Quarterly Report

Global Petroleum Ltd
30 April 2008


30 April 2008

RNS AIM release


             Global Petroleum Limited - March 2008 Quarterly Report

Kenya (Global 20%)

The L5 and L7 Joint Venture comprises:

Woodside Energy (Kenya) Pty Ltd        30% (and operator)
Dana Petroleum (E&P) Ltd               30%
Repsol Exploracion S.A.                20%
Global Petroleum                       20%

Under a Farm-in Agreement dated 28 June 2006, Woodside Energy (Kenya) Pty Ltd
agreed to drill one well in each of the Kenyan blocks L-5 and L-7, and to fully
carry Global's interest (20%) in those wells. In January 2007 the first well,
Pomboo, was drilled. The second well is due to be drilled by July 2008 to comply
with the L-7 licence work obligations. As outlined previously, current
indications are that it is unlikely that Woodside will drill that well by the
due date. Global has written to Woodside advising that if the well is not
drilled, Woodside will be in breach of its obligations under the Farm-in
Agreement. Global is still in the process of taking further legal advice on this
issue.

Malta Exploration Study Agreement Area 3 - Blocks 4 & 5 (Global 80%)

RWE Dea AG ('RWE'), which has farmed into Global's interest in the Exploration
Study Agreement covering Blocks 4 & 5, has the right to earn up to a total 70%
interest if the parties enter into a PSC with the Malta Government and RWE
commits to the drilling of a well. The ESA has been extended by the Malta
Government until 30 June 2008 and RWE has established a digital data room and is
currently in initial discussions with potential additional farm in partners for
the project.

Should a well be drilled, Global's 30% share (including 3% on behalf of a UK
marketing agency that assisted Global in the farm-in process) of the costs of
such a well would be fully carried by RWE.

Falkland Oil and Gas Limited ('FOGL')

The Annual Report for the year ended 31 December 2007 was released by FOGL in
April 2008. Shareholders are advised to refer to FOGL's AIM announcements (AIM
Code: 'FOGL') for further information.

Global Petroleum sold a parcel of its FOGL shares during the quarter. As at 31
March 2008, the Company held approximately 12.2% of the issued shares of FOGL.
Additional sales until the date of this report have resulted in Global's holding
of FOGL shares reducing to 1.85%.

The Board continues to review opportunities for other acquisitions, joint
ventures, or investments in the resources sector, both domestic and overseas,
which may enhance shareholder value.

Mark Savage
Chairman

Blue Oar Securities Plc (Nominated Adviser and Broker)       Tel   [phone]
Rhod Cruwys





Appendix 5B



                   Mining exploration entity quarterly report

Introduced 1/7/96.  Origin:  Appendix 8.  Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

GLOBAL PETROLEUM LIMITED

ABN                                                              Quarter ended ('current quarter')

68 064 120 896                                                   31 MARCH 2008


Consolidated statement of cash flows
                                                                Current quarter              Year to date
Cash flows related to operating activities                               $A'000                (9 months)
                                                                                                   $A'000

1.1    Receipts from product sales and related                                -                         -
       debtors

1.2    Payments for      (a)  exploration and evaluation                    (10)                     (174)
                         (b)  development                                     -                         -
                         (c)  production                                      -                         -
                         (d)  administration                               (199)                     (767)
       
1.3    Dividends received                                                     -                         -

1.4    Interest and other items of a similar nature
       received                                                             142                       357

1.5    Interest and other costs of finance paid                               -                         -

1.6    Income taxes paid                                                      -                         -

1.7    Other (provide details if material)
       - business development                                                 -                      (121)

       Net Operating Cash Flows                                             (67)                     (705)

       Cash flows related to investing activities

1.8    Payment for purchases of:

                         (a)  prospects                                       -                         -
                         (b)  equity investments                              -                         -
                         (c)  other fixed assets                              -                         -
       
1.9    Proceeds from sale of:

                         (a)  prospects                                       -                         -
                         (b)  equity investments                          2,389                     4,677
                         (c)  other fixed assets                              -                         -
       
1.10   Loans to other entities                                                -                         -

1.11   Loans repaid by other entities                                         -                         -

1.12   Other (provide details if material)                                    -                         -

       Net investing cash flows                                           2,389                     4,677

1.13   Total operating and investing cash flows
       (carried forward)                                                  2,322                     3,972

1.13    Total operating and investing cash flows (brought
        forward)                                                          2,322                     3,972

        Cash flows related to financing activities

1.14    Proceeds from issues of shares, options, etc.                         -                         -

1.15    Proceeds from sale of forfeited shares                                -                         -

1.16    Proceeds from borrowings                                              -                         -

1.17    Repayment of borrowings                                               -                         -

1.18    Dividends paid                                                        -                         -

1.19    Other (provide details if material)                                   -                         -

        Net financing cash flows                                              -                         -

