Re: FOGL announcement

Global Petroleum Ltd
24 July 2007



                   FALKLAND OIL & GAS LIMITED ANNOUNCEMENT

Global Petroleum Limited advised that Falkland Oil & Gas Limited ('FOGL') has
released an announcement in relation to a possible farm in to certain assets.
The full announcement appears hereunder.

Global Petroleum holds a 14% interest in FOGL.

Mark Savage
Chairman

Telephone:     [phone]
Fax:           [phone]
Email: [e-mail]


23 July 2007

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

Falkland Oil & Gas Limited (the 'Company' or 'FOGL') notes the price movement in
the Company's share price and confirms that it is in advanced discussions which 
may or may not lead to a major resources company farming in to certain of its 
assets.

Any such transaction, if agreed between the two parties, would be subject, inter
alia, to the approval of the Falkland Islands Government.

A further announcement will be made in due course.

Enquiries:

FOGL
Tim Bushell, Chief Executive                                       020 7563 1260

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




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