Additional Listing

Global Petroleum Ltd
20 December 2006


                                Global Petroleum


                              Exercise of Options



20 December 2006



Global Petroleum Limited advises that Directors have approved the allotment of
100,000 fully paid ordinary shares as the result of a notice received from Derek
Hayden Reeves, to exercise all of options held by him. The exercise price of
A$0.25cents (10.1 pence) amounting to A$25,000 (£10,110) has been paid to the
company.


The company has applied for 100,000 shares, no par value, to be admitted to
trading on AIM. Such admission is expected on 27 December 2006. An application
for quotation of the new shares has been made to the ASX and the shares are
expected to be allotted by 27 December 2006.


The total number of Global ordinary shares quoted on the ASX and AIM following
the exercise of the options will be 174,444,787.


Des Olling
Company Secretary
Global Petroleum Limited
Level 9, 46 Edward Street
Brisbane, Qld 4000
Tel: [phone]
Fax: [phone]
Email: [e-mail]






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