Quarterly Report

RNS Number : 2187A

Global Petroleum Ltd

31 July 2008

 



31 July 2008

RNS AIM release

Global Petroleum Limited - June 2008 Quarterly Report

Kenya (Global 20%)

The L5 and L7 Joint Venture comprises:

Woodside Energy (Kenya) Pty Ltd                        30% (and operator)

Dana Petroleum (E&P) Ltd                                    30%

Repsol Exploracion S.A.                                        20%

Global Petroleum                                                   20%

PSC L5 expired on 11 July 2008 and PSC L7 on 8 June 2008. None of the joint venture parties have given notice that they wish to renew the PSC's.

As announced previously, notice has been given to Woodside Energy (Kenya) Pty Limited ('Woodside') terminating the Farm-In Agreement ('FIA'). The termination notice has been given based on Woodside's refusal to drill a second exploratory well in the project area in accordance with the FIA and its failure to take any steps to remedy this refusal, which the Company considers to be a repudiation and breach of the FIA.

The Company and joint venture partner Dana Petroleum (E&P) Limited have commenced legal proceedings in the English High Court of Justice to recover losses suffered as a result. 

Malta Exploration Study Agreement Area 3 - Blocks 4 & 5 (Global 80%)

RWE Dea AG ('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. RWE have requested a 2 month extension from the Maltese Government to the Exploration Agreement that was due to expire on 30 June 2008 to allow talks to continue with a potential farminee.

Should a well be drilled, 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.

Falkland Oil and Gas Limited ('FOGL')

As previously announced, Global sold a significant parcel of its FOGL shares during the quarter. As at 30 June 2008, the Company held approximately 1.85% of the issued shares of FOGL.  

Appointment of Non-Executive Director

As announced on 6 June 2008, Mr Shane Cranswick was appointed a non-executive Director of the Company. 

Mr Cranswick is a member of the Institute of Chartered Accountants, the Institute of Chartered Secretaries and the Financial Services Institute of Australasia. He commenced his career with an international Chartered Accounting firm and has since worked in the role of Company Secretary and Chief Financial Officer for a number of listed companies that operate in the resources sector. 

The Board continues to review opportunities for other acquisitions, joint ventures, or investments in the resources sector, both domestic and overseas, which may enhance shareholder value.

Mark Savage

Chairman

Blue Oar Securities Plc (Nominated Adviser and Broker)	Tel	020 7418 4400
Rhod Cruwys / Tanya Israni

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

GLOBAL PETROLEUM LIMITED

ABN		Quarter ended ('current quarter')
68 064 120 896		30 JUNE 2008

Consolidated statement of cash flows

Cash flows related to operating activities		Current quarter $A'000	Year to date  (12 months)  $A'000
1.1	Receipts from product sales and related debtors	-	-
1.2	Payments for    (a) exploration and evaluation     (b) development     (c) production     (d) administration	(9) - - (274)	(182) - - (1,041)
1.3	Dividends received	-	-
1.4	Interest and other items of a similar nature received	464	821
1.5	Interest and other costs of finance paid	-	-
1.6	Income taxes paid	-	-
1.7	Other (provide details if material) - business development	(3)	(125)
	Net Operating Cash Flows	178	(527)
	Cash flows related to investing activities
1.8	Payment for purchases of:        (a) prospects      (b) equity investments     (c) other fixed assets	- - -	- - -
1.9	Proceeds from sale of:        (a) prospects      (b) equity investments      (c) other fixed assets	- 23,980 -	- 28,657 -
1.10	Loans to other entities	-	-
1.11	Loans repaid by other entities	-	-
1.12	Other (provide details if material)	-	-
	Net investing cash flows	23,980	28,657
1.13	Total operating and investing cash flows (carried forward)	24,158	28,130
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.	-	-
1.15	Proceeds from sale of forfeited shares	-	-
1.16	Proceeds from borrowings	-	-
1.17	Repayment of borrowings	-	-
1.18	Dividends paid	-	-
1.19	Other (provide details if material)	-	-
	Net financing cash flows	-	-
	Net increase (decrease) in cash held	24,158	28,130
1.20	Cash at beginning of quarter/year to date	10,297	6,325
1.21	Exchange rate adjustments to item 1.20	-	-
1.22	Cash at end of quarter	34,455	34,455

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

		Current quarter $A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	95
1.24	Aggregate amount of loans to the parties included in item 1.10	-
1.25	Explanation necessary for an understanding of the transactions
	Payments include consulting fees, director's fees, and provision of a serviced office.

Non-cash financing and investing activities

2.1	Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
	N/a

2.2	Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
	N/a

Financing facilities available

		Amount available $A'000	Amount used $A'000
3.1	Loan facilities	Nil	Not Applicable
3.2	Credit standby arrangements	Nil	Not Applicable

Estimated cash outflows for next quarter

		$A'000
4.1	Exploration and evaluation	150
4.2	Development	-
	Total	150

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current quarter  $A'000	Previous quarter $A'000
5.1	Cash on hand and at bank	432	3,006
5.2	Deposits at call	34,023	7,291
5.3	Bank overdraft	-	-
5.4	Other (provide details)	-	-
	Total: cash at end of quarter (item 1.22)	34,455	10,297

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed	PSC L-7		20%	-
6.2	Interests in mining tenements acquired or increased

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference +securities  (description)
7.2	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions
7.3	+Ordinary securities	174,444,787	174,444,787
7.4	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs
7.5	+Convertible debt securities (description)
7.6	Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7	Options  (description and conversion factor)	200,000		Exercise price $0.25	Expiry date 31-12-2008
7.8	Issued during quarter
7.9	Exercised during quarter
7.10	Expired during quarter	10,000,000		$0.25	30-06-2008
7.11	Debentures (totals only)
7.12	Unsecured notes (totals only)

Compliance statement

1    This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4). 

2    This statement does give a true and fair view of the matters disclosed.

Sign here:     ............................................................    Date: 31 July 2008

(Company secretary)

Print name:     SHANE CRANSWICK

Notes

1    The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2    The 'Nature of interest' (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3      Issued and quoted securities  The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.

4    The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

5    Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

 

END

 

 

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