Global Petroleum Regulatory News (GBP)

4 Jul 2005 08:23

Global Petroleum Ltd04 July 2005 4 July, 2005 GLOBAL TO BENEFIT UNDER NEW LICENCE TERMS FOR FALKLANDS OFFSHORE EXPLORATION Australia's Global Petroleum Limited is one of the beneficiaries of new licenceterms designed to precipitate a wildcat multi-well drilling program from 2007 inprospective offshore areas of the Falkland Islands. This follows the granting of more flexible licence terms by the Falkland IslandsGovernment in the wake of significant seismic results from work to the south andeast of the Islands earlier this year. ASX listed oil and gas explorer Global Petroleum Limited (GBP) has a 14.0%shareholding (12.85 million shares) in Falkland Oil and Gas (FOGL) which on the30th of June 2005, made the following release explaining how the extendedlicence term would assist FOGL to conduct new seismic surveys and to introducenew parties to its project. Further information: Global Petroleum LimitedDr John Armstrong, Executive Chairman +61 408 824 370 Bell Pottinger Corporate & FinancialNick Lambert +44 (0) 20 7861 3232 "FOGL Granted Extension to Exploration Licences FOGL announces that it has been granted a two year extension to itsapproximately 33,000 sq km licence held in joint venture with Hardman Resources,which owns 22.5% of the licence. As a result of the extension, Phase 1 of thelicence now runs until July 2007 and Phase 2 will run from July 2007 until July2010. During Phase 1, FOGL and Hardman will be required to acquire and interpretan additional 4,000 km of 2D seismic and 2,000 sq km of 3D seismic, and to enterPhase II in July 2007, FOGL and Hardman will be required to commit to thedrilling of two (2) wells. The extension will allow more time to investigate the increased number of leadsidentified during the recently completed 9,450 km 2D seismic survey acquiredacross all of FOGL's Licence areas. This survey found more than 130 leads,compared to an initial eight previously identified. The new 4,000 km 2D seismic survey has already commenced and the joint ventureexpects to conduct the 3D seismic survey later this year and into 2006. Inaddition to the new 4,000km of 2D seismic in the FOGL-Hardman area, FOGL willalso record a further 4,000km in its 100% 2004 Northern Licence. To date FOGL has recorded approximately 1,600 km of these new surveys. Theoverall aim of this work is to define and prioritise 20 prospects for drillingacross all of FOGL's Licence areas and to develop a multi-well drillingprogramme, targeted to begin in 2007. There have been no changes to the licence terms for the 50,000 sq km licencearea that was awarded to FOGL in December 2004." John ArmstrongExecutive ChairmanTelephone: (07) 3211 1122Fax: (07) 3211 0133 This information is provided by RNS The company news service from the London Stock Exchange