Kenya Drill Rig

Global Petroleum Ltd
16 March 2006


                            Global Petroleum Limited

                               ABN 68 064 120 896


  Global Petroleum announces first oil exploration drilling in offshore Kenya



Global Petroleum Limited announces the decision of the Woodside-Dana-Global
Petroleum Joint Venture to drill the first oil exploration well in offshore
Kenya.


'Global is extremely pleased to have secured a firm drilling plan and proposed
date for the commencement of exploration drilling in this under-explored
province,' Global Chairman Dr John Armstrong said today.


The joint venture (Woodside Energy (Kenya) Pty Ltd earning 50% and operator,
Dana Petroleum 30% and Global 20%) has scheduled up to two wells to be drilled
in Blocks L-5 and L-7 in offshore Kenya in the last quarter of 2006. The actual
onset of drilling operations will be dependant on the delivery date of the rig
to Kenya, currently scheduled for October this year, and further studies of
met-ocean conditions. The Joint Venture has the option to drill a second well
immediately following the first well or subsequently when the results of the
first well are assessed.


The costs associated with Global's 20% equity in L-5 and L-7 are carried for all
activities including the drilling of the first well in each permit. Woodside
only earns its equity when these two wells are drilled.

Kenya is a key part of the Global portfolio which also includes oil and gas
exploration interests in the Falkland Islands (through the Company's 14%
shareholding in Falkland Oil and Gas Limited) and Ireland and Malta.

Dr Armstrong said that the Kenya acreage has the potential to become a
significant oil region:

   • Woodside currently regards Kenya as having 'multiple large structural
     prospects' (November 2005 Woodside presentation);
   • Woodside's mapping and seismic surveys have identified more than 30
     prospects and leads, a number of which are each capable of holding several
     hundred million to a billion barrels of recoverable oil;
   • The first prospect to be drilled is likely to be Pomboo in L-5 and the
     second possibly Sokwe in L-7;
   • Both prospects have reservoir objectives in rocks of Cretaceous and
     Tertiary age which elsewhere in the world contain a large proportion of the
     world's known oil and gas reserves;

Drilling will be undertaken using the deepwater drilling vessel 'Chikyu' which
has been contracted by Woodside Energy Ltd through the Norwegian international
drilling contractor, Smedvig on behalf of the Japanese Agency for Marine-Earth
Science and Technology (JAMSTEC). The rig contract is subject to JAMSTEC board
approval anticipated in late April 2006 and assignment to Woodside Energy
(Kenya) Pty Ltd subject to the relevant Joint Venture and Kenyan Government
approvals.

Dr Armstrong said that obtaining a rig had proved particularly difficult with
very high rig usage and long term rig contracts arising from the strong oil
price over the past two years. 'Drilling in our Kenya acreage represents a major
step forward for the company. We are pleased that the decision to drill has been
taken and the first well placed firmly on Woodside's drilling schedule. It is
Global's view that in a success case our Kenya acreage has the potential to
deliver very significant upside value for shareholders,' he said.


Dr John Armstrong

Executive Chairman


Telephone: [phone]

Fax: [phone]

Web: www.globalpetroleum.com.au




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