20th Sep 2006 09:39
Global Petroleum Ltd20 September 2006 Global Petroleum Ltd Preliminary Results for the year ended 30 June 2006 Principal activities • The principal activities of the Company during the course of the financial year were: • A continuing 20% interest in two production sharing contracts related to blocks L-5 and L-7 in offshore Kenya. The Company withdrew from L-10 and L-11 in Kenya during the year. • An 80% interest in the Malta Exploration Study Agreement after farminee agreed to enter for an initial 20% interest in Blocks 4 and 5 in offshore Malta. • Ireland Licensing Option held 100% in four blocks in the North Celtic Sea Basin. Reprocessing work program and marketing program to target potential farminees. • An investment of 14% in Falkland Oil and Gas Limited which holds a 77.5% interest in seven offshore petroleum licences covering approximately 15,000 km2 and 100% interest in a further seven licences covering approximately 50,000 km2 in offshore Falkland Islands. • An investment of 10% in Falkland Gold and Minerals Limited was sold in December 2005. Review and results of operations Consolidated loss after tax attributable to the members of the Company for theyear ended 30 June 2006 was $957,307 (2005: $1,629,162). Kenya The Company holds 20% in two blocks (L-5 and L-7) offshore Kenya together withWoodside Energy (30% and operator), Dana Petroleum (30%) and Repsol ExploracionSA (20%). On 24 August 2006 the Company announced that Woodside had farmed out a20% interest to Repsol effective from 1 May 2006. The Company withdrew from L-10 and L-11 in October 2005 following Woodside'swithdrawal from L-11 in the previous month. Woodside had withdrawn from L-10 inAugust 2004. In Block L-10 Dana Petroleum, as operator after Woodside'swithdrawal, was unable to reach agreement on terms for a work program with theKenyan Government for an extension to the Block and so both remaining partiesdecided to withdraw. In Block L-11 the Company and Dana withdrew after decidingthat the Block was not as prospective as either of L5 or L7. Following interpretation of a total of 9,100 km of 2D seismic recorded duringtwo surveys (5,500 km in 2003 and 3,600 km between November 2004 and January2005) it is clear that L-5 and L-7 contain some 50 prospects and leads fromwhich the Joint Venture has selected its prospects for drilling. The Company announced on 16 March 2006 that Woodside had secured a drilling rigand that it would drill the first well in L-5, probably on the Pomboo prospect.The search for a deep water rig had been ongoing since May 2005 and the timetaken to secure the rig reflected strong demand for this type of rig broughtabout by the increased worldwide demand for oil. On 4 May 2006 Woodside elected to drill its second well, likely to be drilled onthe Sokwe prospect in L-7 before June 2008. However the JV has the option ofdrilling the second well immediately after the first or subsequently when theresults of the first well are assessed. The first well is scheduled for October2006 in L-5 on Pomboo. Malta The Company has 80% and RWE Dea has 20% interest in Blocks 4 and 5 in offshoreMalta. The Exploration Study Agreement ("ESA") expires 31 December 2006 afterhaving been extended by the Malta Government. The Company announced on 23 June 2006 that German international oil and gascompany RWE Dea AG had agreed to farm-in to Blocks 4 and 5 for an initial 20%equity which will increase to 70% if RWE decides, prior to the expiry of the ESAon 31 December this year, to commit to the drilling of a well and enter into aProduction Sharing Agreement. If RWE decides to drill a well, Global Petroleum would retain 30% equityincluding 3% on behalf of a UK marketing agency that assisted Global Petroleumin the farm-in process. Global Petroleum is fully carried through the seismicand drilling programs including the abandonment of the well but excluding drillstem testing of the well. RWE plans to undertake seismic studies in the secondhalf of 2006 at its own cost. RWE Dea is an international oil and gas producer and explorer and is part of theRWE Group, one of Europe's largest companies. It is active in exploration andproduction as operator and non-operating partner in Germany, the UK, Norway,Denmark, Egypt, Dubai and Kazakhstan, and holds exploration licences in Algeria,Libya and Poland. On the basis of the farm-in the Malta government extended the ESA by six monthsto 31 December 2006 to allow the seismic project to proceed. Irish licensing option The Company has 100% interest in parts of blocks 57/3, 57/4, 57/8 and 57/9 inthe North Celtic Sea Basin, offshore Ireland. The Irish Minister for Communications, Marine and Natural Resources granted theIrish Licensing Option to Astral (Ireland) on 5 September 