At a FGML share price of £0.26/share (as at 26th July), this equatesto a value to Global of A$4.7 million (3 cents/share). Ireland Licence Option 03/3 (Global 100%) The area comprises part blocks 57/3, 4, 8 and 9 in the North Celtic Sea Basin.Mapping has indicated a prospect with Jurassic and Lower Cretaceous targetscapable of holding a potential 280 million barrels of oil in place. Malta Exploration Study Agreement (Global 100%) The Area comprises Malta Blocks 4 and 5 in Area 3, covering the southern end ofthe Ragusa Trough. The key prospects - Gamma and Beta have similar reservoirtargets to the 300 million barrel Vega oil field in the northern part of theRagusa Trough. Mapping of Gamma and Beta suggests that they could be capable ofcontaining 400 and 900 million barrels of oil in place respectively. Envoi Appointment The Company has appointed Envoi Limited, an experienced resource marketingconsultant in the United Kingdom, to promote the Ireland and Malta projects andto seek farminees to take over operatorship and earn significant equity byconducting further studies and drilling a well in each project. Exercise of Options On the 20th April, the Company announced that 500,000 options over fully paidordinary shares were exercised at an exercise price of $0.25. ASX quotation forthese shares commenced 26 April 2005. Yours sincerely, John ArmstrongExecutive Chairman Appendix 5B Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001. Name of entityGLOBAL PETROLEUM LIMITED ABN Quarter ended ("current quarter")68 064 120 896 30 JUNE 2005 Consolidated statement of cash flows Year to date Current quarter (12 months) Cash flows related to operating activities $A'000 $A'000 1.1 Receipts from product sales and related - - debtors 1.2 Payments for (a) exploration and evaluation (90) (305) (b) development - - (c) production - - (d) administration (799) (2,201) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature received 122 330 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other - management fees 130 532 Net Operating Cash Flows (637) (1,644) Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects - - (b)equity investments - (1,904) (c) other fixed assets (1) (20) 1.9 Proceeds from sale of: (a)prospects - 853 (b)equity investments - - (c)other fixed assets - -1.10 Loans to other entities - -1.11 Loans repaid by other entities - -1.12 Other - security deposit refund - 61 Net investing cash flows (1) (1,010) Total operating and investing cash flows (carried forward) (638) (2,654)1.13 Total operating and investing cash flows (brought forward) (638) (2,654) Cash flows related to financing activities1.14 Proceeds from issues of shares, options, etc. 125 5,5851.15 Proceeds from sale of forfeited shares - -1.16 Proceeds from borrowings - -1.17 Repayment of borrowings - -1.18 Dividends paid - -1.19 Other (2) (58) Net financing cash flows 123 5,527 Net increase (decrease) in cash held (515) 2,8731.20 Cash at beginning of quarter/year to date 6,677 3,2891.21 Exchange rate adjustments to item 1.20 - -1.22 Cash at end of quarter 6,162 6,162 Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the relatedentities Current quarter $A'0001.23 Aggregate amount of payments to the parties included in 69 item 1.21.24 Aggregate amount of loans to the parties included in item - 1.101.25 Explanation necessary for an understanding of the transactions 1.23 - Payment of salaries/fees to directors under approved agreements Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest Financing facilities available Add notes as necessary for an understanding of the position. Amount available Amount used $A'000 $A'0003.1 Loan facilities Nil N/a3.2 Credit standby arrangements Nil N/a Estimated cash outflows for next quarter $A'0004.1 Exploration and evaluation 3224.2 Development - Total 322 Reconciliation of cash Reconciliation of cash at the end of the quarter(as shown in the consolidated statement of cash Current Previousflows) to the related items in the accounts i quarter quarterfollows. $A'000 $A'000 5.1 Cash on hand and at bank 206 1855.2 Deposits at call 5,956 6,4925.3 Bank overdraft - -5.4 Other (provide details) - - Total: cash at end of quarter (item 1.22) 6,162 6,677 Changes in interests in mining tenements Interest at Interest at Tenement Nature of interest beginning end of reference (note (2)) of quarter quarter6.1 Interests in ATP728P Applied for surrender of 100% 100% mining ATP which has not yet tenements been confirmed relinquished, reduced or lapsed6.2 Interests in mining tenements acquired or increased Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rightstogether with prices and dates. Issue price per Amount paid up per security security (see (see note note 3) Total number Number quoted 3) (cents) (cents) 7.1 Preferece None +securities (description) 7.2 Changes during None Quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs redemptions 7.3 +Ordinary 169,794,787 169,079,805* securities *balance restricted 7.4 Changes during None quarter (a) Increases 500,000 500,000 through issues (b) Decreases through returns of capital, buy- backs 7.5 +Convertible None debt securities (description) 7.6 Changes during None quarter (a) Increases through issues (b) Decreases through securities Matured, converted 7.7 Options Exercise (description and price Expiry date conversion A. 10,100,000 25 cents 30-06-2007 factor) B. 500,000 25 cents 31-12-2005 C. 250,000 25 cents 31-12-2008 D. 10,000,000 25 cents 30-06-2008 7.8 Issued during None quarter 7.9 Exercised during 500,000 25 cents quarter7.10 Expired during None quarter7.11 Debentures None (totals only)7.12 Unsecured notes None (totals only) Compliance statement 1 This statement has been prepared under accounting policies which comply withaccounting standards as defined in the Corporations Act or other standardsacceptable to ASX (see note 4). 2 This statement does give a true and fair view of the matters disclosed. Sign here: Company Secretary Date: 28 July 2005 Print name: Desmond Frederick Olling Notes 1 The quarterly report provides a basis for informing the market how theentity's activities have been financed for the past quarter and the effect onits cash position. An entity wanting to disclose additional information isencouraged to do so, in a note or notes attached to this report. 2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect ofinterests in mining tenements acquired, exercised or lapsed during the reportingperiod. If the entity is involved in a joint venture agreement and there areconditions precedent which will change its percentage interest in a miningtenement, it should disclose the change of percentage interest and conditionsprecedent in the list required for items 6.1 and 6.2. 3 Issued and quoted securities The issue price and amount paid up is notrequired in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 1022: Accounting for ExtractiveIndustries and AASB 1026: Statement of Cash Flows apply to this report. 5 Accounting Standards ASX will accept, for example, the use of InternationalAccounting Standards for foreign entities. If the standards used do not addressa topic, the Australian standard on that topic (if any) must be complied with. This information is provided by RNS The company news service from the London Stock Exchange