Exercise of options

Global Petroleum Ltd
20 April 2005


20 April 2005

Global Petroleum Limited

Exercise of Options

Global Petroleum Limited advises that Directors have approved the allotment of
500,000 fully paid ordinary shares as the result of a notice received from
Taylor Collison Limited to exercise 50% of the options held by it. The options,
which were issued in October 2003 as payment in lieu of brokerage fees for the
private placement of funds in the company, are exercisable at 25 cents each. The
remaining options are exercisable by 31 December 2005.

An application for quotation of the new shares has been made to the ASX today
and the shares are expected to be allotted by Friday 22 April 2005.



Des Olling
Company Secretary
Global Petroleum Limited
Level 9, 46 Edward Street
Brisbane, Qld
Australia 4000
Tel:  [phone]
Fax: [phone]
E-mail:  [e-mail]




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