Re: FOGL announcement

Global Petroleum Ltd
29 December 2006


29 December 2006


Global Petroleum advises that Falkland Oil and Gas Limited ('FOGL') has
announced its interim results for the six month period ended 30 September 2006.
The key highlights, strategy and outlook appears below. The full announcement
can be viewed at: www.globalpetroleum.com.au


Global Petroleum holds a 14% interest in FOGL.


John Armstrong

Executive Chairman

Tel: [phone]



Falkland Oil and Gas Limited
('FOGL' or 'the Company')

Interim results for the six month period ended 30 September 2006

Highlights

•         Revised forward programme approved by the Falkland Islands Government
          - Additional infill 2D seismic, Controlled Source Electro-Magnetic
          ('CSEM') and sea bottom coring surveys

•         Work programme to be executed over the coming Austral Summer is
          specifically targeted at our top 20 prospects

•         Discussion with potential farminees ongoing

•         RAB Special Situations (Master) Fund Limited has committed £8 million
          by way of convertible loan notes in the Company.

•         Independent technical verification received from TRACS International.
          Their evaluation focussed on 10 prospects, which they assessed to have
          a net risked prospective resource potential of 863 million barrels and
          unrisked net prospective resources of 10,089 MMbbls

•         Cash balance of £12.6 million as at 30 September 2006

Strategy & Outlook

•         FOGL is committed to pursuing an aggressive exploration programme
          which could lead to the development of a new petroleum province in the
          South Atlantic

•         Revised work programme designed to de-risk and define prospects ready
          for drilling

•         Introduce suitable partners

•         Secure a rig during 2007 and commence drilling in 2008

Richard Liddell, Chairman of FOGL, said:

'FOGL is in excellent shape for 2007.  We have secured financing and have two
vessels starting work in the Falklands in the near future.  The results of their
work should enable us to confirm our drilling targets, which will facilitate the
farmout process and rig acquisition.

The last six months has been a period of further progress for our company. Our
new work programme has been approved and we believe it will provide the most
effective exploration solution for our acreage and improve our chances for
success.  This programme is targeted at our larger prospects and we believe that
the data gained will allow us to define drilling targets and provide potential
farminees with further confidence in our project.

We have a clear focus for the year ahead.  The year will be crucial for FOGL as
we drive towards our goal of drilling our first exploration wells in 2008.
There is a great deal of important pre-drilling work being undertaken;
evaluating the results of our programme, finalising our exploration plans and
sourcing a rig.  With our strong balance sheet the Board believe that the
company is well placed and will make further significant progress in the coming
year.'

Enquiries:

FOGL

Richard Liddell, Chairman                            020 7563 1260
Tim Bushell, Chief Executive Officer                 020 7563 1260

College Hill

Nick Elwes / Paddy Blewer                            020 7457 2020



                      This information is provided by RNS
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