Re: FOGL exploration licences

Global Petroleum Ltd
04 July 2005

4 July, 2005

                      GLOBAL TO BENEFIT UNDER NEW LICENCE
                    TERMS FOR FALKLANDS OFFSHORE EXPLORATION

Australia's Global Petroleum Limited is one of the beneficiaries of new licence
terms designed to precipitate a wildcat multi-well drilling program from 2007 in
prospective offshore areas of the Falkland Islands.

This follows the granting of more flexible licence terms by the Falkland Islands
Government in the wake of significant seismic results from work to the south and
east of the Islands earlier this year.

ASX listed oil and gas explorer Global Petroleum Limited (GBP) has a 14.0%
shareholding (12.85 million shares) in Falkland Oil and Gas (FOGL) which on the
30th of June 2005, made the following release explaining how the extended
licence term would assist FOGL to conduct new seismic surveys and to introduce
new parties to its project.

Further information:

Global Petroleum Limited
Dr John Armstrong, Executive Chairman                            [phone]

Bell Pottinger Corporate & Financial
Nick Lambert                                                [phone]


'FOGL Granted Extension to Exploration Licences

FOGL announces that it has been granted a two year extension to its
approximately 33,000 sq km licence held in joint venture with Hardman Resources,
which owns 22.5% of the licence. As a result of the extension, Phase 1 of the
licence now runs until July 2007 and Phase 2 will run from July 2007 until July
2010. During Phase 1, FOGL and Hardman will be required to acquire and interpret
an additional 4,000 km of 2D seismic and 2,000 sq km of 3D seismic, and to enter
Phase II in July 2007, FOGL and Hardman will be required to commit to the
drilling of two (2) wells.

The extension will allow more time to investigate the increased number of leads
identified during the recently completed 9,450 km 2D seismic survey acquired
across all of FOGL's Licence areas. This survey found more than 130 leads,
compared to an initial eight previously identified.

The new 4,000 km 2D seismic survey has already commenced and the joint venture
expects to conduct the 3D seismic survey later this year and into 2006. In
addition to the new 4,000km of 2D seismic in the FOGL-Hardman area, FOGL will
also record a further 4,000km in its 100% 2004 Northern Licence.

To date FOGL has recorded approximately 1,600 km of these new surveys. The
overall aim of this work is to define and prioritise 20 prospects for drilling
across all of FOGL's Licence areas and to develop a multi-well drilling
programme, targeted to begin in 2007.

There have been no changes to the licence terms for the 50,000 sq km licence
area that was awarded to FOGL in December 2004.'

John Armstrong
Executive Chairman
Telephone: [phone]
Fax: [phone]



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