Issue of Equity

Global Petroleum Ltd
19 December 2005



                            Global Petroleum Limited
                                Issue of equity

The Company advises that it has applied for 714,982 ordinary shares, at no par
value to be admitted to trading on AIM. Such admission is expected to be on
Thursday 22 December 2005. An application for quotation of the new shares has
been made to the ASX today and the shares are expected to be quoted on Thursday
22 December 2005.

The shares are in part consideration for the Company's 100% acquisition of
Astral Petroleum Limited which was completed on 16 December 2004. The balance of
the consideration was paid on completion. There may be further consideration
payable in the form of fully paid shares if the Company can Farmout the acquired
Ireland and Malta licenses on certain terms and conditions. Full details are
available on the Company's website at www.global-petroleum.co.uk.

The total number of fully paid ordinary shares in Global Petroleum Limited after
admission of the above shares will be 170,294,787.


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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