Share Options

Global Petroleum Ltd
30 September 2005


                          Financial Report- 30 June 2005

In lodging the 2005 Financial Report we advise that in June 2003 and June 2004
the Executive Chairman of Global Petroleum Limited Dr John Armstrong was issued
with 20 million options (two parcels of 10 million options each) with expiry
dates of 30 June 2007 and 30 June 2008 respectively.

On 14 September 2005 the company announced the cancellation of the second parcel
of options. The exercise of these options was conditional upon the Company
entering into a production sharing agreement in Iraq before the expiry date of
30 June 2008. It was also announced that the expiry date of the first parcel of
options was to be extended by two years from 30 June 2007.

While the ASX Listing Rules allow for the cancellation of options, additional
advice was received that extending the expiry date of options cannot be made.
Directors have now decided not to cancel the second parcel of options expiring
30 June 2008 and leave the status of both parcels of options as they were.



Des Olling
Company Secretary
Global Petroleum Limited
Level 9, 46 Edward Street
Brisbane, Qld  4000
Tel:  [phone]
Fax: [phone]
E-mail:  [e-mail]




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