Quarterly Report

Global Petroleum Ltd
28 April 2005





28 April 2005

                            Global Petroleum Limited

                          March 2005 Quarterly Report


* UK Alternative Investment Market ('AIM')

The Company was admitted to AIM on the 7th of March 2005 as a compliance
admission (i.e. there was no fund raising).

* Kenya (Global 20%)

The Company has a holding of 20% in three blocks L-5, L-7, and L-11 offshore
Kenya. In regard to the fourth Block L-10 which is now held by Dana (80% and
operator) and Global (20%) - as a result of the withdrawal of Woodside - the
terms of an extension of the Licence including the work programme are under
negotiation with the Kenyan authorities.

In L-5, L-7 and L-11 Global is in a Joint Venture with Woodside (50% and
operator in L5 and L7, and 40% in L11) and Dana Petroleum (E&P) Limited (30% in
L5 and L7 and 40% in L11). The costs associated with Global's 20% equity are
carried for all activities including the drilling and testing of two wells. In
August 2004, the Company announced Woodside's intention to continue in Blocks L5
and L7 at which time Woodside committed to the drilling of the first of the two
wells through which Global's costs are carried.

Mapping of the 2003 5,500km 2D seismic survey revealed several leads in Blocks
L-5 and L-7 in water depths of 1,650 -2,800 metres with the leads (potential
targets for drilling) ranging in size from 10 sq km (2,500 acres) to 60 sq km
(15,000 acres).

Interpreted results of the 2004/05 3,600km 2D seismic survey are expected to be
available mid year and these will be the basis for selection of the prospects
for drilling - currently targetted to begin in the last quarter of this year.

In Block L-11, Woodside has until late 2005 to determine whether or not to
continue in this Block.

* Falkland Oil and Gas Limited ('FOGL')(Global shareholding 16.06%)- www.fogl.co
.uk

FOGL announced on the 7th of April 2005 that 80% of the 10,000km 2D seismic
survey of its Falkland Islands Licences had been completed. The Company noted
that 'the early processed results had provided further information on the 8
Leads referred to in the AIM Listing Prospectus, as well as identifying several
additional leads which could warrant further work'; and that 'it is evident that
there are several different play types (tilted fault blocks, rollovers,
channels, seafloor fans, basement onlap) each with several leads. 

It is particularly encouraging that possible Direct Hydrocarbon Indicators 
(DHI's which can be due to rock effects as well as oil and gas) are associated 
with a number of the leads - and these DHI's could be indicative of a working 
petroleum system'; and that 'FOGL has many more opportunities than originally
anticipated'. It was noted that 'the fully processed and interpreted results of
the entire survey are expected to be available in the third quarter'.

* Falkland Minerals Limited ('FGML') (Global shareholding 10.1%) - www.fgml.co.uk

FGML announced on the 10th of April that drilling commenced on the 4th of March
with 'first results expected to be completed by June'; and 'the second drill rig
- arrived in the Falklands on 14th March and it is being commissioned'; and that
a ground magnetic survey team will be conducting 'the planned 1300 line
kilometre program over the next 2-3 months'.

* Queensland ATP 728 (Global 100%)

The Company was unable to find a farm-in partner and ATP728 has been surrendered
back to the Queensland Government.

* Ireland Licence Option 03/3 (Global 100%)

The area comprises part blocks 57/3, 57/4, 57/8 and 57/9 in the North Celtic Sea
Basin, 30-70km to the south and south west of the producing Kinsale Head and
Seven Heads gas fields. Well 57/9-1 drilled in the area in 1984 flowed gas at
2.6 million cubic feet per day from Lower Cretaceous Wealdon Sands and recovered
some oil. Mapping has indicated a prospect with Jurassic and Lower Cretaceous
targets capable of holding a potential 280 million barrels of oil in place.

The Company is seeking a farminee to take over operatorship and earn signficant
equity by conducting further studies and drilling a well.

* Malta Exploration Study Agreement (Global 100%)

The Area comprises Malta Blocks 4 and 5 in Area 3, covering the southern end of
the Ragusa Trough. The key prospects - Gamma and Beta have similar reservoir
targets to the 300 million barrel Vega oil field in the northern part of the
Ragusa Trough. Mapping of Gamma and Beta suggests that they could be capable of
containing 400 and 900 million barrels of oil in place respectively.

The Company is seeking a farminee to take over operatorship and earn signficant
equity by conducting further studies and drilling a well.

* Iraq

The Company continues to seek opportunities in the petroleum industry in Iraq.

* Company Update

On the 11th of April, the Company posted an update of its activities on the 
Company's website www.globalpetroleum.com.au

Further information:

Global Petroleum Limited
Dr John Armstrong, Executive Chairman [phone]

Bell Pottinger Corporate & Financial
Nick Lambert [phone]




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