Appendix to Quarterly Report

Global Petroleum Ltd
28 April 2005


                                                                        Rule 5.3

                                   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 2005



Consolidated statement of cash flows

                                                                    
                                                          Current  Year to date 
                                                          quarter    (9 months)
Cash flows related to operating activities                 $A'000       $A'000
 1.1   Receipts from product sales and related debtors          -            -
 1.2   Payments for:
       (a) exploration and evaluation                         (26)        (215)
       (b) development                                          -            -
       (c) production                                           -            -
       (d) administration                                    (502)      (1,402)
 1.3   Dividends received                                       -            -
 1.4   Interest and other items of a similar
       nature received                                        102          208
 1.5   Interest and other costs of finance paid                 -            -
 1.6   Income taxes paid                                        -            -
 1.7   Other - management fees                                116          402
                                                         ---------- ------------
       Net Operating Cash Flows                              (310)      (1,007)
       Cash flows related to investing activities
 1.8   Payment for purchases of:
       (a)prospects                                             -            -
       (b)equity investments                                  (10)      (1,904)
       (c)other fixed assets                                  (12)         (19)
 1.9   Proceeds from sale of:
       (a)prospects                                             -          853
       (b)equity investments                                    -            -
       (c)other fixed assets                                    -            -
1.10   Loans to other entities                                  -            -
1.11   Loans repaid by other entities                           -            -
1.12   Other - security deposit refund                          -           61
                                                         ---------- ------------
       Net investing cash flows                               (22)      (1,009)
1.13   Total operating and investing cash                ---------- ------------
       flows (carried forward)                               (332)      (2,016)
                                                         ---------- ------------
       Cash flows related to financing activities
1.14   Proceeds from issues of shares, options, etc.            -        5,460
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                                                  (19)         (56)
                                                       ------------ ------------
       Net financing cash flows                               (19)       5,404
                                                       ------------ ------------
       Net increase (decrease) in cash held                  (351)       3,388
1.20   Cash at beginning of quarter/year to date            7,028        3,289
1.21   Exchange rate adjustments to item 1.20                   -            -
                                                       ------------ ------------
1.22   Cash at end of quarter                               6,677        6,677
                                                       ------------ ------------

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                                                            113                       
                                                                   -------------
1.24   Aggregate amount of loans to the parties included in item            
       1.10                                                                  -           
                                                                   -------------
1.25   Explanation necessary for an understanding of the 
       transactions 1.23 - Payment of salaries/fees to directors under 
       approved agreements

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

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



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                  N/a
                                       -------------          -------------
3.2   Credit standby arrangements                Nil                  N/a
                                       -------------          -------------


Estimated cash outflows for next quarter

                                                                        $A'000
 4.1   Exploration and evaluation                                          314
                                                              ------------------
 4.2   Development                                                           -
                                                              ------------------
       Total                                                               314
                                                              ------------------

Reconciliation of cash

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

5.1   Cash on hand and at bank                            185              228
                                                   ------------    -------------
5.2   Deposits at call                                  6,492            6,800
                                                   ------------    -------------
5.3   Bank overdraft                                        -                -
                                                   ------------    -------------
5.4   Other (provide details)                               -                -
                                                   ------------    -------------
      Total: cash at end of quarter (item 1.22)         6,677            7,028
                                                   ------------    -------------

Changes in interests in mining tenements

                                                              
                                        Nature of         Interest at    Interest at
                            Tenement     interest           beginning         end of
                           reference    (note (2)          of quarter        quarter

6.1   Interests in           ATP728P   Applied for               100%           100%
      mining                             surrender
      tenements                       of ATP which 
      relinquished,                    has not yet 
      reduced or lapsed             been confirmed.

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.

                                                                                   Issue price per   Amount paid up per 
                                                                              security (see note 3)  security (see note 
                                           Total number         Number quoted               (cents)           3)(cents)
                                   
 7.1   Preference +securities
       (description)                               None
       Changes during quarter                      None
       (a) Increases through issues
       (b) Decreases through returns
       of capital, buy-backs, redemptions
 7.3   +Ordinary securities                 169,294,787         168,579,805*
 7.4   Changes during quarter                            *balance restricted
       (a) Increases through issues                None
       (b) Decreases through returns
       of capital, buy-backs
 7.5   +Convertible debt securities                None
       (description)
 7.6   Changes during quarter                      None
       (a) Increases through issues
       (b) Decreases through
       securities matured,  converted
 7.7   Options (description and                                                     
       conversion factor)                                                           Exercise price          Expiry date 
                                         A. 10,100,000                                    25 cents           30-06-2007
                                          B. 1,000,000                                    25 cents           31-12-2005
                                            C. 250,000                                    25 cents           31-12-2008
                                         D. 10,000,000                                    25 cents           30-06-2008
                           
 7.8   Issued during quarter                      None
 7.9   Exercised during quarter                   None
 7.1   Expired during quarter                     None
7.11   Debentures (totals only)                   None
7.12   Unsecured notes (totals only)              None

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: Company Secretary

Date: 28 April 2005

Print name: Desmond Frederick Olling

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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