1st Quarter Results

Global Petroleum Ltd
31 October 2007
                                                                             
           

31 October 2007
 

           Global Petroleum Limited - September 2007 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%

The costs associated with Global's 20% in L5 and L7 are carried for all
activities through the drilling of the first well in each of these areas.

The Joint Venture is in ongoing discussions with regard to the forward programme
for blocks 5 & 7 offshore Kenya. The Joint Venture has until 11 July 2008 to
drill the 1st well in L-7 before deciding whether to proceed to the 2nd
additional exploration period and commit to a 2nd well in this licence.


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

Global advises that RWE Dea AG ('RWE'), as operator, have completed a microbial/
geochemical survey on sea bottom samples using the Italian research vessel
'Universitatis' based in Messina, Sicily. The samples are currently being
analysed and results are due by the end of the year.            

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 following the completion of the seismic programme phase.
                                                               
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.

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Falkland Oil and Gas Limited ('FOGL')    

In its release of interim results on 24 September 2007, FOGL advised it had
completed the controlled source electromagnetic survey and that results received
to date had been encouraging. The results of the survey, as well as the 2D
seismic infill survey in which a total of 9,950 kilometers of new seismic data
had been acquired from Wavefield InSeis AS, would be available later in the
year. 

Post 30 September 2007, FOGL announced it had entered into a farm-out agreement
with a subsidiary of BHP Billiton over FOGL's 2002 and 2004 licences to the
South and East of the Falkland Islands. Under the agreement, BHP Billiton will
acquire a 40% interest, with an option to increase its interest up to 65%, and
will take over the operatorship of the licences. A minimum of two exploration
wells will be drilled in the next 3 years and BHP Billiton pays FOGL US$10
million in reimbursement of certain historical costs.   

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
 

For further information please contact:

Mark Savage (Chairman)
001 505 344 2822    

KBC Peel Hunt (Nominated Adviser & Broker)
Matt Goode
020 7418 8900       



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