Global Petroleum Ltd
09 January 2007
9 January 2007
Exploration Study Agreement - Blocks 4&5 of Area 3, Offshore Malta
Global Petroleum advises that the Joint Venture Parties, RWE Dea AG (20% and
Operator) and Global Petroleum Limited (80%) have just completed the acquisition
of 852 km of 2D seismic over the ESA Area and has commenced the processing of
this data and associated gravity and magnetic data as well as the reprocessing
of the 2D seismic data recorded in 2000.
The Malta Government has agreed to a three month extension to 31st March 2007 of
the Exploration Study Agreement covering Blocks 4 & 5 of Area 3, Offshore Malta.
The Option Date (for entering into a PSC) under the Farmin Agreement with RWE
Dea AG has also been extended to 31st March 2007.
RWE Dea AG, who has farmed into Global's interest in the Exploration Study
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 RWE
commits to the drilling of a well following the completion of the seismic
program.
Current interests in Blocks 4 & 5 are:
* Global Petroleum Limited 80%
* RWE Dea AG 20%
If RWE proceeds to the drilling of a well, the costs associated with Global's
equity in Blocks 4 & 5 will be carried by RWE for all activities through the
drilling of the well.
For further information, refer also to Global's release dated 23 June 2006 and
Global's website: www.global-petroleum.co.uk
Dr John Armstrong
Executive Chairman
Telephone: +61 7 3211 1122
Fax: +61 7 3211 0133
Web: www.global-petroleum.co.uk
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