Quarterly Report

Global Petroleum Ltd
28 July 2005



Company Announcements Office
Australian Stock Exchange Limited
Level 4, 20 Bond Street
SYDNEY NSW 2000

Dear Sirs,

             Global Petroleum Limited - June 2005 Quarterly Report

Kenya (Global 20%)

The Company has a holding of 20% in three blocks L-5, L-7, and L-11 offshore
Kenya. In regard to the fourth Block L-10 which is held by Dana (80% and
operator) and Global (20%) - the terms of an extension of the Licence including
the work programme are subject to discussion with the Kenya Government.

In L-5, L-7 and L-11 Global is in a Joint Venture with Woodside (50% and
operator in L5 and L7, and 40% and Operator in L11) and Dana Petroleum (E&P)
Limited (30% in L5 and L7 and 40% in L11). The costs associated with Global's
20% equity are carried for all activities including the drilling and testing of
two wells. In August 2004, the Company announced Woodside's intention to
continue in Blocks L5 and L7 at which time Woodside committed to the drilling of
the first of the two wells through which Global's costs are carried.

Mapping of the 2003 5,500km 2D seismic survey revealed several leads in Blocks
L-5 and L-7 in water depths of 1,650 -2,800 metres with the leads (potential
targets for drilling) ranging in size from 10 sq km (2,500 acres) to 60 sq km
(15,000 acres).

Interpreted results of the 2004/05 3,600km 2D seismic survey are expected to be
available in September and these will be the basis for selection of the
prospects for drilling. On 10th May, the Operator, Woodside, indicated that it
is actively seeking a drill rig for Kenya drilling and has indicated the second
quarter of 2006 as a likely drilling date of the first well which is presently
targeted to be in Block L-5.

In Block L-11, Woodside has until 4th Quarter 2005 to determine whether or not
to continue in this Block.

Falkland Oil and Gas Limited ('FOGL') (Global shareholding 14.0%) www.fogl.co.uk

FOGL made announcements on 3rd May, 20th May, 31st May and 30th June which
advised that 9450 km of 2D seismic in the two licence areas had been acquired
and were now being processed and interpreted. Based on the work to date, more
than 130 leads had been identified compared with the 8 at the time of the FOGL
IPO. FOGL has entered into a further contract to acquire 8,000 km of 2D seismic
with an option to increase this to 15,000 km. Following a placement by FOGL in
which Global did not participate, Global's interest remains at 12.85 million
shares (now 14.0%). At a FOGL share price of £1.20/share (as at 26th July), this
equates to a value to Global of A$35 million (21 cents/share).

Falkland Gold and Minerals Limited ('FGML') (Global shareholding 10.1%)
www.fgml.co.uk

FGML announced on the 18th of July that as a result of drilling to date
indications of gold, platinum, palladium and silver have been identified in
various intersections. While initial results are sub-economic they confirm the
existence of the identified anomalies. Drilling and further soil sampling is
continuing. At a FGML share price of £0.26/share (as at 26th July), this equates
to a value to Global of A$4.7 million (3 cents/share).

Ireland Licence Option 03/3 (Global 100%)

The area comprises part blocks 57/3, 4, 8 and 9 in the North Celtic Sea Basin.
Mapping has indicated a prospect with Jurassic and Lower Cretaceous targets
capable of holding a potential 280 million barrels of oil in place.

Malta Exploration Study Agreement (Global 100%)

The Area comprises Malta Blocks 4 and 5 in Area 3, covering the southern end of
the Ragusa Trough. The key prospects - Gamma and Beta have similar reservoir
targets to the 300 million barrel Vega oil field in the northern part of the
Ragusa Trough. Mapping of Gamma and Beta suggests that they could be capable of
containing 400 and 900 million barrels of oil in place respectively.

Envoi Appointment

The Company has appointed Envoi Limited, an experienced resource marketing
consultant in the United Kingdom, to promote the Ireland and Malta projects and
to seek farminees to take over operatorship and earn significant equity by
conducting further studies and drilling a well in each project.

Exercise of Options

On the 20th April, the Company announced that 500,000 options over fully paid
ordinary shares were exercised at an exercise price of $0.25. ASX quotation for
these shares commenced 26 April 2005.

