Quarterly Report

Global Petroleum Ltd 31 July 2007 Global Petroleum Limited - June 2007 Quarterly Report Kenya (Global 20%) As announced to shareholders on 13 March 2007, the Government of Kenya has extended the current exploration period (i.e. first additional exploration period) for the Kenyan PSC L-5 by 16 months to 11 July 2008, bringing it into alignment with the equivalent exploration period for L-7. Woodside is currently engaged in the Post Pomboo-1 study review of blocks 5&7 offshore Kenya. This is a joint study comprised of staff from both Woodside and the Kenyan Government and its scope includes the integration of the results of the Pomboo-1 well drilled in Q1 this year with all the previous data within these two blocks and will provide an updated review of their remaining potential. The study is anticipated to be finalised and released in August 2007, after which the forward programme in these two blocks will be determined. 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% The costs associated with Global's 20% in L5 and L7 are carried for all activities through the drilling of the first well in each of these areas. *Footnote: Another transaction is pending which, subject to the necessary permissions, will result in the transfer of a 3% interest in L-5 and L-7 from Dana to Repsol, resulting in Repsol having a 23% interest in L-5 and L-7 and Dana a 27% interest. Malta Exploration Study Agreement Area 3 - Blocks 4 & 5 (Global 80%) Global advises that RWE Dea AG ('RWE'), as operator, is in discussion with the Malta Government to confirm a revised time frame for the Exploration Study Agreement dependent upon the timing of obtaining a specialised vessel and carrying out a microbial/geochemical investigation on sea bottom samples during 2007. 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 following the completion of the seismic programme phase. 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') (Global shareholding 14.0%) In its operations update announced on 7 June 2007, FOGL advised the completion of its 2D seismic infill survey in which a total of 9,950 kilometers of new seismic data had been acquired from Wavefield InSeis AS. Processing of this data had commenced although this would take several months to complete. The second phase of the Controlled Source Electro-Magnetic ('CSEM') survey was commenced on 4 June 2007. The acquisition phase of this survey was expected to take 6-8 weeks to complete although results from the first phase of the survey had been encouraging. The processing of this data is ongoing. The forward plan then for FOGL is to integrate the results of these two surveys with existing work in order to produce a short list of the best prospects for drilling which, subject to rig availability and discussions with potential farminees, is likely to commence in 2008. As announced on 24 July 2007, FOGL has advised that it is currently in advanced discussions which may or may not lead to a major resources company farming in to certain of its assets 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 Consolidated statement of cash flows --------- ---------- Cash flows related to operating activities Current quarter Year to date $A'000 (12 months) $A'000 --------- ---------- 1.1 Receipts from product sales and related debtors - - 1.2 Payments for (a) exploration and evaluation (82) (515) (b) development - - (c) production - - (d) administration (155) (1,344) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature received 93 402 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other (provide details if material) 20 50 --------- ---------- Net Operating Cash Flows (124) (1,407) ------ ---------------------- --------- ---------- Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects - - (b)equity investments - - (c) other fixed assets - (18) 1.9 Proceeds from sale of: (a)prospects - 179 (b)equity investments - - (c)other fixed assets 46 46 1.10 Loans to other entities - - 1.11 Loans repaid by other entities - - 1.12 Other (provide details if material) - - --------- ---------- Net investing cash flows 46 207 --------- ---------- 1.13 Total operating and investing cash flows (carried forward) (78) (1,200) ------ ---------------------- --------- ---------- 1.13 Total operating and investing cash flows (brought forward) (78) (1,200) ------ ---------------------- --------- ---------- Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. - 538 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) - (4) --------- ---------- Net financing cash flows - 534 ------ ---------------------- --------- ---------- Net increase (decrease) in cash held (78) (666) 1.20 Cash at beginning of quarter/year to date 6,403 6,991 1.21 Exchange rate adjustments to item 1.20 - - --------- ---------- 1.22 Cash at end of quarter 6,325 6,325 ------ ---------------------- --------- ---------- 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 24 ------------------ 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 Amount used available $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 quarter Current quarter Previous (as shown in the consolidated statement of cash quarter flows) to the related items in the accounts is as follows. $A'000 $A'000 ------------------------- --------- ---------- 5.1 Cash on hand and at bank 422 68 --------- ---------- 5.2 Deposits at call 5,903 6,335 --------- ---------- 5.3 Bank overdraft - - --------- ---------- 5.4 Other (provide details) - - ----- ---------------------- --------- ---------- Total: cash at end of quarter (item 1.22) 6,325 6,403 ----- ---------------------- --------- ---------- Changes in interests in mining tenements -------- --------- -------- -------- Tenement Nature of Interest at Interest at end reference interest beginning of of quarter quarter (note (2)) -------- --------- -------- -------- 6.1 Interests in mining None tenements -------- --------- -------- -------- relinquished, reduced or lapsed 6.2 Interests in mining None 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 per Amount paid -------------- -------- ---------- security (see up per note 3) (cents) security ----------- (see note 3) (cents) ----------- ----------- 7.1 Preference +securities (description) None ----- ----------- -------- ---------- ----------- ----------- 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions None ----- ----------- -------- ---------- ----------- ----------- 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 None ---------------- -------- ---------- ----------- ----------- 7.5 +Convertible debt securities None (description) -------- ---------- ----------- ----------- 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted None ---------------- -------- ---------- ----------- ----------- 7.7 Options 200,000 Exercise price Expiry date (description 10,000,000 $0.25 31-12-2008 and conversion $0.25 30-06-2008 -------- ---------- ----------- ----------- 7.8 Issued during None quarter -------- ---------- ----------- ----------- 7.9 Exercised None during quarter -------- ---------- ----------- ----------- 7.10 Expired during quarter 6,000,000 $0.25 30-06-2007 ---------------- -------- ---------- ----------- ----------- 7.11 Debentures (totals only) None ----- ----------- -------- ---------- 7.12 Unsecured notes None (totals only) -------- ---------- 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. This information is provided by RNS The company news service from the London Stock Exchange

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