Global chairman Dr John Armstrong said the farm-in was “very good news” for Global shareholders.

“RWE Dea is an international oil and gas producer and explorer and is part of the RWE Group, one of Europe’s largest companies,” Armstrong said.

“It is active in exploration and production as operator and non-operating partner in Germany, the UK, Norway, Denmark, Egypt, Dubai and Kazakhstan, and holds exploration licences in Algeria, Libya and Poland. In 2005, RWE Dea’s oil and gas production was approximately 120,000 barrels of oil equivalent per day.”

Under the farm-in agreement, RWE Dea earns a 20% interest in the exploration study agreement for Global’s Malta Blocks 4 and 5 of Area 3, with Global retaining 80%. RWE Dea plans to undertake seismic studies in the second half of 2006 in the blocks at RWE Dea’s cost.

RWE Dea and Global have the option, to be exercised during the term of the exploration study agreement, to enter into a production sharing contract.

The minimum work commitment during the first two-year exploration period under this PSC is the drilling of one well. By carrying Global’s share of the cost of that well on a dry-hole basis, RWE Dea will earn an additional 50% in the venture, with Global retaining 30% (including a 3% interest on behalf of Envoi, the UK marketing agency that assisted Global in the farm-in process).

Global’s Malta blocks are in the southern region of the Ragusa Trough, which extends south from Sicily and contains the Vega oil field in the Italian part of the basin. The blocks contain several leads, which will be the main focus of the planned seismic program with RWE Dea.

The Government of Malta has extended the exploration study agreement for a further six months until December 31, allowing the planned seismic work program, which will be operated by RWE Dea, to proceed.