Global Petroleum Regulatory News (GBP)

29 Dec 2006 10:21

Global Petroleum Ltd29 December 2006 29 December 2006 Global Petroleum advises that Falkland Oil and Gas Limited ("FOGL") hasannounced its interim results for the six month period ended 30 September 2006.The key highlights, strategy and outlook appears below. The full announcementcan be viewed at: www.globalpetroleum.com.au Global Petroleum holds a 14% interest in FOGL. John Armstrong Executive Chairman Tel: +61 7 3211 1122 Falkland Oil and Gas Limited('FOGL' or 'the Company') Interim results for the six month period ended 30 September 2006 Highlights • Revised forward programme approved by the Falkland Islands Government - Additional infill 2D seismic, Controlled Source Electro-Magnetic ('CSEM') and sea bottom coring surveys • Work programme to be executed over the coming Austral Summer is specifically targeted at our top 20 prospects • Discussion with potential farminees ongoing • RAB Special Situations (Master) Fund Limited has committed £8 million by way of convertible loan notes in the Company. • Independent technical verification received from TRACS International. Their evaluation focussed on 10 prospects, which they assessed to have a net risked prospective resource potential of 863 million barrels and unrisked net prospective resources of 10,089 MMbbls • Cash balance of £12.6 million as at 30 September 2006 Strategy & Outlook • FOGL is committed to pursuing an aggressive exploration programme which could lead to the development of a new petroleum province in the South Atlantic • Revised work programme designed to de-risk and define prospects ready for drilling • Introduce suitable partners • Secure a rig during 2007 and commence drilling in 2008 Richard Liddell, Chairman of FOGL, said: 'FOGL is in excellent shape for 2007. We have secured financing and have twovessels starting work in the Falklands in the near future. The results of theirwork should enable us to confirm our drilling targets, which will facilitate thefarmout process and rig acquisition. The last six months has been a period of further progress for our company. Ournew work programme has been approved and we believe it will provide the mosteffective exploration solution for our acreage and improve our chances forsuccess. This programme is targeted at our larger prospects and we believe thatthe data gained will allow us to define drilling targets and provide potentialfarminees with further confidence in our project. We have a clear focus for the year ahead. The year will be crucial for FOGL aswe drive towards our goal of drilling our first exploration wells in 2008.There is a great deal of important pre-drilling work being undertaken;evaluating the results of our programme, finalising our exploration plans andsourcing a rig. With our strong balance sheet the Board believe that thecompany is well placed and will make further significant progress in the comingyear.' Enquiries: FOGL Richard Liddell, Chairman 020 7563 1260Tim Bushell, Chief Executive Officer 020 7563 1260 College Hill Nick Elwes / Paddy Blewer 020 7457 2020 This information is provided by RNS The company news service from the London Stock Exchange