FOGL Announcement

Global Petroleum Ltd
28 November 2007



28 November 2007


                    FALKLAND OIL & GAS LIMITED ANNOUNCEMENT


Global Petroleum Limited advise that Falkland Oil & Gas Limited ('FOGL') has
released an announcement in relation to the farm in by BHP Billiton in FOGL's
2002 and 2004 licences to the South and East of the Falkland Islands. The full
announcement appears hereunder.





Mark Savage

Chairman


Telephone: [phone]

Fax: [phone]

Email: [e-mail]


Falkland Oil and Gas Limited

FOGL Partner increases interest in exploration agreement


Falkland Oil and Gas Limited ('FOGL') is pleased to announce that BHP Billiton
has decided to exercise its option to increase its interests in FOGL's 2002 and
2004 licences to the South and East of the Falkland Islands.


Highlights:


   • BHP Billiton will increase its interest to 51% from the 40% announced on
     2 October 2007

   • FOGL retains a very substantial stake in the licences

   • BHP Billiton will pay FOGL an additional US$2.75 million in
     reimbursement of historical costs

   • The decision by BHP Billiton to increase its interests in our licences
     further confirms our view of the significant petroleum potential of the
     South and East Falkland Basins.


Details of the agreement


Under the terms of the farm-out agreement announced on 2 October 2007 BHP
Billiton had the option to further increase its interest in the licences. BHP
Billiton has decided to exercise this option by increasing its interest to 51%.
Consequently, BHP Billiton will pay four thirds of 51% (approximately 68%) of
the costs of the near term work programme, including the drilling of two
exploration wells and all other associated work to the completion of this
drilling work. In addition, BHP Billiton will pay FOGL a further US$2.75 million
in relation to certain costs already incurred by the company. At end 2007 FOGL's
forecast cash position is £12.2 million (US$25 million). As such, FOGL is now
funded through a significant proportion of the near term exploration programme,
which will include the drilling of the first two exploration wells.

Since announcing the agreement with BHP Billiton, FOGL has had discussions with
a number of other parties potentially interested in farming in to the area. FOGL
will now look to advance these discussions, but with the clear intent of
retaining a material interest in its licences.



Tim Bushell, Chief Executive of FOGL commented:


BHP Billiton's decision to increase its interests in our licences further
confirms our view that the South and East Falkland basins are highly prospective
and have the potential for the discovery of significant volumes of oil and gas.



28 November 2007



Note to investors: FOGL is planning to make an announcement on its 2007
exploration results and operational plans shortly.



Enquiries:

FOGL                                020 7563 1260
Tim Bushell, Chief Executive

KBC Peel Hunt (Nominated Adviser)   020 7418 8900
Jonathan Marren / Matt Goode

College Hill                        020 7457 2020
Nick Elwes / Paddy Blewer



www.fogl.com

www.bhpbilliton.com




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