Final Results

Global Petroleum Ltd 27 September 2007 Global Petroleum Limited Preliminary Results for the year ended 30 June 2007 Review of Operations AND ACTIVITIES Kenya (Global 20%) The Company began drilling its first well during the financial year. The well, Pomboo No. 1 in Licence L-5, Kenya, spudded on 2 December 2006. The Company's weekly report dated 28 December 2006 reported that the depth reached was 2,944 metres (751 metres below the seabed). The costs associated with Global's 20% in respect of this well are fully carried so no costs were incurred by the Company. The other joint venture parties are: • Woodside Energy 30% (and operator) • Dana Petroleum 30% • Repsol Exploracion 20% On 23 January 2007, Woodside as operator of the Company's Kenya Joint Venture announced that Pomboo No. 1 had reached a total depth of 4,887 metres and would be plugged and abandoned. The well encountered 'in excess of 200 metres of moderate to good quality reservoir sandstones' in the primary target zone from 4,685m to the total depth but without oil or gas. It had been expected that the drilling rig would move to Licence L-7 immediately following Pomboo to drill Sokwe South No. 1. However at a meeting of the Joint Venture on 24 January 2007 it was decided not to drill Sokwe South No. 1 in this drilling campaign. The voting equity of Woodside and Repsol as farminees was sufficient to make this decision binding on the Joint Venture. The Company's announcement dated 25 January 2007 advised shareholders of this outcome. While there are numerous prospects and leads in our Kenya Licences L-5 and L-7, and Pomboo has established the presence of reservoirs and seals, the well lacked oil and gas shows. The JV decided that the next phase of exploration should be determined after a comprehensive technical assessment of the relevance and implications of the new information obtained from Pomboo. Woodside is currently finalising the Post Pomboo-1 study review of blocks 5 & 7 offshore Kenya. This was a joint study comprised of staff from both Woodside and the Kenyan Government and its scope includes the integration of the results of the Pomboo-1 well drilled during the financial year with all the previous data within these 2 blocks and will provide an updated review of their remaining potential. Following finalisation of the study, the forward programme in these two blocks will be determined. The carrying value of the Company's Kenya exploration expenditure has been written-down during the financial year by $8,128,738 to reflect the unsuccessful drilling of the first well. Falkland Oil and Gas Limited ('FOGL') (Global shareholding 14.0%) FOGL has a holding of 65,000 km2 of prospective offshore licences to the East and South of the Falkland Islands. In its operations update announced on 7 June 2007, FOGL advised the completion of its 2D seismic infill survey in which a total of 9,950 kilometers of new seismic data had been acquired from Wavefield InSeis AS. Processing of this data had commenced although this would take several months to complete. The second phase of the Controlled Source Electro-Magnetic ('CSEM') survey was commenced on 4 June 2007. The acquisition phase of this survey was expected to take 6-8 weeks to complete although results from the first phase of the survey had been encouraging. The processing of this data is ongoing. The forward plan then for FOGL is to integrate the results of these two surveys with existing work in order to produce a short list of the best prospects for drilling which, subject to rig availability and discussions with potential farminees, is likely to commence in 2008. Subsequent to year end, FOGL advised that it is currently in advanced discussions which may or may not lead to a major resources company farming in to certain of its assets. At a FOGL share price of £1.60 (as at 25 September 2007), Global's shareholding is valued at A$47.8 million. The carrying value of Global's shareholding recorded in the financial statements at 30 June 2007 was A$24.3 million (based on the FOGL share price at 30 June 2007 of £0.80). Malta Exploration Study Agreement Area 3 - Blocks 4 & 5 (Global 80%) During the financial year, RWE Dea AG ('RWE'), as operator, obtained the services of seismic company Fugro who recorded 852km of new 2D seismic lines in November 2006. This work, together with reprocessing of other seismic surveys in the Study Area, and the acquisition of new magnetic and gravity data has satisfied the Malta Government's Study