Global holds one contract with The Ministry of Commerce and Industry for the Republic of Panama ( "The Ministry") - the Garachine Block Area.

The contract was signed in June 2007 and was the first operations contract which The Ministry had signed since 1990.

The Contract area covers 691,500 acres located wholly offshore in shallow water with a maximum depth of only 140 feet and an estimated average water depth of approximately 70 feet.  The area covered by the Contract was previously held by the Company under a Technical Evalution Agreement ("TEA").