Re FOGL Announcement

Global Petroleum Ltd
13 December 2007


13 December 2007


                    FALKLAND OIL & GAS LIMITED ANNOUNCEMENT


Global Petroleum Limited advise that Falkland Oil & Gas Limited ('FOGL') has
released an Exploration Activity Update. The full announcement appears
hereunder.


Mark Savage
Chairman

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


Falkland Oil and Gas Limited

Exploration Activity Update

Falkland Oil and Gas Limited ('FOGL' or the 'Company') is pleased to provide the
following update on its Falkland Islands exploration programme and in particular
the results from the two surveys acquired during 2007:

 Highlights

  • Encouraging results from the Controlled Source Electromagnetic ('CSEM')
    survey.
  • Positive CSEM anomalies, indicating the possible presence of trapped
    hydrocarbons.
  • Improved definition of our top ranked prospects, as a result of the 2D
    infill seismic survey.
  • FOGL's top ranked prospects have the potential to contain hydrocarbon
    resources in excess of 10 billion barrels oil equivalent (mean, un-risked)

CSEM Survey

The CSEM survey was carried out on behalf of FOGL by Offshore Hydrocarbon
Mapping plc and was completed in August 2007. Over 750 kms of CSEM data were
acquired along 7 lines, over a total of 12 prospects. This programme exceeded
the Company's Licence commitment to the Falkland Islands Government.

Basic processing is now complete on all lines, and enhanced processing and
interpretation, will continue over the next few months. The CSEM data has now
been combined with FOGL's seismic interpretation and images, in order to
highlight prospects of interest.

2D Infill seismic survey

The FOGL proprietary 2D seismic survey was acquired by Wavefield Inseis AS
between 19 November 2006 and 31 May 2007 and a total of 9,950km were acquired:
5215 km in the 2002 licences and 4735 km in the 2004 licences.

Survey Results

CSEM

Results from the CSEM survey are encouraging, with 'positive' CSEM anomalies,
indicating the possible presence of trapped hydrocarbons, being recognised over
a number of our best prospects.

The most encouraging CSEM anomalies have been identified over the following 7
prospects: Loligo, Garrodia, Nimrod, Caird, Toroa, Lutra and Undine. These
prospects also benefit from seismically derived direct hydrocarbon indications.
All of these features could contain large amounts of oil and gas, with
individual prospects containing potential recoverable volumes (mean un-risked
resources) ranging up to 3,500 million barrels.

FOGL has focussed its work during the last year on a shortlist of ten prospects,
which promise to offer the lowest exploration risk and largest resource volumes.
This prospect inventory has the potential to hold, on a cumulative basis, in
excess of 10 billion barrels oil equivalent (mean, un-risked resources). In
addition, FOGL has identified over 90 other leads, which are not included in
this estimate.

2D seismic infill

The 2007 2D survey was designed to infill the existing seismic grid in order to
better define known leads and prospects. The new data has led to the
identification of a significant new lead, located in quadrant 61. Other leads
have been matured into substantial prospects. New seismic was also acquired over
the fold-belt play and a seismic amplitude response combined with an attractive
structural style, led to the decision to acquire additional CSEM data over
another new lead.

The new seismic data have been carefully processed to preserve 'true amplitude'
and a suite of AVO products is currently being produced from this dataset. These
seismic products, which have the potential to be direct hydrocarbon indicators,
will be generated over each prospect and the results, combined with the CSEM
data, will determine a final prospect risk. This work will help prioritise the
best prospects for drilling.

In summary, many of our top ranked prospects have seismic amplitude support, AVO
responses and positive CSEM anomalies.

Licence Terms

The Falkland Islands Government (FIG) has consented to the assignment of a 51%
licence interest to BHP Billiton and the approval of BHP Billiton as licence
operator. All parties envisage the execution of formal documents to finalise
this will occur shortly.

Under the revised Licence terms agreed by FIG, Phase 1 of the licences will be
extended by 3 years until December 2010 and Phase 2 extended by 2 years, until
December 2015. In return FOGL and BHP Billiton have agreed to make a 50%
relinquishment of Area B (PPL30 and PPL31) of the 2004 licences and a 25%
relinquishment of Area A of the 2004 licences (PPL 25 - PPL 29 inclusive). All
significant leads and prospects have, in the opinion of the FOGL, been retained
within the 2004 licence area. The retained area of the 2004 licences will be
combined into a single administrative unit, with a total area of 34,336 square
kilometres. No further relinquishment of the 2002 licences will be required as
part of these changes. The total retained area of the 2002 and 2004 licences
comprises 48,853 square kilometres, equivalent to over 220 UK North Sea blocks.

Forward plan

The results of the CSEM survey will be fully integrated with our existing work
and with the recent 2D infill seismic in order to produce, a short list of the
best prospects for drilling. This work will now be carried out in conjunction
with our farm-in partner, BHP Billiton, who will take over operatorship of the
licences from 1 January 2008. Seabed coring and site surveys are expected to be
carried out in 2008. BHP Billiton is currently reviewing a number of potential
rig options and an update on this will be provided at a future point.

Tim Bushell, Chief Executive of FOGL commented:

'We are delighted with the results of our 2007 exploration programme. We have
now identified a number of prospects that are seismically well defined and also
have positive CSEM evidence for the presence of trapped hydrocarbons.
Furthermore, all of these prospects have substantial reserve potential. The
results of the CSEM and 2D seismic infill surveys have reduced exploration risk
and have considerably improved the chances of finding commercial quantities of
oil and gas within our licences.'

                                                                13 December 2007


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


Notes

The results of the Company's technical evaluation have been reviewed, verified
and compiled by the Company's geological staff, which includes a qualified
person, Colin More BSc., MSc. (Exploration Manager), who has over 25 years of
experience in petroleum exploration, for the purpose of the Guidance Note for
Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of
AIM companies, which outline standards of disclosure for mineral projects


END



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