MercoPress. South Atlantic News Agency

Global Petroleum active offshore Kenya

Global Petroleum Ltd said last week that in regard to Kenyan operations, the fourth Block L-10 which is now held by Dana (80% and operator) and Global (20%) - as a result of the withdrawal of Woodside - the terms of an extension of the Licence including the work programme are under negotiation with the Kenyan authorities.

The company has a holding of 20% in three blocks L-5, L-7, and L-11 offshore Kenya. The Company was admitted to AIM on the 7th of March 2005 as a compliance admission (i.e. there was no fund raising).

In L-5, L-7 and L-11 Global is in a Joint Venture with Woodside (50% and operator in L5 and L7, and 40% in L11) and Dana Petroleum (E&P) Limited (30% in L5 and L7 and 40% in L11).

The costs associated with Global 20% equity are carried for all activities including the drilling and testing of two wells. In August 2004, the Company announced Woodside's intention to continue in Blocks L5 and L7 at which time Woodside committed to the drilling of the first of the two wells through which Global costs are carried. Mapping of the 2003 5,500km 2D seismic survey revealed several leads in Blocks L-5 and L-7 in water depths of 1,650 -2,800 metres with the leads (potential targets 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 be available mid year and these will be the basis for selection of the prospects for drilling - currently targeted to begin in the last quarter of this year. In Block L-11, Woodside has until late 2005 to determine whether or not to continue in this Block.

Global Petroleum is an Australian company whose core business philosophy is the responsible investment of speculative funds in the petroleum sector. The strategy of the Company is to obtain early licence positions in frontier exploration areas to provide maximum value leverage on exploration success. The Company will continually investigate opportunities that will grow the company by adding Australian and international projects to our portfolio which fit the overall strategy of the company.

The Company's key assets are: 20% of Kenya Blocks L5, L7, L10 and L11; 16.06% of Falkland Oil and Gas Limited ? listed on AIM; 10.1% of Falkland Gold and Minerals Limited ? listed on AIM; 100% of ATP728, Surat Basin, Queensland; 100% of Blocks 57/3, 4, 8 and 9 ? Ireland; 100% of Blocks 4 and 5 of Area 3 ? Malta.