Appendix 5B

Global Petroleum Ltd
31 October 2007


                                                                        Rule 5.3

                                   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 SEPTEMBER 2007          

 

Consolidated statement of cash flows

                                            Current quarter      Year to date  
Cash flows related to operating                      $A'000        (3 months)
activities                                                             $A'000      
                                                                       
                                                                             
1.1   Receipts from product sales and                     -                 -
      related debtors                                                        
                                                                             
                                                                             
1.2   Payments for (a) exploration and evaluation     (145)             (145)
      (b) development                                    -                 -                    
      (c) production                                     -                 -                    
      (d) administration                              (202)             (202)                       
1.3   Dividends received                                  -                 -
1.4   Interest and other items of a                                          
      similar nature received                            97                97
1.5   Interest and other costs of finance                 -                 -
      paid                                                                   
1.6   Income taxes paid                                   -                 -
1.7   Other (provide details if material)                 -                 -
                                                                             
                                                                             
      Net Operating Cash Flows                        (250)             (250)
                                                                             
                                                                             
      Cash flows related to investing                                        
      activities  
                                                           
1.8   Payment for purchases of:                                              
                                                                             
      (a) prospects                                       -                 -  
      (b) equity investments                              -                 -
      (c) other fixed assets                              -                 -
1.9   Proceeds from sale of:                                                 
      (a) prospects                                       -                 -
      (b) equity investments                              -                 -
      (c) other fixed assets                              -                 -
1.10  Loans to other entities                             -                 -
1.11  Loans repaid by other entities                      -                 -
1.12  Other (provide details if material)                 -                 -
                                                                             
                                                                             
      Net investing cash flows                            -                 -
1.13  Total operating and investing cash                                     
      flows (carried forward)                         (250)             (250)



 
1.13  Total operating and investing cash                                    
      flows (brought forward)                        (250)             (250)
                                                                            
                                                                            
      Cash flows related to financing                                       
      activities                                                            
                                                                            
1.14  Proceeds from issues of shares,                    -                 -
      options, etc.                                                         
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)                                                             
      Net financing cash flows                           -                 -
                                                                            
                                                                            
      Net increase (decrease) in cash                (250)             (250)
      held                                                                  
                                                                            
                                                                            
1.20  Cash at beginning of quarter/year              6,325             6,325
      to date                                                               
1.21  Exchange rate adjustments to item                  -                 -
      1.20                                                                  
1.22  Cash at end of quarter                         6,075             6,075

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                       70
       included in 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      
       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 available       Amount used
                                                     $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   Current quarter   Previous quarter
quarter (as shown in the consolidated               $A'000             $A'000                         
statement of cash flows) to the related             
items in the accounts is as follows.                                         
5.1  Cash on hand and at bank                          278                422
5.2  Deposits at call                                5,797              5,903
5.3  Bank overdraft                                      -                  -
5.4  Other (provide details)                             -                  -
     Total: cash at end of quarter (item             6,075              6,325
     1.22)                                                                   

 

Changes in interests in mining tenements

 
                           Tenement             Nature of   Interest     Interest
                          reference              interest   beginning    at at end of
                                               (note (2))   of quarter   quarter          
6.1  Interests in mining                                                     
     tenements                                                               
     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.

 
                     Total number  Number quoted Issue price   Amount paid up  
                                                 per security  per security    
                                                 (see note 3)  (see note 3)    
                                                 (cents)       (cents)         
7.1   Preference +                                                             
      securities                                                               
      (description)                                                            
7.2   Changes during                                                           
      quarter                                                                  
                                                                               
      (a) Increases                                                            
      through issues                                                           
                                                                               
      (b) Decreases                                                            
      through                                                                  
      returns of                                                               
      capital,                                                                 
      buy-backs,                                                               
      redemptions                                                              
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                                                                

7.5   +Convertible                                                             
      debt                                                                     
      securities                                                               
      (description)                                                            

7.6   Changes during                                                           
      quarter                                                                  
                                                                               
      (a) Increases                                                            
      through issues                                                           
                                                                               
      (b) Decreases                                                            
      through                                                                  
      securities                                                               
      matured,                                                                 
      converted                                                                

7.7   Options                                         Exercise      Expiry date
      (description                                       price                 
      and conversion       200,000                       $0.25       31-12-2008              
      factor)           10,000,000                       $0.25       30-06-2008          

7.8   Issued during                                                            
      quarter                                                                  

7.9   Exercised                                                                
      during quarter                                                           

7.10  Expired during                                                           
      quarter                                                                  

7.11  Debentures                                                               
      (totals only)                                                            

7.12  Unsecured                                                                
      notes (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 /does not* (delete one) give a true and fair view of the
matters disclosed.

 

 

 

Sign here: ............................................. Date: 31 October 2007

             (Company secretary)

 
 

Print name: SHANE CRANSWICK

 

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.

 

For further information please contact:

 

Mark Savage (Chairman)
001 505 344 2822

 

KBC Peel Hunt (Nominated Adviser & Broker)
Matt Goode
020 7418 8900



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