Waiver of ASX Listing Rule

Global Petroleum Ltd
17 October 2006



Global Petroleum Ltd

17 October 2006

                        WAIVER OF ASX LISTING RULE 10.13.3

Global Petroleum announces that on 12 October 2006, the ASX granted the Company
a waiver from Listing Rule 10.13.3 in connection with Resolution 3 in the 2006
Notice of Annual General Meeting being despatched to shareholders tomorrow,
Wednesday 18 October.

The terms of the waiver granted by the ASX are set out as follows.

1. Based solely on the information provided, ASX has granted the waiver from
Listing Rule 10.13.3 to the extent necessary to permit the Company's Notice of
Meeting seeking shareholder approval of the issue of a total of 2,859,929 fully
paid ordinary shares to Peter Blakey, Peter Taylor and TM Services Ltd (the
'Shares') in accordance with an agreement for the acquisition of all the issued
capital of Astral Petroleum Limited to state that the Shares may be issued no
later than 30 June 2008, subject to the satisfaction of the following:

1.1. The shares will be issued on the basis that RWE Dea AG commits to drill a
well in accordance with the terms of the farmout agreement entered into with the
Company on 22 June 2006.

2. The waiver in resolution 1 above was granted on the following conditions:

2.1 The Company releases the terms of the waiver to the market at the time of
the release of the Notice of Meeting to approve the issue.

2.2 The Company undertakes to include in each Annual Report during the period in
which the shares may be issued pursuant to the waiver granted, details of the
shares and the performance hurdles which are to be met prior its issue. The
undertaking is to be given and executed as a deed.

3. ASX has considered listing rule 10.13.3 only and makes no statement as to the
Company's compliance with other listing rules.

For more information regarding the approvals being sought, please read the
Notice of Meeting and Explanatory Memorandum released to the market and
despatched to shareholders.

Further information

Global Petroleum
John Armstrong - Executive Chairman                          [phone]

Bell Pottinger Corporate & Financial
Nick Lambert                                                [phone]




                      This information is provided by RNS
            The company news service from the London Stock Exchange