2003. The option hasbeen extended until 31 December 2006. During the year the Company completed a technical program involving reprocessingof 200 km of 1982 seismic data over the main Tramore prospect which has Jurassicand Lower Cretaceous targets. The 1984 well drilled in Block 57/9 was aCretaceous oil and gas discovery flowing gas at the rate of 2.6 MMCF/day andrecovering oil at the rate of 16 bbls/day from separate Cretaceous sandstonereservoirs. A marketing campaign to introduce a new company to the project is in progress. FOGL The Company holds 14% of the issued capital of FOGL. FOGL has an average 90%holding in 65,000 km2 of prospective offshore licences to the East and South ofthe Falkland Islands. Relinquishments totalling 14,000 km2 were made from thesouthern licences during the year. At the end of May 2006 a total of 22,450 km of 2D seismic has been recorded intwo surveys. Progress has been made in the mapping and identification ofprospects and leads where over 100 have been identified. FOGL says that at least10 leads have the potential to hold more than one billion barrels of oil and afurther 20 prospects and leads each have the potential to contain reserves ofbetween 500 million and one billion barrels. The farmout process continues withthe objective of FOGL securing partners with appropriate financial capabilityand deepwater experience. However, FOGL is also seeking a drilling rig in itsown right so that drilling can commence in 2008. Options include seeking afarminee that has access to a rig, rig owners that could participate directly orsharing the rig with other Falkland oil companies operating in the FalklandIslands. The 2006/07 work program is designed to define multiple prospects so that theymay be prioritised for drilling in 2008. The work program will consist ofControlled Source and Electromagnetic surveys (CSEM), 2D seismic and seabedcoring. The CSEM defines resistive anomalies in the subsurface and is a directindicator of the presence of hydrocarbons. Water depths for the identifiedprospects range from 500 to 1500 metres. Astral assets The two assets acquired from the purchase of all the shares in Astral PetroleumLimited (Astral) in December 2004 were the Malta Exploration Study Agreement andthe Irish Licensing Option. The Company paid £195,000 (A$504,322) plus onemillion fully paid ordinary shares in the Company at an issue price of A$0.37.The vendors of Astral included directors and substantial shareholders of theCompany Mr Blakey and Mr Taylor together with a company associated with both ofthem. At the date of acquisition, the vendors of Astral also included an entitywhich was a related party of Mr Savage who is a director of the Company. Thisentity ceased to be a related party of Mr Savage subsequent to the acquisition. Shareholders approved the issue of an additional four million fully paidordinary shares in the Company in regards to the Malta Exploration StudyAgreement and a further four million fully paid ordinary shares (ie a total ofeight million shares) in regards to the Irish Licensing Option, if each were tobe farmed out on certain terms and conditions by 25 November 2005. This date wasextended at the 2005 AGM by shareholders to 30 June 2006. Directors, excludingMessrs Blakey and Taylor who declared an interest in the matter, agreed that thefarmout of the Malta Exploration Study Agreement to RWE Dea in June 2006qualified for the issue of the additional four million shares, provided RWE Deacommits to the drilling of a well before the expiry date of the MaltaExploration Study Agreement ie, 31 December 2006, or any further extensionthereof. No farmout has been achieved for the Irish Licensing Option andtherefore the potential for the issue of four million shares in regard to thisproject has lapsed. FGML On 19 December 2005 the Company announced that it had sold its 10.1%shareholding in FGML at 10 pence/share for A$1.83 million, realising a gain ondisposal of A$1.09 million. Other The Company will continue to seek projects which fit its strategy of leveragingvalue in projects and which deliver value to shareholders. Significant changes in the state of affairs The consolidated entity's total assets increased during the current financialyear by $33,156,499 to $60,240,429 (2005: $27,083,930), principally due to achange in accounting policy regarding the measurement of the consolidatedentity's investment in Falkland Oil and Gas Limited (FOGL). With effect from 1July 2005, the consolidated entity adopted AASB 132 Financial Instruments:Disclosure and Presentation and AASB 139 Financial Instruments: Recognition andMeasurement. The adoption of AASB 139 has resulted in the consolidated entity recognisingavailable-for-sale investments as assets at fair value. Under previous