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Market:	ASX
Sector:	General Mining
EPIC:	GFE

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Global Iron
Global Iron Limited is an iron ore exploration company that is focused on creating opportunities for world-class iron ore discoveries within Australian and overseas. The Company currently has contractual right to the iron ore rights of a number of prospective iron ore projects in Western Australia.

Global Iron acquires African Petroleum in $500 million deal

Tuesday, February 09, 2010

Australian-listed Global Iron (ASX: GFE) has entered into a ‘company transforming’ transaction to acquire private company APCL, which will own the rights to two highly prospective oil and gas exploration blocks located in offshore Liberia, West Africa in a deal valued at approximately A$500 million.

On completion, APCL will have the rights to two highly prospective oil and gas exploration blocks off the coast of Liberia, West Africa, covering a total licence area of approximately 7,200km2.

Independent oil and gas specialist consultant, IHS Global, has determined that the Liberian blocks have potential for combined un-risked total P50 recoverable prospective resources 1875 million barrels with a range of 945 to 3043 million barrels.

The Agreement is conditional on Global completing a placement of shares to raise not less than A$130 million and up to A$230 million.

Global will change its name to African Petroleum Corporation Limited on obtaining the necessary shareholder approvals.

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