Global Petroleum Ltd
03 November 2006
3 November 2006
Global Petroleum Limited
OFFSHORE SEISMIC PROGRAM FOR MALTA
Global Petroleum Limited advises that RWE, as operator of the Company's Malta
project, has contracted Fugro to acquire 700km of 2D seismic over prospects in
Blocks 4 and 5 of Area 3, offshore Malta. The seismic survey is scheduled to
begin in November and is expected to last for two weeks. It will be undertaken
using the seismic vessel 'Geo Atlantic'. Magnetic and gravimetric data will also
be acquired during the survey.
RWE Dea AG, who has farmed into Global's interest in the Exploration Study
Agreement covering Blocks 4 and 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.globalpetroleum.com.au
Enquiries
Global Petroleum Limited
Dr John Armstrong, Executive Chairman Tel: (07) 3211 1122
Bell Pottinger Corporate & Financial
Nick Lambert Tel: +44 (0) 20 7861 3232
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