GAAP, theconsolidated entity recorded available-for-sale investments at cost. Theincrease in the carrying value of the consolidated entity's investment in FOGLfrom the previous financial year is approximately $33.4 million. Refer to Notes11 and 27 to the consolidated financial statements. Dividends No dividends have been declared, provided for or paid in respect of thefinancial year ended 30 June 2006. Events subsequent to reporting date On 24 August 2006 the Company announced that Repsol Exploracion S.A. (awholly-owned subsidiary of Spanish based company Repsol YPF) has joined theKenya joint venture which will drill two offshore wells in the last quarter ofthis calendar year, one each in Blocks L-5 and L-7. Holdings in the L-5 and L-7joint venture are now: Woodside Energy 30% (and operator); Dana Petroleum 30%;Repsol Exploracion 20%; and Global Petroleum 20%. Other than the matters discussed above there has not arisen in the intervalbetween the end of the financial year and the date of this report any item,transaction or event of a material and unusual nature likely, in the opinion ofthe directors of the Company, to affect significantly the operations of theconsolidated entity, the results of those operations or the state of affairs ofthe consolidated entity in future financial years. Likely developments The consolidated entity will continue to investigate opportunities to addprojects to its portfolio which fit its strategy. Directors' interests The relevant interest of each director in the shares and rights and options oversuch instruments issued by the companies within the consolidated entity andother related bodies corporate, as notified by the directors to the AustralianStock Exchange in accordance with S205G(1) of the Corporations Act 2001, at thedate of this report is as follows: Interest in securities at the date of this report Ordinary shares (1) OptionsDr J D Armstrong 266,667 18,000,000 (2)Mr P Blakey 28,924,318 -Mr P Dighton - (3) 250,000 (4)Mr P Taylor 28,924,318 -Mr M Savage - - (1) Ordinary shares means fully paid ordinary shares in the capital of theCompany. (2) 8 million incentive options exercisable at 25 cents on or before 30 June2007 and otherwise with the terms contained in the Company's Prospectus dated 31May 2002. A further 10 million options exercisable at 25 cents on or before 30June 2008 and subject to the grant of a production sharing agreement in Iraq toGlobal Petroleum. (3) Mr Peter Dighton sold 26,667 shares on 28 June 2006. (4) Incentive options to subscribe for one ordinary share exercisable at 25cents on or before 31 December 2008. Share options Unissued shares under option There were no options issued to any director or any officer of the Companyduring or since the end of the financial year. At the date of this report unissued ordinary shares of the Company under optionare: Expiry date Exercise price Number of shares30 June 2007 $0.25 8,100,00030 June 2008 $0.25 10,000,00031 December 2008 $0.25 250,000 ---------- 18,350,000 ---------- All options expire on their expiry date, such that they can be exercised aftertermination as an employee or director of the Company. Shares issued on exercise of options During or since the end of the financial year, the Company issued ordinaryshares as a result of the exercise of options as follows (there were no amountsunpaid on the shares issued): Number of shares Amount paid on each share2,500,000 $0.25 Indemnification and insurance of officers and auditors Indemnification To the extent permitted by law the Company indemnifies every person who is, orhas been, a director or secretary, and may, by deed, indemnify or agree toindemnify a person who is, or has been, an officer of the Company or asubsidiary of the Company, against: a) liability incurred by that person, in his or her capacity as such a director,secretary or officer, to another person provided that liability is not anExcluded Liability (as defined by the Company's Constitution); or a liabilityfor legal costs and expenses; and b) legal costs and expenses (other than Excluded Legal Costs, as defined by theCompany's Constitution) incurred by that person in defending proceedings for aliability incurred by that person in his or her capacity as such a director,secretary or officer. To the extent permitted by law, the Company may make a payment to a person whois a director or secretary for the legal costs and expenses incurred by thatperson in defending proceedings for a liability incurred by that person in hisor her capacity as a director or secretary provided that the legal costs andexpenses are not Excluded Legal Costs (as defined by the Company's Constitution)at the time the payment is made; and the person is obliged to repay the legalcosts and expenses to the