Agreement work commitment. RWE, which has farmed into Global's interest in the Exploration Study Agreement covering Blocks 4 & 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 programme phase. When this work is complete, the Joint Venture (RWE and Global) will make a decision as to whether to enter a Production Sharing Contract with the Malta Government which is likely to involve a well commitment. Global's 30% share (including 3% on behalf of a UK marketing agency that assisted Global in the farm-in process) of the costs of such a well would be fully carried by RWE. RWE is currently in discussion with the Malta Government to confirm a revised time frame for the Exploration Study Agreement dependent upon the timing of obtaining a specialised vessel and carrying out a microbial/geochemical investigation on sea bottom samples during 2007. At the Company's AGM on 17 November 2006 shareholders approved an extension of time to 30 June 2008 for the issue to the related party vendors of Astral Petroleum Limited their share of an additional four million fully paid ordinary shares in the Company if the Company achieves an unconditional commitment by RWE to drill a well in respect of the Malta Exploration Study Agreement. Ireland Licence Option 03/3 (Global 100%) The Company's campaign to introduce a new company to this project has not been successful. Discussions with the Petroleum Affairs Division of the Ireland Department of Communications, Marine and Natural Resources indicated that no further extensions to the option deadline of 31 December 2006 would be available and that the only route available to Global was to enter a licence with a well commitment. As a farminee was not found to share the risk and the cost of such well by the end of calendar year 2006, the Licence Option has now terminated. The carrying value of the Company's exploration expenditure in relation to Ireland of $769,339 was written-off during the financial year. Significant Changes in the State of Affairs Other than as outlined in the Review of Operations and Activities above, the following significant changes in the state of affairs of the Consolidated Entity occurred during the year: • Effective 2 April 2007, Dr John Armstrong resigned from the Board and Mr Ian Middlemas was appointed a Non-Executive Director of the Company. Mr Mark Savage was appointed Chairman of the Company. Significant Post Balance Date EvenTS The consolidated entity's interest in Falkland Oil & Gas Limited is recorded at fair value, based on current market value at year end. The carrying value of Global's shareholding recorded in the financial statements at 30 June 2007 was A$24.3 million (based on the FOGL share price at 30 June 2007 of £0.80). At a FOGL share price of £1.60 (as at 25 September 2007), Global's shareholding is valued at A$47.8 million. Other than as outlined above, as at the date of this report there are no matters or circumstances, which have arisen since 30 June 2007 that have significantly affected or may significantly affect: (a) the operations, in financial years subsequent to 30 June 2007 of the Consolidated Entity; (b) the results of those operations, in financials years subsequent to 30 June 2007 of the Consolidated Entity; or (c) the state of affairs, in financial years subsequent to 30 June 2007 of the Consolidated Entity. Environmental Regulation and Performance The Consolidated Entity's operations are subject to various environmental laws and regulations under the relevant government's legislation. Full compliance with these laws and regulations is regarded as a minimum standard for all operations to achieve. Instances of environmental non-compliance by an operation are identified either by external compliance audits or inspections by relevant government authorities. There have been no significant known breaches by the Consolidated Entity during the financial year. Likely Developments and Expected Results It is the Board's current intention that the Consolidated Entity will focus on maximising the value of its oil and gas exploration assets in Kenya and Malta, by conducting further exploration activities on these projects and continuing to examine new opportunities in mineral exploration, particularly in the oil and gas sector. All of these activities are inherently risky and the Board is unable to provide certainty that any or all of these activities will be able to be achieved. In the opinion of the Directors, any further disclosure of information regarding likely