Yours sincerely,

John Armstrong
Executive Chairman



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            30 JUNE 2005



Consolidated statement of cash flows

                                                                    Year to date
                                                  Current quarter    (12 months)
                                                    
Cash flows related to operating activities                 $A'000         $A'000
 1.1   Receipts from product sales and related                  -            -
       debtors
 1.2   Payments for
       (a) exploration and evaluation                         (90)        (305)
       (b) development                                          -            -
       (c) production                                           -            -
       (d) administration                                    (799)      (2,201)
 1.3   Dividends received                                       -            -
 1.4   Interest and other items of a similar
       nature received                                        122          330
 1.5   Interest and other costs of finance paid                 -            -
 1.6   Income taxes paid                                        -            -
 1.7   Other - management fees                                130          532
       Net Operating Cash Flows                              (637)      (1,644)
       Cash flows related to investing activities
 1.8   Payment for purchases of:
       (a)prospects                                             -            -
       (b)equity investments                                    -       (1,904)
       (c) other fixed assets                                  (1)         (20)
 1.9   Proceeds from sale of:
       (a)prospects                                             -          853
       (b)equity investments                                    -            -
       (c)other fixed assets                                    -            -
1.10   Loans to other entities                                  -            -
1.11   Loans repaid by other entities                           -            -
1.12   Other - security deposit refund                          -           61
       Net investing cash flows                                (1)      (1,010)
       Total operating and investing
       cash flows (carried forward)                          (638)      (2,654)
1.13   Total operating and investing
       cash flows (brought forward)                           (638)     (2,654)
       Cash flows related to financing activities
1.14   Proceeds from issues of shares, options, etc.           125       5,585
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                                                    (2)        (58)
       Net financing cash flows                                123       5,527
       Net increase (decrease) in cash held                   (515)      2,873
1.20   Cash at beginning of quarter/year to date             6,677       3,289
1.21   Exchange rate adjustments to item 1.20                    -           -
1.22   Cash at end of quarter                                6,162       6,162


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              69
       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
       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                                           322
4.2   Development                                                            -
      Total                                                                322

Reconciliation of cash

Reconciliation of cash at the end of the quarter
(as shown in the consolidated statement of cash        Current        Previous
flows) to  the related items in the accounts i         quarter         quarter
follows.                                                $A'000          $A'000

5.1   Cash on hand and at bank                             206             185
5.2   Deposits at call                                   5,956           6,492
5.3   Bank overdraft                                         -               -
5.4   Other (provide details)                                -               -
      Total: cash at end of quarter (item 1.22)          6,162           6,677


Changes in interests in mining tenements

                                                               Interest at    Interest at  
                         Tenement    Nature of interest        beginning      end of
                         reference   (note (2))                of quarter     quarter
6.1   Interests in        ATP728P    Applied for surrender of  100%           100%
      mining                         ATP which has not yet
      tenements                      been confirmed
      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.

                                                          Issue price per  Amount paid up per
                                                          security         security (see
                                                          (see note        note 3)
                          Total number  Number quoted     3) (cents)       (cents)
 7.1   Preferece          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          169,794,787   169,079,805*
       securities                       *balance
                                        restricted
 7.4   Changes during     None
       quarter
       (a) Increases      500,000       500,000
       through issues
       (b) Decreases
       through returns
       of capital, buy-
       backs
 7.5   +Convertible       None
       debt securities
       (description)
 7.6   Changes during     None
       quarter
       (a) Increases
       through issues
       (b) Decreases
       through
       securities
       Matured,
       converted
 7.7   Options                                            Exercise        
       (description and                                   price           Expiry date
       conversion         A. 10,100,000                   25 cents        30-06-2007
       factor)            B. 500,000                      25 cents        31-12-2005
                          C. 250,000                      25 cents        31-12-2008
                          D. 10,000,000                   25 cents        30-06-2008
                          
 7.8   Issued during      None
       quarter
 7.9   Exercised during   500,000                         25 cents
       quarter
7.10   Expired during     None
       quarter
7.11   Debentures         None
       (totals only)
7.12   Unsecured notes    None
       (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 give a true and fair view of the matters disclosed.

Sign here: Company Secretary

Date: 28 July 2005

Print name: 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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