Global currently has a 25.7% stake in FOGL which is an unlisted Falkland Islands registered company. FOGL has a 77.5% interest in Petroleum Licenses Offshore Falkland Islands and is in joint venture with Hardman Resources which owns the remaining 22.5%.
The FOGL Board and shareholders have appointed KBC Peel Hunt, a UK based broker, to manage the Prospectus preparation and proposed UK listing.
FOGL plans to raise up to £10 million (A$25 million) through the issue of new FOGL shares. The remaining shares in FOGL will be held by the Company's current shareholders.
Global will continue to have a significant holding in FOGL after the proposed UK listing. Through the agreements between its existing shareholders, FOGL has already committed to a 3,500km seismic survey over leads identified by earlier mapping of its Falkland Islands prospects. Seismic tenders were called early in August 2004 and the survey is expected to take place in the upcoming December quarter.
A successful capital raising and UK listing will enable FOGL to progress follow-up seismic on key targets in 2005 to establish prospects for drilling possibly in 2006.
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