developments in the operations of the Consolidated Entity and the expected results of these operations in subsequent financial years may prejudice the interests of the Company and accordingly, has not been disclosed. MARK SAVAGE Chairman 27 September 2007 Enquiries Global Petroleum Limited Mark Savage, Chairman +1505 344 2822 Bell Pottinger Corporate & Financial Nick Lambert +44 (0) 20 7861 3232 KBC Peel Hunt - Nominated Adviser Matt Goode +44 (0) 20 7418 8990 INCOME STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 Consolidated Company Note 2007 2006 2007 2006 $ $ $ $ Other Income 64,482 1,157,144 64,066 - Administration costs (1,285,363) (1,307,883) (1,238,373) (1,225,262) Exploration and evaluation expenditure written off (9,001,772) (1,166,216) (231,734) (323,241) Impairment provision for inter-company loans - - (381,835) - Impairment write-down of investment in controlled entities - - (8,215,592) (842,975) -------- -------- -------- -------- Results from operating activities (10,222,653) (1,316,955) (10,003,468) (2,391,478) Net financial income 339,564 359,648 401,717 338,304 -------- -------- -------- -------- Loss before income tax (9,883,089) (957,307) (9,601,751) (2,053,174) Income tax expense - - - - -------- -------- -------- -------- Loss after tax (9,883,089) (957,307) (9,601,751) (2,053,174) -------- -------- -------- -------- Loss attributable to members of the parent (9,883,089) (957,307) (9,601,751) (2,053,174) ======== ======== ======== ======== Basic loss per share from continuing operations (cents per share) (5.69) (0.56) Diluted loss per share from continuing operations (cents per share) (5.69) (0.56) BALANCE SHEETS AS AT 30 JUNE 2007 Note Consolidated Company 2007 2006 2007 2006 $ $ $ $ Current assets Cash and cash equivalents 6,324,089 6,991,006 6,318,687 6,981,564 Trade and other receivables 8,228 258,166 8,228 57,859 Other financial assets 600 600 600 600 -------- -------- -------- -------- Total current assets 6,332,917 7,249,772 6,327,515 7,040,023 -------- -------- -------- -------- Non-current assets Receivables - - 950,606 1,484,817 Investments 24,275,749 35,173,534 9,567,288 17,782,879 Property, plant and equipment - 42,034 - 40,271 Exploration and evaluation expenditure 9,247,206 17,775,089 388,095 113,687 -------- -------- -------- -------- Total non-current assets 33,522,955 52,990,657 10,905,989 19,421,654 -------- -------- -------- -------- TOTAL ASSETS 39,855,872 60,240,429 17,233,504 26,461,677 -------- -------- -------- -------- Current liabilities Trade and other payables 250,680 380,940 135,872 283,266 Employee benefits - 12,397 - 12,397 -------- -------- -------- -------- Total current liabilities 250,680 393,337 135,872 295,663 -------- -------- -------- -------- Non-current liabilities Payables - - 61,260 61,260 -------- -------- -------- -------- Total non-current liabilities - - 61,260 61,260 -------- -------- -------- -------- TOTAL LIABILITIES 250,680 393,337 197,132 356,923 -------- -------- -------- -------- NET ASSETS 39,605,192 59,847,092 17,036,372 26,104,754 -------- -------- -------- -------- Equity Issued capital 35,590,053 35,056,684 35,590,053 35,056,684 Reserves 22,566,537 33,458,717 - - Accumulated losses (18,551,398) (8,668,309) (18,553,681) (8,951,930) -------- -------- -------- -------- TOTAL EQUITY 39,605,192 59,847,092 17,036,372 26,104,754 -------- -------- -------- -------- CASH FLOW STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 Note Consolidated Company 2007 2006 2007 2006 $ $ $ $ Cash flows from operating activities Cash paid to suppliers and employees (1,212,795) (1,163,137) (1,333,488) (1,114,875) Interest received 401,717 384,973 401,717 384,603 Management fees received 50,000 192,226 50,000 - -------- -------- -------- -------- Net cash from operating activities (761,078) (585,938) (881,771) (730,272) -------- -------- -------- -------- Cash flows from investing activities Acquisition of property, plant and equipment (18,459) (4,836) (18,459) (4,836) Exploration expenditure (473,889) (1,025,725) (506,141) (315,870) Proceeds from disposal of property, plant and equipment 53,140 - 52,250 - Proceeds from disposal of investments - 1,827,416 - - Repayment of loans from controlled entities - - 180,022 2,037,962 Advances to controlled entities - - (22,147) (761,279) -------- -------- -------- -------- Net cash from investing activities (439,208) 796,855 (314,475) 955,977 -------- -------- -------- -------- Cash flows from financing activities Proceeds from