Re: FOGL results

12 Jul 2006 10:31

Global Petroleum Ltd12 July 2006 12 July 2006Global Petroleum Limited Global Petroleum advises that the following announcement was made by FalklandOil and Gas Limited ('FOGL') on the 11 July 2006. Global Petroleum holds a 14%interest in FOGL. Please find attached below the highlights from yesterday's announcement. A linkto the full announcement can be found at: http://www.fogl.com/fog/pdfs/Prelimrel110706.pdf. John ArmstrongExecutive ChairmanTelephone: 61 7 3211 1122Fax : 61 7 3211 1122Web: www.global-petroleum.co.uk Falkland Oil and Gas Limited("FOGL" or "the Company") Preliminary results for the year ended 31 March 2006 FOGL, the oil and gas exploration company operating in the undrilled South andEast Falkland Basins, announces its preliminary unaudited final results for theyear ended 31 March 2006. Highlights * Second 2D seismic survey completed taking total 2D recorded by FOGL to 22,450 km * Technical information continues to provide encouragement that the Company's licences could contain a new petroleum province * Technical and commercial information presentations to potential third-party participants currently underway * UK-based executive management team put in place * Cash balance of £14 million at 31 March 2006 Strategy & Outlook * Execute modified work programme of 2D seismic acquisition and electromagnetic seabed logging in order to further de-risk and define prospects * Define and prioritise prospects and identify 'top 20' prospects for drilling * Drill first exploration well in 2008 - a number of rig options currently being investigated * Introduce suitable partners by farm out - offer period extended by two months at the request of a number of major oil companies * Multiple hydrocarbon plays, over 100 prospects and leads mapped and the potential for multi-billion barrels of oil and gas reserves * FOGL is committed to creating significant shareholder value through the successful exploration of its assets Richard Liddell, Chairman of FOGL, said: "We have made significant progress in the past 12 months and have a clear planfor the next. We have just completed a further 2D seismic survey taking thetotal amount of 2D seismic recorded by FOGL to 22,450km. The data is still to befully evaluated but initial indications are highly encouraging. Within thelicences there are multiple hydrocarbon plays, numerous prospects and leads withthe potential for multi-billion barrel discoveries. "The Board is confident that FOGL can continue to progress the project at paceand remains hopeful of discovering a major new petroleum province in theregion." 11 July 2006 Enquiries: FOGL 020 7563 1260Richard Liddell, ChairmanTim Bushell, Chief Executive College Hill 020 7457 2020Nick Elwes / Paddy Blewer This information is provided by RNS The company news service from the London Stock Exchange