Quarterly Report June 2006

Global Petroleum Ltd
31 July 2006



             Global Petroleum Limited - June 2006 Quarterly Report


Kenya (Global 20%)


On 4 May the Company announced that Woodside had elected to drill the second of
its Kenya farm-in wells. The well will be drilled in L-7 before June 2008. The 
Company holds 20% in two blocks (L-5 and L-7) offshore Kenya together with
Woodside (50% and operator) and Dana (30%).

On 16 March, the Company announced that Woodside had secured the deepwater
vessel 'Chikyu' to drill the first Kenya well which will be in Licence L-5
commencing about October 2006, with the timing dependent on met-ocean conditions
and the arrival of the rig in Kenya. The board of the Japanese Agency for
Marine-Earth Science and Technology (JAMSTEC) owner of the deepwater drilling
vessel has now approved the rig contract with Woodside.


L-5 and L-7 now contains some 50 prospects and leads, a number of which are each
capable of containing several hundred million to a billion barrels of
recoverable oil. There are Direct Hydrocarbon Indicators (DHI: potential oil and
gas indicator) on some of the leads.

The costs associated with Global's 20% equity in L-5 and L-7 are carried for all
activities including the drilling and testing of the first two wells. Woodside
earns its 50% equity in L-5 and L-7 when these two wells have been drilled.


Falkland Oil and Gas Limited ('FOGL') (Global shareholding 14.0%)


FOGL has an average 90% holding in 79,000 sqkm of prospective offshore licences
to the East and South of the Falkland Islands.

The farmout process continues with the objective of securing partners with
appropriate financial capability and deepwater experience. FOGL announced on
26th July 2006 that it intends to conduct a controlled source electromagnetic
survey over the Company's licences in the South and East Falkland Basins. FOGL
announced its preliminary results for the year ended 31 March 2006 on 11th July
2006.

At a FOGL share price of £1.02/share (as at 26 July 06), Global's shareholding
is valued at A$31.7m (18.4 cents/share).


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


Blocks 4 & 5 contain four leads (1 Triassic, 2 Jurassic / Cretaceous, 1 
Tertiary) and a number of natural oil slicks on the ocean surface have been
detected by satellite imagery.

The Company announced on 23 June 2006 that German international oil and gas
company RWE Dea AG had agreed to farmin to Blocks 4 & 5 for an initial 20%
equity which will increase to 70% if RWE decides, prior to the expiry of the ESA
in December this year, to commit to the drilling of a well and enter into a
Production Sharing Agreement. Global would retain 30% equity including 3% on
behalf of a UK marketing agency that assisted Global in the farm process. Global
is fully carried through the seismic and drilling programs including the
abandonment of the well but excluding drill stem testing of the well. RWE plans
to undertake seismic studies in the second half of this year at RWE's cost.

On the basis of the farmin the Malta government extended the ESA by six months
to 31 December 2006 to allow the seismic process to proceed.


Ireland Licence Option 03/3 (Global 100%)


Having extended the Licence Option through to 31 December 2006 and having
completed reprocessing of 200kms of seismic data over the main prospect which
has Jurassic and Lower Cretaceous targets, the Company continues to seek the
participation of a farminee to take over operatorship of the project and conduct
work to earn significant equity in the project.


Other Projects


The Company continues to investigate opportunities in the petroleum industry in
other countries, including Iraq.

John Armstrong
Executive Chairman


The technical information in this report was prepared by Dr John Armstrong PhD,
BSc (1st Hons) Geo, executive Chairman of Global Petroleum Limited who has 35
years experience in the upstream oil and gas industry. The information has been
reviewed as to its reliability by Mr Wal Muir BSc Hons (UNSW) MBA (UQ), who is a
partner in MBA Petroleum Consultants. MBA provides independent technical advice
to Global. Wal Muir has over 27 years experience in the petroleum exploration
industry both in Australia and overseas. He is a Distinguished Member of the
Petroleum Exploration Society of Australia and a member of the Australian
Society of Exploration Geophysicists.