extent that they become Excluded Legal Costs. Insurance premiums Since the end of the previous financial year no insurance premiums were paid bythe Company to insure directors and officers of the Company. Non-audit services During the year KPMG, the Company's auditor, has performed certain otherservices in addition to their statutory duties. The board has considered the non-audit services provided during the year by theauditor and the board is satisfied that the provision of those non-auditservices during the year by the auditor is compatible with, and did notcompromise the auditor independence requirements of the Corporations Act 2001,for the following reasons: • all non-audit services were subject to the corporate governance procedures adopted by the Company and have been reviewed by the board to ensure they do not impact the integrity and objectivity of the auditor; and • the non-audit services provided do not undermine the general principles relating to auditor independence as set out in Professional Statement F1 Professional independence, as they did not involve reviewing or auditing the auditor's own work, acting in a management or decision making capacity for the Company, acting as an advocate for the Company or jointly sharing risks and rewards. Details of the amounts paid to the auditor of the Company, KPMG, and its relatedpractices for audit and non-audit services provided during the year are set outin Note 4 to the consolidated financial statements included on page 37 of theconsolidated financial report. Lead auditor's independence declaration The Lead auditor's independence declaration is set out on page 20 and forms partof the directors' report for the financial year ended 30 June 2006. Signed in accordance with a resolution of directors. J D ArmstrongDirector13 September 2006 INCOME STATEMENTS FOR THE YEAR ENDED 30 JUNE 2006 Note Consolidated Global Petroleum 2006 2005 2006 2005 $ $ $ $RevenueRendering of services 2 63,555 424,681 - -Other incomeGains on disposal - available-for-sale investments 1,093,589 - - -ExpensesSalaries and employee benefits expense (466,797) (444,000) (446,222) (265,848)Consulting and professional fees (483,079) (862,751) (504,098) (742,816)Shareholder costs (143,311) (172,011) (88,615) (126,429)Occupancy costs (32,107) (46,283) (22,571) (12,124)Depreciation expense 2, 3 (20,603) (58,251) (12,697) (13,940)Administrative and other expenses (161,986) (235,409) (151,059) (148,713)Exploration and evaluation expenditure written off 2 (1,166,216) (404,851) (323,241) (274,815)Losses on disposal - exploration assets - (81,768) - (166,585)Losses on disposal - non-current assets - (14,678) - (355)Write-down of investment in controlled entity - - (842,975) (613,234) -----------------------------------------------Results from operating activities (1,316,955) (1,895,321) (2,391,478) (2,364,859) Financial income - interest income 339,178 347,527 338,808 353,570Financial income - dividends from controlled entities - - - 652,793Net foreign exchange gain / (loss) 20,470 1,103 (504) (986) -----------------------------------------------Net financing income 359,648 348,630 338,304 1,005,377 ----------------------------------------------- Share of losses of associates - (82,471) - - -----------------------------------------------Loss before tax (957,307) (1,629,162) (2,053,174) (1,359,482) Income tax expense 5 - - - - -----------------------------------------------Loss for the periodattributable to equity holdersof the parent 2 (957,307) (1,629,162) (2,053,174) (1,359,482) =============================================== Cents CentsBasic and diluted loss per share 6 (0.56) (0.99) STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2006 Note Consolidated Global Petroleum 2006 2005 2006 2005 $ $ $ $Cash flows from operating activitiesCash paid to suppliers and employees (1,163,137) (1,293,623) (1,114,875) (861,758)Interest received 384,973 330,522 384,603 336,565Dividends received from controlled entities - - - 652,793Management fees received 192,226 359,165 - - -----------------------------------------------Net cash from operating activities (585,938) (603,936) (730,272) 127,600 ----------------------------------------------- Cash flows from investing activitiesAcquisition of property, plant and equipment (4,836) (42,420) (4,836) (35,579)Exploration expenditure, includingoverheads (1,025,725) (592,201) (315,870) (176,715)capitalisedProceeds from disposal of exploration assets - 850,745 - -Proceeds from disposal of investments 1,827,416 - - -Acquisition of subsidiaries - (721,178) - (721,178)Acquisition of investments - (1,183,369) - -Proceeds from other financial assets - 60,886 - -Repayment of loans from controlled entities - - 2,037,962 599,053Advances to controlled