Issue of Equity

Global Petroleum Ltd
17 May 2006


                            Global Petroleum Limited


                              Exercise of Options


Global Petroleum Limited advises that Directors have approved the allotment of
2,000,000 fully paid ordinary shares as the result of a notice received from
John Dennis Armstrong to exercise part of the 10,000,000 options held by him and
due for expiry 30 June 2007. The exercise price of A$0.25 cents (10.5 pence)
amounting to A$500,000 (£210,000) will be paid to the Company. Dr Armstrong is
the Executive Chairman of Global Petroleum Limited.


The Company has applied for 2,000,000 shares, no par value, to be admitted to
trading on AIM. Such admission is expected on 22 May 2006. An application for
quotation of the new shares has been made to the ASX and the shares are expected
to be allotted by 19 May 2006.


The total number of Global ordinary shares quoted on the ASX and AIM following
the exercise of the options will be 172,294,787.


Des Olling

Company Secretary

Global Petroleum Limited

Level 9, 46 Edward Street

Brisbane, Qld 4000

Tel: [phone]

Fax: [phone]

Email: [e-mail]




                      This information is provided by RNS
            The company news service from the London Stock Exchange