31st Jan 2008 09:30
Global Petroleum Ltd31 January 2008 31 January 2008 RNS AIM release December 2007 Quarterly Report / Change of Nominated Adviser and Broker 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. However current indications are that itis unlikely that Woodside will drill that well by the due date. Global haswritten to Woodside advising that if the well is not drilled, Woodside will bein breach of its obligations under the Farm-in Agreement. Global is takingfurther legal advice on this issue. 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 is currently in initial discussions withpotential additional farm in partners for the 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") During the quarter FOGL announced it had entered into a farm-out agreement witha subsidiary of BHP Billiton over FOGL's 2002 and 2004 licences to the South andEast of the Falkland Islands. Under the agreement, BHP Billiton will acquire a51% interest, and will take over the operatorship of the licences. A minimum oftwo exploration wells will be drilled in the next 3 years and BHP Billiton paysFOGL US$12.75 million in reimbursement of certain historical costs. An update was released by FOGL in December summarising its 2007 Falkland Islandsexploration programme. Shareholders are advised to refer to FOGL's AIMannouncements (AIM Code: "FOGL") for further information. Global Petroleum sold a parcel of its FOGL shares during the quarter. As at 31December 2007, the Company held approximately 13.1% of the issued shares ofFOGL. Resignation of Non-Executive Director The Board hereby advises that due to other business commitments, Mr PeterDighton has resigned as a non-executive director of the Company. The Board would like to thank Mr Dighton for his efforts during the period ofhis directorship. The Company is actively seeking a suitable replacement for Mr Dighton to jointhe Board and will advise Shareholders as appropriate. Change of Nominated Adviser and Broker The Board is pleased to advise that it has appointed Blue Oar Securities Plc("Blue Oar") as Nominated Adviser and Broker to the Company effective 1 February2008. Contact details for Blue Oar are as follows: Blue Oar Securities Plc 30 Old Broad Street London EC2V 1HT Telephone: + 44 20 7448 4400 Fax: + 44 20 7448 4411 Attn: Rhod Cruwys 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 Rule 5.3 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 entityGLOBAL PETROLEUM LIMITED ABN Quarter ended ("current quarter")68 064 120 896 31 DECEMBER 2007 Consolidated statement of cash flows Current quarter Year to dateCash flows related to operating $A'000 (6 months)activities $A'000 1.1 Receipts from product sales and - - related debtors 1.2 Payments for (a) exploration and (20) (166) evaluation (b) development - - (c) production - - (d) administration (365) (567)1.3 Dividends received - -1.4 Interest and other items of a similar nature received 118 2161.5 Interest and other costs of finance - - paid1.6 Income taxes paid - -1.7 Other (provide details if material) - business development (121) (121) Net Operating Cash Flows (388) (638) Cash flows related to investing activities1.8 Payment for purchases of: (a) prospects - - (b) equity investments - - (c) other fixed assets - -1.9 Proceeds from sale of: (a) prospects - - (b) equity investments 2,288 2,288 (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 2,288 2,2881.13 Total operating and investing cash flows (carried forward) 1,900 1,650 1.13 Total operating and investing cash flows (brought forward) 1,900 1,650 Cash flows related to financing activities 1.14 Proceeds from issues of shares, - - options, etc.1.15 Proceeds from sale of forfeited - - shares1.16 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 1,900 1,650 held 1.20 Cash at beginning of quarter/year 6,075 6,325 to date1.21 Exchange rate adjustments to item - - 1.201.22 Cash at end of quarter 7,975 7,975 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 181 included in item 1.2 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'0004.1 Exploration and evaluation 150 4.2 Development - Total 150 Reconciliation of cash Reconciliation of cash at the end of the Current quarter Previous quarterquarter (as shown in the consolidatedstatement of cash flows) to the related $A'000 $A'000items in the accounts is as follows.5.1 Cash on hand and at bank 319 2785.2 Deposits at call 7,656 5,7975.3 Bank overdraft - -5.4 Other (provide details) - - Total: cash at end of quarter (item 7,975 6,075 1.22) Changes in interests in mining tenements Tenement Nature of interest Interest Interest reference (note (2)) at at end of beginning quarter of quarter 6.1 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 Amount paid up per security per security (see note 3) (see note 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 30-06-2008 7.8 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 which comply withaccounting standards as defined in the Corporations Act or other standardsacceptable to ASX (see note 4). 2 This statement does /does not* (delete one) give a true and fair view of thematters disclosed. Sign here: ............................................ Date: 31 January 2007 Company secretary) Print name: SHANE CRANSWICK Notes 1 The quarterly report provides a basis for informing the market how theentity's activities have been financed for the past quarter and the effect onits 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 in respect ofinterests in mining tenements acquired, exercised or lapsed during the reportingperiod. If the entity is involved in a joint venture agreement and there areconditions precedent which will change its percentage interest in a miningtenement, it should disclose the change of percentage interest and conditionsprecedent in the list required for items 6.1 and 6.2. 3 Issued and quoted securities The issue price and amount paid up is notrequired in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 1022: Accounting for ExtractiveIndustries and AASB 1026: Statement of Cash Flows apply to this report. 5 Accounting Standards ASX will accept, for example, the use of InternationalAccounting Standards for foreign entities. If the standards used do not addressa topic, the Australian standard on that topic (if any) must be complied with. == == == == == This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Global Petroleum