30th Apr 2008 07:00
Global Petroleum Ltd30 April 2008 30 April 2008 RNS AIM release Global Petroleum Limited - March 2008 Quarterly Report Kenya (Global 20%) The L5 and L7 Joint Venture comprises: Woodside Energy (Kenya) Pty Ltd 30% (and operator)Dana Petroleum (E&P) Ltd 30%Repsol Exploracion S.A. 20%Global Petroleum 20% Under a Farm-in Agreement dated 28 June 2006, Woodside Energy (Kenya) Pty Ltdagreed to drill one well in each of the Kenyan blocks L-5 and L-7, and to fullycarry Global's interest (20%) in those wells. In January 2007 the first well,Pomboo, was drilled. The second well is due to be drilled by July 2008 to complywith the L-7 licence work obligations. As outlined previously, currentindications are that it is unlikely that Woodside will drill that well by thedue date. Global has written to Woodside advising that if the well is notdrilled, Woodside will be in breach of its obligations under the Farm-inAgreement. Global is still in the process of taking further legal advice on thisissue. Malta Exploration Study Agreement Area 3 - Blocks 4 & 5 (Global 80%) RWE Dea AG ("RWE"), which has farmed into Global's interest in the ExplorationStudy Agreement covering Blocks 4 & 5, has the right to earn up to a total 70%interest if the parties enter into a PSC with the Malta Government and RWEcommits to the drilling of a well. The ESA has been extended by the MaltaGovernment until 30 June 2008 and RWE has established a digital data room and iscurrently in initial discussions with potential additional farm in partners forthe project. Should a well be drilled, Global's 30% share (including 3% on behalf of a UKmarketing agency that assisted Global in the farm-in process) of the costs ofsuch a well would be fully carried by RWE. Falkland Oil and Gas Limited ("FOGL") The Annual Report for the year ended 31 December 2007 was released by FOGL inApril 2008. Shareholders are advised to refer to FOGL's AIM announcements (AIMCode: "FOGL") for further information. Global Petroleum sold a parcel of its FOGL shares during the quarter. As at 31March 2008, the Company held approximately 12.2% of the issued shares of FOGL.Additional sales until the date of this report have resulted in Global's holdingof FOGL shares reducing to 1.85%. The Board continues to review opportunities for other acquisitions, jointventures, or investments in the resources sector, both domestic and overseas,which may enhance shareholder value. Mark SavageChairman Blue Oar Securities Plc (Nominated Adviser and Broker) Tel 020 7418 4400Rhod Cruwys Appendix 5B Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001. Name of entity GLOBAL PETROLEUM LIMITED ABN Quarter ended ("current quarter") 68 064 120 896 31 MARCH 2008 Consolidated statement of cash flows Current quarter Year to dateCash flows related to operating activities $A'000 (9 months) $A'000 1.1 Receipts from product sales and related - - debtors 1.2 Payments for (a) exploration and evaluation (10) (174) (b) development - - (c) production - - (d) administration (199) (767) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature received 142 357 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other (provide details if material) - business development - (121) Net Operating Cash Flows (67) (705) Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects - - (b) equity investments - - (c) other fixed assets - - 1.9 Proceeds from sale of: (a) prospects - - (b) equity investments 2,389 4,677 (c) other fixed assets - - 1.10 Loans to other entities - - 1.11 Loans repaid by other entities - - 1.12 Other (provide details if material) - - Net investing cash flows 2,389 4,677 1.13 Total operating and investing cash flows (carried forward) 2,322 3,972 1.13 Total operating and investing cash flows (brought forward) 2,322 3,972 Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. - - 1.15 Proceeds from sale of forfeited shares - - 1.16 Proceeds from borrowings - - 1.17 Repayment of borrowings - - 1.18 Dividends paid - - 1.19 Other (provide details if material) - - Net financing cash flows - - Net increase (decrease) in cash held 2,322 3,972 1.20 Cash at beginning of quarter/year to date 7,975 6,325 1.21 Exchange rate adjustments to item 1.20 - - 1.22 Cash at end of quarter 10,297 10,297 Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the relatedentities Current quarter $A'000 1.23 Aggregate amount of payments to the parties included in item 1.2 87 1.24 Aggregate amount of loans to the parties included in item 1.10 - 1.25 Explanation necessary for an understanding of the transactions Payments include consulting fees, director's fees, and provision of a serviced office. Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows N/a 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest N/a Financing facilities available Add notes as necessary for an understanding of the position. Amount available Amount used $A'000 $A'000 3.1 Loan facilities Nil Not Applicable 3.2 Credit standby arrangements Nil Not Applicable Estimated cash outflows for next quarter $A'000 4.1 Exploration and evaluation 150 4.2 Development - Total 150 Reconciliation of cash Reconciliation of cash at the end of the quarter (as Current quarter Previous quartershown in the consolidated statement of cash flows)to the related items in the accounts is as follows. $A'000 $A'000 5.1 Cash on hand and at bank 3,006 319 5.2 Deposits at call 7,291 7,656 5.3 Bank overdraft - - 5.4 Other (provide details) - - Total: cash at end of quarter (item 1.22) 10,297 7,975 Changes in interests in mining tenements Tenement Nature of interest Interest at Interest at reference beginning of end of (note (2)) quarter quarter6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rightstogether with prices and dates. Total number Number quoted Issue price per Amount paid up per security (see note security (see note 3) 3) (cents) (cents)7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions7.3 +Ordinary 174,444,787 174,444,787 securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs7.5 +Convertible debt securities (description)7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted7.7 Options Exercise price Expiry date (description and conversion 200,000 $0.25 31-12-2008 factor) 10,000,000 $0.25 30-06-20087.8 Issued during quarter7.9 Exercised during quarter7.10 Expired during quarter7.11 Debentures (totals only)7.12 Unsecured notes (totals only) Compliance statement 1 This statement has been prepared under accounting policies whichcomply with accounting standards as defined in the Corporations Act or otherstandards acceptable to ASX (see note 4). 2 This statement does give a true and fair view of the matters disclosed. Sign here:...................................................... Date: 30 April 2008 Company secretary) Print name: SHANE CRANSWICK Notes 1 The quarterly report provides a basis for informing the market howthe entity's activities have been financed for the past quarter and the effecton its cash position. An entity wanting to disclose additional information isencouraged to do so, in a note or notes attached to this report. 2 The "Nature of interest" (items 6.1 and 6.2) includes options inrespect of interests in mining tenements acquired, exercised or lapsed duringthe reporting period. If the entity is involved in a joint venture agreementand there are conditions precedent which will change its percentage interest ina mining tenement, it should disclose the change of percentage interest andconditions precedent in the list required for items 6.1 and 6.2. 3 Issued and quoted securities The issue price and amount paid upis not required in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 1022: Accounting forExtractive Industries and AASB 1026: Statement of Cash Flows apply to thisreport. 5 Accounting Standards ASX will accept, for example, the use ofInternational Accounting Standards for foreign entities. If the standards useddo not address a topic, the Australian standard on that topic (if any) must becomplied with. == == == == == This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Global Petroleum