Quarterly Report/Cashflow

Global Petroleum Ltd
31 January 2008


31 January 2008

RNS AIM release


    December 2007 Quarterly Report / Change of Nominated Adviser and Broker

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%

Under a Farm-in Agreement dated 28 June 2006, Woodside Energy (Kenya) Pty Ltd
agreed to drill one well in each of the Kenyan blocks L-5 and L-7, and to fully
carry Global's interest (20%) in those wells. In January 2007 the first well,
Pomboo, was drilled. The second well is due to be drilled by July 2008 to comply
with the L-7 licence work obligations. However current indications are that it
is unlikely that Woodside will drill that well by the due date. Global has
written to Woodside advising that if the well is not drilled, Woodside will be
in breach of its obligations under the Farm-in Agreement. Global is taking
further legal advice on this issue.

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

RWE Dea AG ('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. The ESA has been extended by the Malta
Government until 30 June 2008 and RWE is currently in initial discussions with
potential additional farm in partners for the project.

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.

Falkland Oil and Gas Limited ('FOGL')

During the quarter 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
51% interest, 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$12.75 million in reimbursement of certain historical costs.

An update was released by FOGL in December summarising its 2007 Falkland Islands
exploration programme. Shareholders are advised to refer to FOGL's AIM
announcements (AIM Code: 'FOGL') for further information.

Global Petroleum sold a parcel of its FOGL shares during the quarter. As at 31
December 2007, the Company held approximately 13.1% of the issued shares of
FOGL.

Resignation of Non-Executive Director

The Board hereby advises that due to other business commitments, Mr Peter
Dighton has resigned as a non-executive director of the Company.

The Board would like to thank Mr Dighton for his efforts during the period of
his directorship.

The Company is actively seeking a suitable replacement for Mr Dighton to join
the Board and will advise Shareholders as appropriate.

Change of Nominated Adviser and Broker

The Board is pleased to advise that it has appointed Blue Oar Securities Plc
('Blue Oar') as Nominated Adviser and Broker to the Company effective 1 February
2008.

Contact details for Blue Oar are as follows:

          Blue Oar Securities Plc
          30 Old Broad Street
          London EC2V 1HT
          Telephone: + 44 20 7448 4400
          Fax: + 44 20 7448 4411

          Attn: Rhod Cruwys


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

                                                                        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 DECEMBER 2007


Consolidated statement of cash flows

                                            Current quarter      Year to date
Cash flows related to operating                      $A'000        (6 months)
activities
                                                                       $A'000

1.1   Receipts from product sales and                     -                 -
      related debtors

1.2   Payments for (a) exploration and                 (20)             (166)
      evaluation
      (b) development                                     -                 -
      (c) production                                      -                 -
      (d) administration                              (365)             (567)
1.3   Dividends received                                  -                 -
1.4   Interest and other items of a
      similar nature received                           118               216
1.5   Interest and other costs of finance                 -                 -
      paid
1.6   Income taxes paid                                   -                 -
1.7   Other (provide details if material)

      - business development                          (121)             (121)

      Net Operating Cash Flows                        (388)             (638)

      Cash flows related to investing
      activities
1.8   Payment for purchases of:

      (a) prospects                                       -                 -

      (b) equity investments                              -                 -

      (c) other fixed assets                              -                 -
1.9   Proceeds from sale of:

      (a) prospects                                       -                 -

      (b) equity investments                          2,288             2,288

      (c) other fixed assets                              -                 -
1.10  Loans to other entities                             -                 -
1.11  Loans repaid by other entities                      -                 -
1.12  Other (provide details if material)                 -                 -

      Net investing cash flows                        2,288             2,288
1.13  Total operating and investing cash
      flows (carried forward)                         1,900             1,650



1.13  Total operating and investing cash
      flows (brought forward)                        1,900             1,650

      Cash flows related to financing
      activities

1.14  Proceeds from issues of shares,                    -                 -
      options, etc.
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 (provide details if                          -                 -
      material)
      Net financing cash flows                           -                 -

      Net increase (decrease) in cash                1,900             1,650
      held

1.20  Cash at beginning of quarter/year              6,075             6,325
      to date
1.21  Exchange rate adjustments to item                  -                 -
      1.20
1.22  Cash at end of quarter                         7,975             7,975

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                      181
       included in item 1.2

1.24   Aggregate amount of loans to the parties included                  -
       in item 1.10

1.25   Explanation necessary for an understanding of the transactions
       Payments include consulting fees, director's fees, and provision of
       a serviced office.




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
      N/a

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
      N/a




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    Not Applicable

3.2   Credit standby arrangements                       Nil    Not Applicable



Estimated cash outflows for next quarter

                                                                      $A'000
4.1  Exploration and evaluation                                          150

4.2  Development                                                           -

     Total                                                               150



Reconciliation of cash

Reconciliation of cash at the end of the   Current quarter   Previous quarter
quarter (as shown in the consolidated
statement of cash flows) to the related             $A'000             $A'000
items in the accounts is as follows.
5.1  Cash on hand and at bank                          319                278
5.2  Deposits at call                                7,656              5,797
5.3  Bank overdraft                                      -                  -
5.4  Other (provide details)                             -                  -
     Total: cash at end of quarter (item             7,975              6,075
     1.22)


Changes in interests in mining tenements

                           Tenement    Nature of interest  Interest  Interest
                          reference            (note (2))        at at end of
                                                          beginning   quarter
                                                                 of 
                                                            quarter   
6.1  Interests in mining
     tenements
     relinquished,
     reduced or lapsed



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.

                     Total number  Number quoted Issue price   Amount paid up
                                                 per security  per security
                                                 (see note 3)  (see note 3)
                                                 (cents)       (cents)
7.1   Preference +
      securities
      (description)
7.2   Changes during
      quarter

      (a) Increases
      through issues

      (b) Decreases
      through
      returns of
      capital,
      buy-backs,
      redemptions
7.3   +Ordinary        174,444,787   174,444,787
      securities

7.4   Changes during
      quarter

      (a) Increases
      through issues

      (b) Decreases
      through
      returns of
      capital,
      buy-backs
7.5   +Convertible
      debt
      securities
      (description)
7.6   Changes during
      quarter

      (a) Increases
      through issues

      (b) Decreases
      through
      securities
      matured,
      converted
7.7   Options                                   Exercise price      Expiry date
      (description                                       
      and conversion       200,000                       $0.25       31-12-2008           
      factor)           10,000,000                       $0.25       30-06-2008              
                                                       
7.8   Issued during
      quarter
7.9   Exercised
      during quarter
7.10  Expired during
      quarter
7.11  Debentures

      (totals only)
7.12  Unsecured
      notes (totals
      only)





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 /does not* (delete one) give a true and fair view of the
matters disclosed.





Sign here: ............................................  Date: 31 January 2007

                          Company secretary)




Print name: SHANE CRANSWICK


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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