DirectorsShareholdings Rplcmt

RNS Number:0830N
Global Natural Energy PLC
02 July 2003

                          Hichens, Harrison & Co. plc
                                Bell Court House
                              11 Blomfield Street
                                     London
                                    EC2M 1LB



                         Telephone  - 020 7588 5171
                              Fax - 020 7628 9481



   Regulated and Authorised by the FSA. Members of the London Stock Exchange.



This Press Release replaces the Press Release
Issued this morning numbered 0565N


The corrections has been highlighted with an *



                          CORRECTED PRESS ANNOUNCEMENT


                          Global Natural Energy plc


Today, 2nd July 2003, *Rodava Management Limited, a company owned by Alisher
Usmanov*, Vice Chairman of Global Natural Energy plc ("GNE"), has subscribed at
a price of *260p per share for 538,874 new ordinary shares of 25p each in GNE,
representing 4.75% of the enlarged issued share capital*. As a result Alisher
Usmanov and his affiliated interests will beneficially hold or otherwise control
*772,207* ordinary shares representing approximately *6.8%* of the enlarged
issued share capital of GNE.



The subscription is in accordance with the Press Release issued on 1st July 2003
and the closing Daily Official List quotation of 253-267p as published in the
Stock Exchange Daily Official List of the 1st July 2003.



The new shares will on allotment rank pari passu in all respects with the
existing ordinary shares of GNE. *GNE will apply for the new ordinary shares to
be admitted to the Official List.*



*On 1st July 2003, options over ordinary shares were granted to directors under
the 1996 Executive Share Option Scheme, at an exercise price of 260p per share
and exercisable between 1st July 2006  and 30th June 2013, as follows:*



*Name          No of                         Resulting total
               share options                 no of share options


Lord Owen       50,000                       255,000*
A Usmanov      150,000                       515,659*
F Moshiri      100,000                       497,829*



On 2nd July 2003, Lord Owen, Chairman, purchased 3,650 ordinary shares in GNE at
a price of 270p. Lord Owen's resultant holding is now 84,483 shares,
representing 0.74% of the enlarged issued share capital.



On 2nd July 2003, Farhad Moshiri, Chief Executive, purchased 2,750 ordinary
shares at 270p taking his total holding to 206,151 ordinary shares, representing
1.82% of the enlarged issued share capital.






On 1st July, 2003, Dennis Woods, Executive Director, purchased 5,000 ordinary
shares at 245p for his PEP Scheme, taking his total holding to 5,000 ordinary
shares, representing 0.04% of the enlarged issued share capital.







Contact:

Dennis Bailey, Hichens Harrison & Co. plc                   020 7588 5171




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