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GBP and the Falklands

  1. Taken from todays ASX notices.........
    Thats what we want to see movements before the listing date.


    Right to explore for Oil & Gas south & east of Falklands

    Document date: Mon 08 Jul 2002 Published: Mon 08 Jul 2002 09:11:55
    Document No: 219176 Document part: A
    Market Flag: N
    Classification: Other
    GLOBAL PETROLEUM LIMITED 2002-07-08 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    A consortium dominated by Australian companies has become the first
    in the world to win the right to explore offshore for oil and gas
    south and east of the Falkland Islands.

    The 'Falkland Islands Hydrocarbon Consortium' today announced that it
    had been awarded 10 adjoining offshore exploration licences in the
    region, covering an area of 57,700 square kilometres.

    This is four times larger than the offshore petroleum acreage
    currently under licence to the north of the Falkland Islands.

    Australian participation in the consortium includes recently
    restructured Global Petroleum Limited which has a 50% interest and
    the listed Hardman Resources NL petroleum group with a 30% stake.

    Global is currently undertaking a $15 million capital raising - the
    largest in Australia's petroleum sector this year - and plans to seek
    approval to relist on the Australian Stock Exchange in mid-August.

    As well as the new Falkland Islands interests, Brisbane-based Global
    already owns a suite of international oil and gas properties in
    Kenya, Montenegro, Fiji and Jordan.

    Hardman has producing gas interests in Western Australia and is in
    joint venture with Woodside Pty Ltd on a major new oil province
    offshore Mauritania in West Africa.

    Joining Hardman and Global in the consortium with a 20% interest is
    the Islands' main infrastructure and commercial entity, the Falkland
    Islands Company.

    "The southern Falklands Islands province is one of the last
    international frontiers for new petroleum exploration and the
    licences offered are on favourable industry terms," Global's
    Executive Chairman, Dr John Armstrong, said today.

    STRATEGIC ASSET GROWTH

    "As the international oil and gas industry is now much less limited
    by location and water depth, the securing of this frontier province
    by Global is an important step in continuing to build our worldwide
    suite of petroleum exploration assets," he said.

    "In exploring our new licence areas, the consortium will be targeting
    reservoirs similar to those that exist to the west in Argentine
    waters in the Malvinas and Magallanes Basins.

    "A 1981 Exxon well drilled in the Argentine waters recorded a flow
    test of 3,000 barrels of oil per day, proving the existence of a
    nearby working petroleum system.

    "The Southern and Eastern petroleum areas are quite different
    petroleum geology from the North Falklands Basin and are within a far
    larger unexplored basin.

    GLOBAL AS OPERATOR

    Global will act as operator for the consortium with initial work
    involving the reprocessing of existing seismic data and
    interpretation, followed by new seismic surveys to detail the
    province's hydrocarbon system and to identify prospects.

    Dr Armstrong said the awarding of the licences had culminated a
    five-year campaign by the consortium to secure access rights to these
    highly prospective blocks, including having a company representative
    resident in the Falklands for two years.

    FOR FURTHER INFORMATION: Please contact

    Dr John Armstrong John Field/Kevin Skinner
    Global Petroleum Limited Field Business Services
    (07) 3211 1122
    0408 824 370 (08) 8232 1355
    0418 819 527/0414 822 631

    --------------------------------------------------------------------------------

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