Price Query

Global Petroleum Ltd
06 June 2005


6 June 2005

Mr Simon O'Brien,
Companies Advisor,
Australian Stock Exchange Limited,
Level 5, Riverside Centre,
123 Eagle Street,
Brisbane QLD 4000.

Dear Mr O.Brien,

                              Re: Price Query

In relation to your price query of the 3 June 2005 the Company responds as
follows:
     
1.   Global Petroleum Limited (Global) is not aware of any information
     concerning it that has not been announced to the market which if known 
     could be an explanation for recent trading in securities in the company.

2.   Not applicable.

3.   Global believes there is reason to think that there may be a change in the 
     operating loss before abnormal items and income tax so that the financial
     year ended 30 June 2005 figure would vary from the previous financial year 
     by more than 15%. The reason for this variation is that in the previous 
     financial year the loss of $3,054,000 included an amount of $1.78 million 
     which was written off against an exploration asset which had been sold. 
     Please refer to page 15 of the company's 2004 annual report. Had this write 
     off not occurred the loss for the previous financial year would have been 
     $1.28 million and the likely loss for the current financial year would not 
     be expected to vary from this figure by more than 15%.
     
4.   Global believes there is reason to think that it may record a material 
     abnormal or extraordinary amount of approximately $450,000 being 
     establishment costs of admission of the company to the AIM board in London 
     in March 2005.

5.   The company has no other explanation for the price change and increase in
     volume in the securities of the company over the period 1-3 June 2005. 
     However we note that the oil price has firmed from about USD49 on the 23/24 
     May 2005 to about USD54 on 1 /2 June 2005. We also note that FOGL made an 
     announcement on 31 May 2005 that it had raised 10 million sterling to fund 
     further seismic and on the same day Global advised the market that it had 
     not participated in the FOGL raising and that Global's 12.85 million shares 
     would now represent 14% of FOGL.

     The increase of the share price which began 26 May 2005 suggest that the 
     market considered the stock significantly undervalued up to that point.

     With respect to the volume increase over this period, sales volumes in the
     region of 400,000 and 500,000 are not uncommon and have occurred previously 
     in the stock. Sales in the 600,000 area are more rare but have nevertheless
     occurred.

     Global has maintained its policy of keeping the market fully informed and
     reinterates that it is not aware of the reason for the price movement 
     except perhaps as stated above.

6.   We confirm that Global Petroleum is in compliance with the Listing Rules 
     and in particular Listing Rule 3.1.


Yours sincerely

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



                                               Australian Stock Exchange Limited
                                                              ABN 98 008 624 691
                                                        Level 6 Riverside Centre
                                                                123 Eagle Street
                                                               Brisbane QLD 4000
                                                                     PO Box 7055
                                                                Riverside Centre
                                                               Brisbane QLD 4001
                                                     Telephone [phone]
                                                     Facsimile 61 (07) 3832 4114
                                                  Internet http://www.asx.com.au
                                                                     3 June 2005
                                                                   Mr Des Olling
                                                               Company Secretary
                                                        Global Petroleum Limited
                                                                         Level 9
                                                                46 Edward Street
                                                               BRISBANE QLD 4000
                                     By Email: [e-mail]
                                  
                                              
                    Global Petroleum Limited (the 'Company')
                                RE: PRICE QUERY

We have noted a change in the price of the Company's securities from 32.5 cents
on 1 June 2005 to 40.5 cents today. We have also noted an increase in the volume
of trading in the securities over this period.
In light of the price change and increase in volume, please respond to each of
the following questions.
     
1.   Is the Company aware of any information concerning it that has not been
     announced which, if known, could be an explanation for recent trading in 
     the securities of the Company?

2.   If the answer to question 1 is yes, can an announcement be made 
     immediately? If not, why not and when is it expected that an announcement 
     will be made? Please note, if the answer to question 1 is yes and an 
     announcement cannot be made immediately, you need to contact us to discuss 
     this and you need to consider a trading halt (see below).

3.   Is there any reason to think that there may be a change in the operating 
     loss before abnormal items and income tax so that the figure for the 
     financial year ended 30 June 2005 would vary from the previous financial 
     year by more than 15%? If so, please provide details as to the extent of 
     the likely variation.

4.   Is there any reason to think that the Company may record any material
     abnormal or extraordinary loss for the financial year year ended 30 June 
     2005? If so, please provide details.

5.   Is there any other explanation that the Company may have for the price 
     change and increase in volume in the securities of the Company?

6.   Please confirm that the Company is in compliance with the listing rules 
     and, in particular, listing rule 3.1.


Your response should be sent to me by e-mail at [e-mail] or by
facsimile on facsimile number [phone]. It should notbe sent to the
Company Announcements Office.

Unless the information is required immediately under listing rule 3.1, a
response is requested as soon as possible and, in any event, not later than half
an hour before the start of trading (ie before 9.30 a.m. E.S.T.) on Monday, 6
June 2005).

Under listing rule 18.7A, a copy of this query and your response will be
released to the market, so your response should be in a suitable form and
separately address each of the questions asked. If you have any queries or
concerns, please contact me immediately.

Listing rule 3.1
Listing rule 3.1 requires an entity to give ASX immediately any information
concerning it that a reasonable person would expect to have a material effect on
the price or value of the entity's securities. The exceptions to this
requirement are set out in listing rule 3.1A.

In responding to this letter you should consult listing rule 3.1 and Guidance
Note 8 - Continuous Disclosure: listing rule 3.1.
If the information requested by this letter is information required to be given
to ASX under listing rule 3.1 your obligation is to disclose the information
immediately.

Your responsibility under listing rule 3.1 is not confined to, or necessarily
satisfied by, answering the questions set out in this letter.

Trading halt
If you are unable to respond by the time requested, or if the answer to question
1 is yes and an announcement cannot be made immediately, you should consider a
request for a trading halt in the Company's securities. As set out in listing
rule 17.1 and Guidance Note 16 - Trading Halts we may grant a trading halt at
your request. We may require the request to be in writing. We are not required
to act on your request. You must tell us each of the following.
     
•    The reasons for the trading halt.
•    How long you want the trading halt to last.
•    The event you expect to happen that will end the trading halt.
•    That you are not aware of any reason why the trading halt should not be
     granted.
•    Any other information necessary to inform the market about the trading halt,
     or that we ask for.

The trading halt cannot extend past the commencement of normal trading on the
second day after the day on which it is granted. If a trading halt is requested
and granted and you are still unable to reply to this letter before the
commencement of trading, suspension from quotation would normally be imposed by
us from the commencement of trading if not previously requested by you. The same
applies if you have requested a trading halt because you are unable to release
information to the market, and are still unable to do so before the commencement
of trading.

If you have any queries regarding any of the above, please let me know.
Yours sincerely,
Simon O'Brien
Companies Adviser



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