        Net increase (decrease) in cash held                              2,322                     3,972

1.20    Cash at beginning of quarter/year to date                         7,975                     6,325

1.21    Exchange rate adjustments to item 1.20                                -                         -

1.22    Cash at end of quarter                                           10,297                    10,297

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related
entities

                                                                                       Current quarter
                                                                                                $A'000

1.23      Aggregate amount of payments to the parties included in item 1.2                          87

1.24      Aggregate amount of loans to the parties included in item 1.10                             -

1.25      Explanation necessary for an understanding of the transactions

          Payments include consulting fees, director's fees, and provision of a serviced office.

Non-cash financing and investing activities

2.1    Details of financing and investing transactions which have had a material effect on consolidated
       assets and liabilities but did not involve cash flows

       N/a

2.2    Details of outlays made by other entities to establish or increase their share in projects in which
       the reporting entity has an interest

       N/a


Financing facilities available

Add notes as necessary for an understanding of the position.


                                                                   Amount available              Amount used
                                                                             $A'000                   $A'000

3.1     Loan facilities                                                         Nil           Not Applicable

3.2     Credit standby arrangements                                             Nil           Not Applicable


Estimated cash outflows for next quarter

                                                                                                      $A'000

4.1   Exploration and evaluation                                                                         150

4.2   Development                                                                                          -

      Total                                                                                              150


Reconciliation of cash

Reconciliation of cash at the end of the quarter (as           Current quarter           Previous quarter
shown in the consolidated statement of cash flows)
to the related items in the accounts is as follows.                     $A'000                     $A'000

5.1   Cash on hand and at bank                                           3,006                        319

5.2   Deposits at call                                                   7,291                      7,656

5.3   Bank overdraft                                                         -                          -

5.4   Other (provide details)                                                -                          -
      Total: cash at end of quarter (item 1.22)                         10,297                      7,975

Changes in interests in mining tenements

                                         Tenement            Nature of interest   Interest at  Interest at
                                        reference                                beginning of       end of
                                                                     (note (2))       quarter      quarter
6.1    Interests in mining
       tenements relinquished,
       reduced or lapsed

6.2    Interests in mining
       tenements acquired or
       increased

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights
together with prices and dates.

                         Total number       Number quoted       Issue price per     Amount paid up per
                                                                security (see note  security (see note 3)
                                                                3) (cents)          (cents)
7.1    Preference
       +securities
       (description)

7.2    Changes during
       quarter

       (a)  Increases
       through issues

       (b)  Decreases
       through returns
       of capital,
       buy-backs,
       redemptions
7.3    +Ordinary                174,444,787         174,444,787
       securities


7.4    Changes during
       quarter

       (a)  Increases
       through issues

       (b)  Decreases
       through returns
       of capital,
       buy-backs
7.5    +Convertible debt
       securities
       (description)
7.6    Changes during
       quarter

       (a)  Increases
       through issues

       (b)  Decreases
       through
       securities
       matured,
       converted
7.7    Options                                                       Exercise price            Expiry date
       (description and
       conversion                   200,000                                   $0.25             31-12-2008
       factor)
                                 10,000,000                                   $0.25             30-06-2008
7.8    Issued during
       quarter
7.9    Exercised during
       quarter
7.10   Expired during
       quarter
7.11   Debentures
       (totals only)
7.12   Unsecured notes
       (totals only)

Compliance statement

1             This statement has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations Act or other
standards acceptable to ASX (see note 4).

2             This statement does give a true and fair view of the matters 
disclosed.


Sign here:
......................................................       Date: 30 April 2008

Company secretary)



Print name:            SHANE CRANSWICK

Notes

1             The quarterly report provides a basis for informing the market how
the entity's activities have been financed for the past quarter and the effect
on its cash position.  An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.

2             The 'Nature of interest' (items 6.1 and 6.2) includes options in
respect of interests in mining tenements acquired, exercised or lapsed during
the reporting period.  If the entity is involved in a joint venture agreement
and there are conditions precedent which will change its percentage interest in
a mining tenement, it should disclose the change of percentage interest and
conditions precedent in the list required for items 6.1 and 6.2.

3             Issued and quoted securities  The issue price and amount paid up
is not required in items 7.1 and 7.3 for fully paid securities.

4             The definitions in, and provisions of, AASB 1022: Accounting for
Extractive Industries and AASB 1026: Statement of Cash Flows apply to this
report.

5             Accounting Standards ASX will accept, for example, the use of
International Accounting Standards for foreign entities.  If the standards used
do not address a topic, the Australian standard on that topic (if any) must be
complied with.

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