the issue of share capital 537,500 625,000 537,500 625,000 Share issue expenses (4,131) (4,451) (4,131) (4,451) -------- -------- -------- -------- Net cash from financing activities 533,369 620,549 533,369 620,549 -------- -------- -------- -------- Net increase/(decrease) in cash and cash equivalents (666,917) 831,466 (662,877) 846,254 Cash and cash equivalents at 1 July 6,991,006 6,159,540 6,981,564 6,135,310 -------- -------- -------- -------- Cash and cash equivalents at 30 June 6,324,089 6,991,006 6,318,687 6,981,564 -------- -------- -------- -------- STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 Consolidated Note Foreign currency Share Fair value translation Accumulated Total capital reserve reserve losses equity Balance at 1 July 2006 35,056,684 33,411,563 47,154 (8,668,309) 59,847,092 Foreign exchange translation differences - - 5,605 - 5,605 Change in fair value - available-for- sale investments - (10,897,785) - - (10,897,785) -------- -------- -------- -------- -------- Total non-profit items recognised directly in equity - (10,897,785) 5,605 - (10,892,180) Loss for the period - - - (9,883,089) (9,883,089) -------- -------- -------- -------- -------- Total recognised income and expense for the period - (10,897,785) 5,605 (9,883,089) (20,775,269) Exercise of options 537,500 - - - 537,500 Share issue expenses (4,131) - - - (4,131) -------- -------- -------- -------- -------- Balance at 30 June 2007 35,590,053 22,513,778 52,759 (18,551,398) 39,605,192 -------- -------- -------- -------- -------- Consolidated Balance at 1 July 2005 34,436,135 - 48,455 (7,711,002) 26,773,588 Effect of change in accounting policy - 39,188,153 - - 39,188,153 -------- -------- -------- -------- -------- Balance at 1 July 2005 - restated 34,436,135 39,188,153 48,455 (7,711,002) 65,961,741 Change in fair value - available-for-sa le investments - (423,652) - - (423,652) Fair value - available-for-sa le investments transferred to profit/loss on disposal - (5,352,938) - - (5,352,938) Foreign exchange translation differences - - (1,301) - (1,301) -------- -------- -------- -------- -------- Total non-profit items recognised directly in equity 34,436,135 33,411,563 47,154 (7,711,002) 60,183,850 Loss for the period - - - (957,307) (957,307) -------- -------- -------- -------- -------- Total recognised income and expense for the period - 33,411,563 47,154 (8,668,309) 59,226,543 Exercise of options 625,000 - - - 625,000 Share issue expenses (4,451) - - - (4,451) -------- -------- -------- -------- -------- Balance at 30 June 2006 35,056,684 33,411,563 47,154 (8,668,309) 59,847,092 -------- -------- -------- -------- -------- Amounts are stated net of tax STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 Company Note Share capital Accumulated Total equity losses $ $ $ Balance at 1 July 2006 35,056,684 (8,951,930) 26,104,754 Loss for the period - (9,601,751) (9,601,757) ---------- ---------- ---------- Total recognised income and expense for the period - (9,601,751) (9,601,757) Exercise of options 537,500 - 537,500 Share issue expenses (4,131) - (4,131) ---------- ---------- ---------- Balance at 30 June 2007 35,590,053 (18,553,681) 17,036,372 ---------- ---------- ---------- Company Balance at 1 July 2005 34,436,135 (6,898,756) 27,537,379 Loss for the period - (2,053,174) (2,053,174) ---------- ---------- ---------- Total recognised income and expense for the period 34,436,135 (8,951,930) 25,484,205 Exercise of options 625,000 - 625,000 Share issue expenses (4,451) - (4,451) ---------- ---------- ---------- Balance at 30 June 2006 35,056,684 (8,951,930) 26,104,754 ---------- ---------- ---------- Amounts are stated net of tax NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS Consolidated Company 2007 2006 2007 2006 $ $ $ $ 1. PROFIT/(LOSS) FROM OPERATIONS (a) Other Income Gain on disposal of available-for-sale investments - 1,093,589 - - Gain on disposal of plant and equipment 14,482 - 14,066 - Rendering of services 50,000 63,555 50,000 - --------- -------- --------- -------- 64,482 1,157,144 64,066 - --------- -------- --------- -------- (b) Profit/(loss) before tax Profit/(loss) before income tax has been arrived at after charging the following expenses attributable to continuing operations: Salaries and employee benefits expense 543,518 466,797 543,518 446,222 Consulting and professional fees 190,853 483,079 154,708 504,098 Shareholder costs 300,796 143,311 299,796 88,615 Occupancy costs 47,622 32,107 47,622 22,571 Depreciation expense 