entities - - (761,279) (2,018,616) ----------------------------------------------Net cash from investing activities 796,855 (1,627,537) 955,977 (2,353,035) ---------------------------------------------- Cash flows from financing activitiesProceeds from the issue of share capital 625,000 5,661,518 625,000 5,661,518Share issue expenses (4,451) (134,040) (4,451) (134,040)Costs of admission to theAlternative Investment Market of the London Stock Exchange - (446,724) - (446,724) ----------------------------------------------Net cash from financing activities 620,549 5,080,754 620,549 5,080,754 ---------------------------------------------- Net increase in cash and cash equivalents 831,466 2,849,281 846,254 2,855,319Cash acquired on acquisition of subsidiaries - 21,126 - -Cash and cash equivalents at 1 July 6,159,540 3,289,133 6,135,310 3,279,991 ---------------------------------------------Cash and cash equivalents at 30 June 6,991,006 6,159,540 6,981,564 6,135,310 ============================================= NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. SEGMENT REPORTING Segment information is presented in respect of the consolidated entity'sgeographical segments. The primary format, geographical segments, is based onthe consolidated entity's management and internal reporting structure. Inter-segment pricing is determined on an arm's length basis. Segment results,assets and liabilities include items directly attributable to a segment as wellas those that can be allocated on a reasonable basis. Segment capitalexpenditure is the total cost incurred during the period to acquire segmentassets that are expected to be used for more than one period. Geographical segments The consolidated entity's geographical segments are as follows: Falkland Australia Europe Africa Islands Iraq Indonesia Eliminations Consolidated2006 $ $ $ $ $ $ $ $Segment revenueExternal revenue - - - 63,555 - - - 63,555 -------------------------------------------------------------------------------------Total revenue 63,555 ========= ResultSegment result (632,626) (300,777) (1,068,502) 1,099,458 (54,860) - - (957,307) ---------------------------------------------------------------------------------------Income tax expense - ---------Loss for the period (957,307) ========= Depreciation 15,238 - - 5,365 - - - 20,603Other non-cashexpenses/(credit) 5,302 - - - - - - 5,302Explorationandevaluationexpenditurewritten off 23,018 19,836 1,068,502 - 54,860 - - 1,166,216 -------------------------------------------------------------------------------------- AssetsSegment assets 8,568,387 1,890,388 16,092,081 35,174,391 - - (1,484,818) 60,240,429 --------------------------------------------------------------------------------========== LiabilitiesSegment liabilities 301,663 1,037,248 217,655 321,589 - - (1,484,818) 393,337 ---------------------------------------------------------------------------------=========Acquisitionsofnon-currentassets,includingcapitalisedexplorationandevaluation expenditure 55,867 465,422 329,974 - 54,860 - - 906,123 --------------------------------------------------------------------------------------- Falkland Australia Europe Africa Islands Iraq Indonesia Eliminations Consolidated2005 $ $ $ $ $ $ $ $SegmentrevenueExternal revenue - - - 424,681 - - - 424,681 ------------------------------------------------------------------------------------Total revenue 424,681 ========== ResultSegment result (643,802) (759,647) - (115,807) (80,564) (29,342) - (1,629,162) -------------------------------------------------------------------------------------Income tax expense - ----------Loss for the period (1,629,162) ========== Depreciation 18,372 - - 39,879 - - - 58,251Othernon-cashexpenses/ (credit) (41,706) - - - - - - (41,706)Explorationandevaluationexpenditurewritten off 164,909 130,036 - - 80,564 29,342 - 404,851 ------------------------------------------------------------------------------------ AssetsSegment assets 7,561,100 1,298,128 16,830,608 2,632,611 - - (1,238,517) 27,083,930 ----------------------------------------------------------------------------========== LiabilitiesSegment liabilities 228,226 912,358 111,687 1,847,251 - - (2,789,180) 310,342 ---------------------------------------------------------------------------========= Acquisitionsofnon-currentassets,includingcapitalisedexplorationandevaluation expenditure 57,429 1,363,998 107,870 465,288 32,520 25,030 - 2,052,135 ----------------------------------------------------------------------------------- Business segments The consolidated entity operates within one business segment, being thepetroleum and mineral exploration industry. Accordingly, the consolidatedentity's total revenue and loss for the period relate to that business segment. 