First day of dealing on AIM

Global Petroleum Ltd
07 March 2005

For Immediate Release                                             7 March 2005

                            Global Petroleum Limited
       First Day of Dealing on the Alternative Investment Market ('AIM')

Global Petroleum Limited ('Global'), an Australian-based oil and gas exploration
company, is pleased to announce its flotation on the Alternative Investment
Market ('AIM') today.  The shares will be listed under the symbol LSE: GBP.

Global is developing a portfolio of high upside exploration projects and joint
ventures with proven successful explorers and operators such as Woodside
Petroleum and Hardman Resources. The company is already listed on the Australian
Stock Exchange ('ASX'), where it had a market capitalisation of approximately
A$113.4m (£46.6m) as at 4 March 2005, and wants to expose its emerging oil and
gas activities to the London capital market.  There is no capital raising in
connection with the admission.  KBC Peel Hunt is acting as Nominated Adviser and
Broker.

Highlights

   •Strategy of responsible investment in high upside, oil and gas projects;

   •Experienced Board of Directors;

   •Global's key value projects are offshore Kenya, where the Company's share
    of costs are carried through two wells, and holdings in two separate
    AIM-traded companies focused on oil & gas and mineral exploration in the
    Falkland Islands;

   •Australia's Woodside Petroleum is the lead partner and operator on
    Global's most prospective Kenya acreage;

   •The Falklands interests are via Global's 16% shareholding in Falklands
    Oil and Gas Limited and its 10% shareholding in Falklands Gold and Minerals
    Limited, which combined are worth A$46.2m (£19m) or A$0.27/Global share
    (£0.11/per Global share) as at 4 March 2005; and,

   •Global is fully funded through its current exploration programme.

Commenting on the admission to AIM, John Armstrong, Executive Chairman of Global
Petroleum, said:

'The AIM listing is part of a plan to develop Global Petroleum into a company
with a sound portfolio of petroleum exploration projects, which has access to
the appropriate capital markets.'

For further information, please contact:

Global Petroleum                                                  020 7490 4111
John Armstrong, Executive Chairman

KBC Peel Hunt                                                     020 7418 8900
Jonathan Marren / Matt Goode

Grandfield                                                        020 7417 4170
Marc Popiolek

Website: www.global-petroleum.co.uk

For the purposes of this announcement, the following exchange rate has been
used: £1:A$2.4348

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