13,665 20,603 12,376 12,697 Administrative and other expenses 188,909 161,986 180,353 151,059 -------- -------- -------- -------- 1,285,363 1,307,883 1,238,373 1,225,262 -------- -------- -------- -------- (c) Financial income/(expenses) Interest income 401,717 339,178 401,717 338,808 Net foreign exchange gain/(loss) (62,153) 20,470 - (504) --------- -------- --------- -------- 339,564 359,648 401,717 338,304 --------- -------- --------- -------- 2. INCOME TAX No income tax is payable by the Company as it has incurred losses for income tax purposes for the year. (a) Recognised in the income statement Current tax expense/(benefit) Current year (371,882) (458,459) (339,264) (452,316) -------- -------- -------- -------- (371,882) (458,459) (339,264) (452,316) -------- -------- -------- -------- Deferred tax expense Tax losses not brought to account 371,882 458,459 339,264 452,316 -------- -------- -------- -------- Total income tax expense in the income statement - - - - -------- -------- -------- -------- Consolidated Company 2007 2006 2007 2006 $ $ $ $ (b) Reconciliation between loss before tax and tax expense Loss before tax expense (9,883,089) (957,307) (9,601,751) (2,053,174) -------- -------- -------- -------- Prima facie tax benefit at 30% (2006: 30%) (2,964,927) (287,192) (2,880,525) (615,952) Increase/(decrease) in income tax expense due to: Exploration and evaluation expenditure written off 2,700,531 349,865 69,520 96,972 Write-down of investment - - 2,464,677 252,893 Provision for inter-company loans - - 114,550 - Net loss/(gain) on disposal of investments - (328,077) - - Other items (107,486) (193,055) (107,486) (186,229) Tax losses not brought to account 371,882 458,459 339,264 452,316 -------- -------- -------- -------- Income tax expense on pre-tax net loss - - - - -------- -------- -------- -------- (c) Unrecognised deferred tax assets The deferred tax assets not brought to account at 30% relating to income tax losses and temporary differences, the benefits of which will only be realised if the conditions for deductibility as set out in Note 1(f) occur, are as follows: Temporary differences: Capitalised overheads (619,196) (560,563) (619,196) (560,563) Share issue costs 71,007 117,792 71,007 117,792 Accrued expenses 14,100 9,428 14,100 9,728 Provisions - 3,719 - 3,719 Other - 2,721 - 2,721 -------- -------- -------- -------- (534,089) (426,903) (534,089) (426,603) Tax losses 534,089 426,903 534,089 426,603 -------- -------- -------- -------- - - - - -------- -------- -------- -------- 3. EXPLORATION AND EVALUATION EXPENDITURE Cost Carrying amount at beginning of year 17,775,089 18,068,045 113,687 113,687 Expenditure incurred 529,858 873,260 506,142 323,241 Exchange differences (55,969) - - - Expenditure written off (9,001,772) (1,166,216) (231,734) (323,241) -------- --------- --------- ------- Carrying amount at end of year 9,247,206 17,775,089 388,095 113,687 -------- --------- --------- ------- The recoverability of the carrying amounts of exploration and evaluation assets is dependent on the successful development and commercial exploitation or sale of the respective area of interest. 4. DIVIDENDS No dividends have been declared, provided for or paid in respect of the years ended 30 June 2007 or 2006. With respect to the payment of dividends by Global Petroleum in subsequent reporting periods (if any), no franking credits are currently available, or are likely to become available in the next 12 months. 5. SEGMENT INFORMATION Segment information is presented in respect of the consolidated entity's geographical segments. The primary format, geographical segments, is based on the consolidated entity's management and internal reporting structure. Inter-segment pricing is determined on an arm's length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to be used for more than one period. Geographical segments The consolidated entity's geographical segments are as follows: Falkland Australia Europe Africa Islands Iraq Other Eliminations Consolidated 2007 $ $ $ $ $ $ $ $ Segment income External income 404,046 - - - - - - 404,046 ------- ------- ------- -------- ------ ------ -------- -------- Total revenue 404,046 -------- Result Segment result (1,011,879) (757,620) (8,112,731) (359) - - (500) (9,883,089) ------- ------- ------- -------- ------ ------ -------- -------- Income tax expense - -------- Loss for the period (9,883,089) -------- Depreciation 21,836 - - - - - - 21,836 Exploration and evaluation expenditure written off - 769,339 8,128,738 - 19,629 84,066 - 9,001,772 ------- ------- ------- -------- ------ ------ -------- -------- Assets Segment assets 7,660,267 1,096,515 8,155,784 24,275,749 - - (1,332,443) 39,855,872 ------- ------- ------- -------- ------ ------ -------- -------- Liabilities Segment liabilities 141,872 925,780 189,272 326,199 - - (1,332,443) 250,680 ------- ------- ------- -------- ------ ------ -------- -------- Acquisitions of non-current assets, including capitalised exploration and evaluation expenditure 18,459 222,883 203,266 - 19,629 84,080 - 548,317 ------- ------- ------- -------- ------ ------ -------- -------- Australia Europe Africa Falkland Iraq Other Eliminations Consolidated Islands 2006 $ $ $ $ $ $ $ $ Segment income External income 1,453,237 - - 63,555 - - - 1,516,792 ------- ------- ------- -------- ------ ------ -------- -------- Total revenue 1,516,792 -------- Result Segment result (632,626) (300,777) (1,068,502) 1,099,458 (54,860) - - (957,307) ------- ------- ------- -------- ------ ------ -------- -------- Income tax expense - ------- Loss for the period (957,307) -------- Depreciation 36,699 - - - - - - 36,699 Other non-cash expenses/ (credit) 5,302 - - - - - - 5,302 Exploration and evaluation expenditure written off 23,018 19,836 1,068,502 - 54,860 - - 1,166,216 ------- ------- ------- -------- ------ ------ -------- -------- Assets Segment assets 8,568,387 1,890,388 16,092,081 35,174,391 - - (1,484,818) 60,240,429 ------- ------- ------- -------- ------ ------ -------- -------- Liabilities Segment liabilities 301,663 1,037,248 217,655 321,589 - - (1,484,818) 393,337 ------- ------- ------- -------- ------ ------ -------- -------- Acquisitions of non-current assets, including capitalised exploration and evaluation expenditure 27,840 465,422 329,974 - 54,860 - - 878,096 ------- ------- ------- -------- ------ ------ -------- -------- Business segments The consolidated entity operates within one business segment, being the petroleum and mineral exploration industry. Accordingly, the consolidated entity's total revenue and loss for the period relate to that business segment. 6. EARNINGS PER SHARE Consolidated Consolidated 2007 2006 Cents per Share Cents per Share Basic profit/(loss) per share: (5.69) (0.56) ========== =========== Diluted profit/(loss) per share: (5.69) (0.56) ========== =========== The following reflects the income and share data used in the calculations of basic and diluted earnings per share: Consolidated Consolidated 2007 2006 $ $ Net profit/(loss) used in calculating basic and diluted earnings per share (9,883,089) (957,307) ========== ========== Number of Number of Shares Shares 2007 2006 Weighted average number of ordinary shares used in calculating basic earnings per share 173,679,034 170,468,760 Effect of dilutive securities - - ---------- --------- Adjusted weighted average number of ordinary shares and potential ordinary shares used in calculating basic and diluted earnings per share 173,679,034 170,468,760 ========== ========= Non-dilutive securities As at balance date, 10,200,000 Unlisted Options (which represent 10,200,000 potential ordinary shares) were not dilutive as they would decrease the loss per share. Conversions, calls, subscriptions or issues after 30 June 2007 Since 30 June 2007, no shares have been issued and no incentive options have been granted. No shares have been issued as a result of the exercise of options since 30 June 2007. 7. SUBSEQUENT EVENTS The consolidated entity's interest in Falkland Oil & Gas Limited is recorded at fair value, based on current market value at year end. The carrying value of Global's shareholding recorded in the financial statements at 30 June 2007 was A$24.3 million (based on the FOGL share price at 30 June 2007 of £0.80). At a FOGL share price of £1.60 (as at 25 September 2007), Global's shareholding is valued at A$47.8 million. Other than as outlined above, as at the date of this report there are no matters or circumstances which have arisen since 30 June 2007 that have significantly affected or may significantly affect: (a) the operations, in financial years subsequent to 30 June 2007, of the Company; (b) the results of those operations, in financials years subsequent to 30 June 2007, of the Company; or (c) the state of affairs, in financial years subsequent to 30 June 2007, of the Company. This information is provided by RNS The company news service from the London Stock Exchange

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