2. EXPENSES, GAINS/LOSSES AND SIGNIFICANT ITEMS FROM OPERATING ACTIVITIES Consolidated Global Petroleum 2006 2005 2006 2005 $ $ $ $ Depreciation of plant and equipment 36,699 68,113 34,159 62,179Less: depreciation capitalised oroncharged to controlled entities (16,096) (9,862) (21,462) (48,239) -------------------------------------- 20,603 58,251 12,697 13,940 -------------------------------------- Operating lease rental expense 3,657 11,657 3,657 11,657Costs of admission to theAlternative Investment Market ofthe London Stock Exchange - 446,724 - 446,724 ====================================== 3. INCOME TAX EXPENSE Numerical reconciliation between tax expense and pre-tax net loss Consolidated Global Petroleum 2006 2005 2006 2005 $ $ $ $ Loss before tax (957,307) (1,629,162) (2,053,174) (1,359,482) =============================================Income tax using the domesticcorporation tax rate of 30%(2005: 30%) (287,192) (488,748) (615,952) (407,844)Increase/(decrease) in incometax expense due to:Exploration and evaluation expenditure written-off 349,865 121,455 96,972 82,445Write-down of investment - - 252,893 183,970Net loss/(gain) on disposal of exploration assets - 24,530 - 49,976Net loss/(gain) on disposal of investments (328,077) - - -Non-assessable dividends - - - (195,838)Share of associates' net losses - 24,741 - -Other items (193,055) (48,916) (186,229) (51,448)Tax losses not brought to account 458,459 366,938 452,316 338,739 --------------------------------------------Income tax expense on pre-tax net loss - - - - ============================================ 4. LOSS PER SHARE Consolidated 2006 2005 Cents CentsBasic and diluted loss per share (0.56) (0.99) ===================== 2006 2005 $ $Loss used in the calculation of basic and diluted loss per share (957,307) (1,629,162) ====================== 2006 2005 Number NumberIssued ordinary shares at 1 July 169,794,787 131,384,666Effect of shares issued September 2004 - 32,025,646Effect of shares issued December 2004 - 536,986Effect of shares issued April 2005 - 98,630Effect of shares issued September 2005 389,041 -Effect of shares issued May 2006 284,932 - ------------------------Weighted average number of ordinary sharesused as the denominator in calculating basic and diluted loss pershare 170,468,760 164,045,928 ======================== Dividends No dividends have been declared, provided for or paid in respect of the yearsended 30 June 2006 or 2005. In respect to the payment of dividends by GlobalPetroleum in subsequent reporting periods (if any), no franking credits arecurrently available, or are likely to become available in the next 12 months. 5. RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES Note Consolidated Global Petroleum 2006 2005 2006 2005 $ $ $ $Cash flows from operatingactivitiesLoss for the period (957,307) (1,629,162) (2,053,174) (1,359,482)Adjustments for itemsclassified as investing/financing activities:(Gain)/loss on disposal of non-current assets - 14,678 - 355(Gain)/loss on disposal of exploration assets - 81,768 - 166,585(Gain)/loss on disposal of investments (1,093,589) - - -Exploration and evaluation expenditure written off 1,166,216 404,851 323,241 274,815Costs of admission to theAlternative Investment Marketof the London Stock Exchange 2 - 446,724 - 446,724Adjustments for non-cash items:Write-down of investment in controlled entity - - 842,975 613,234Write-off of amounts receivablefrom controlled entities - - 21,749 - Depreciation 2 20,603 58,251 12,697 13,940Net foreign exchange (gain)/ loss (20,470) (1,103) 504 986Share of losses of associates - 82,471 - - ----------------------------------------------Operating (loss)/profit beforechanges in working capital (884,547) (541,522) (852,008) 157,157 Changes in operating assets andliabilities, net of effects ofpurchase of controlled entitiesduring the financial year:Decrease/(increase) in receivables 142,904 (94,118) 19,841 (21,618)Decrease/(increase) in prepayments 72,710 23,262 19,837 (5,908)(Decrease)/increase in payables 77,693 50,148 76,756 39,675(Decrease)/increase in employee benefits 5,302 (41,706) 5,302 (41,706) ---------------------------------------------Net cash from operating activities (585,938) (603,936) (730,272) 127,600 ============================================= Non-cash investing and financing activities During 2005 the Company issued 1 million shares at $0.37 each for theacquisition of a controlled entity. 6. SUBSEQUENT EVENTS Subsequent to the balance sheet date, Repsol Exploracion SA joined the jointventure operation in Kenya (Blocks L5 and L7). Holdings in the joint venture arenow: Woodside (30% and operator), Dana (30%), Repsol (20%) and the consolidatedentity (20%). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Global Petroleum