                                                                        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 - 68 064 120 896
Quarter ended ('current quarter') - 30 JUNE 2006



Consolidated statement of cash flows

                                                      Current quarter        Year to date
Cash flows related to operating activities                     $A'000         (12 months)            
                                                                                   $A'000
                                                        
1.1   Receipts from product sales and                       
      related debtors                                               -                  -

1.2   Payments for (a) exploration and          
                   evaluation                                   (196)               (655)
                   (b) development                                  -                   -
                   (c) production                                   -                   -
                   (d) administration                           (315)             (1,533)
1.3   Dividends received                                            -                   -
1.4   Interest and other items of a              
      similar nature received                                      91                 385
1.5   Interest and other costs of finance paid                      -                   -
1.6   Income taxes paid                                             -                   -
1.7   Other - management fees                                       -                 191
                                                                -----             -------

      Net Operating Cash Flows                                  (420)             (1,612)
                                                                -----             -------
      Cash flows related to investing activities
1.8   Payment for purchases of:                                    
                                                    
      (a) prospects                                                 -                   -
      (b)equity investments                                         -                 (5)
      (c) other fixed assets                                        -                   -
1.9   Proceeds from sale of: (a) prospects                          -                   -
                             (b)equity investments                  -               1,827
                             (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                                      -               1,822
                                                                -----             -------
1.13  Total operating and investing cash
      flows (carried forward)                                   (420)                 210
                                                                -----             -------
1.13  Total operating and investing cash
      flows (brought forward)                                   (420)                 210
                                                                -----             -------
      Cash flows related to financing activities       
1.14  Proceeds from issues of shares, options, etc.               500                 625     
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)                         (3)                 (4)
                                                                -----             -------
       
      Net financing cash flows                                    497                 621
                                                                -----             -------
 
      Net increase (decrease) in cash  held                        77                 831
      
1.20  Cash at beginning of quarter/year to date                 6,914               6,160
1.21  Exchange rate adjustments to item 1.20                        -                   -
                                                                -----             -------
       
1.22  Cash at end of quarter                                    6,991               6,991
                                                                -----             -------

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                                                           163
 
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                                                      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                          $A'000               $A'000
statement of cash flows) to the related 
items in the accounts is as follows.
          
5.1   Cash on hand and at bank                                    593                  156

5.2   Deposits at call                                          6,398                6,758

5.3   Bank overdraft                                                -                    -    

5.4   Other (provide details)                                       -                    -
                                                   
      Total: cash at end of quarter (item 1.22)                 6,991                6,914
     
                                                     

Changes in interests in mining tenements

                                Tenement                 Nature of interest         Interest at          Interest at
                                reference                (note (2))                 beginning            end of 
                                                                                    of quarter           quarter
                                              
6.1  Interests in mining        Malta Exploration        Farminee earning           100%                 80%
     tenements relinquished,    Study Agreement          20%
     reduced or lapsed          Area 3 - Blocks 4 &               
                                5
                                     
6.2  Interests in               None
     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            Issue price per            Amount paid
                                                        quoted            security (see              up per security
                                                                          note 3) (cents)            (see  note 3)
                                                                                                     (cents)
7.1   Preference +              None
      securities
      (description)
7.2   Changes during            None
      quarter
      (a) Increases
      through issues
      (b) Decreases
      through returns
      of capital,
      buy-backs,
      redemptions
7.3   +Ordinary     
      securities                172,294,787             172,294,787

7.4   Changes during
      quarter                   (a) Issued
      (a) Increases             2,000,000
      through issues
      (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                                                             Exercise price            Expiry date
      (description              A.  8,100,000                             25 cents                  30-06-2007
      and conversion            B.    250,000                             25 cents                  31-12-2008
      factor)                   C. 10,000,000                             25 cents                  30-06-2008 
7.8   Issued during 
      quarter                   None
7.9   Exercised during     
      quarter                   2,000,000  
7.10  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.



Company Secretary
31 July 2006
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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