FOGL announcement

Global Petroleum Ltd
02 October 2007



Global Petroleum Limited



                    FALKLAND OIL & GAS LIMITED ANNOUNCEMENT

Global Petroleum Limited advised that Falkland Oil & Gas Limited ('FOGL') has
released an announcement in relation to a Farm-Out Agreement with BHP Billiton.
The full announcement appears hereunder.

Global Petroleum holds a 14% interest in FOGL.

Mark Savage
Chairman

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

Falkland Oil and Gas Limited

Farm-out Agreement with BHP Billiton

Falkland Oil and Gas Limited ('FOGL') is pleased to announce that it has entered
into a farm-out agreement with a subsidiary of BHP Billiton, the world's largest
diversified resources company, over FOGL's 2002 and 2004 licences to the South
and East of the Falkland Islands.

Highlights:

* Under the agreement a minimum of two exploration wells will be drilled in the 
  next 3 years
* The farm-out agreement applies to FOGL's entire exploration acreage in the 
  Falklands
* BHP Billiton will acquire a 40% interest, with an option to increase its 
  interest up to 65%, and will take over the operatorship of the licences
* FOGL retains a substantial stake in the licences
* BHP Billiton pays FOGL US$10 million in reimbursement of certain historical 
  costs
* New licence terms have been agreed with the Falkland Islands Government
* The entry of BHP Billiton, a company with extensive exploration experience, 
  into our licences confirms our view of the significant petroleum potential of 
  the South and East Falkland Basins

Details of the agreement

Under the terms of the agreement BHP Billiton will acquire a 40% interest in the
2002 and 2004 licences and will also, take over the operatorship of the
licences, effective January 2008. In return BHP Billiton will pay four thirds of
40% of the costs of the forward 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 US$10 million in relation
to certain costs already incurred by the company. BHP Billiton also has the
option to further increase its interest in the licences up to 65%. Under this
option arrangement, BHP Billiton will pay four thirds of its share of the costs
of the forward work programme up to the completion of the drilling of two
exploration wells, in relation to their additional interest and also, pay FOGL
an additional contribution to historic costs on a pro-rata basis. This option
will expire on 27 November 2007.

Following discussions with the Falkland Islands Government it has been agreed to
extend by 3 years the term of the first phases of the 2002 and 2004 licences, so
that they now expire in December 2010. As part of this change to the licence
terms a partial relinquishment of the 2004 licences will be made at the end of
2007. The Falkland Islands Government has also recently extended the second
phase of the 'open door' licences to five years. The second phase of the
licences will therefore, run from January 2011 to December 2015. The existing
work commitments of the licences remain unchanged.

Tim Bushell, Chief Executive of FOGL commented:

'This is a landmark deal for FOGL. The introduction of a major company as a
farm-in partner has been a key strategic objective over the last 18 months and
we are delighted to welcome a partner of BHP Billiton's calibre and expertise.

The entry of BHP Billiton as operator provides us with their expertise in
drilling in deepwater and sensitive environments, which combined with their
access to rigs will continue the exploration programme and lead to the drilling
of the first exploration wells in our licences.

BHP Billiton's commitment confirms our view that the South and East Falkland
basins are prospective and have high potential for the discovery of significant
volumes of oil and gas.

We are now entering a very exciting phase for FOGL and the Falkland Islands. The
results of our recent exploration programme and the introduction of BHP Billiton
represent a significant step in realising the potential of the region.'

Steve O'Rourke, President, Exploration, BHP Billiton Petroleum, said:

'We believe this substantial Falklands acreage will be a good addition to BHP
Billiton Petroleum's global portfolio and we look forward to working with our
partner to pursue this under explored area. With our strong focus on growth, we
now hold a significant interest in this high potential basin and will utilize
the talent of our team to safely execute an exploration program in the Falkland
Islands.'

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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