RNS Number:6124L
Global Natural Energy PLC
28 May 2003


STATEMENT BY THE RT HON LORD OWEN CH (CHAIRMAN) TO THE ANNUAL GENERAL MEETING OF
GLOBAL NATURAL ENERGY PLC - 28 MAY 2003

I am delighted to say that Global Natural Energy plc has been one of the best
performing shares on the London Stock Exchange this year.  We are often asked
why this is so. In truth I think our share price had fallen to quite unrealistic
levels and this was compounded when we made the long promised decision to
consolidate our shares. It obviously came as a surprise even to some of our
loyal shareholders when I was able to announce in my Annual Statement that the
Company held as of 30 April $6.5 million cash on deposit.

But in addition to this the Company has I think lived up to both its new name
and focus. You will remember that in my letter to you of 28 June last year
convening the Extraordinary General Meeting I spelt out the three steps that the
Company would undertake to transform it into a new venture and a new market.
All of those steps have been fulfilled.  We are now as promised at the late
stages of very detailed discussions on how we can play a key role in UK gas
distribution. Global Natural Gas has been fully established and is energetically
pursuing discussions and we are also exploring other possibilities to increase
our potential for making inroads into the market. I hope we will be able to make
further announcements in the near future on gas.

The Board has decided in principle that we should now sell our non-core assets
of 36% of Afon Tinplate Company Ltd which is valued in our books at #2.2
million.

In Russia we continue to build on the enormous goodwill established over the
last decade. This is critically important to the development of our gas
strategy. Fees relating to corporate finance from companies like Gazprom also
continue at a healthy level and we hope to extend this business.

Your Board hope that we will continue to have the support of our shareholders
for the strategy of building the Company up in the energy related fields, though
we will continue to hold shares in Europe Steel plc, where we believe our past
experience in Russian steel can be utilised for the benefit of shareholders. I
am pleased to inform you that today the application will be made for the shares
of Europe Steel to be re-admitted to the OFEX market. Also trading in steel by
Europe Steel is developing well.


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