Malta - seismic update

Global Petroleum Ltd
03 November 2006


3 November 2006

Global Petroleum Limited

                       OFFSHORE SEISMIC PROGRAM FOR MALTA

Global Petroleum Limited advises that RWE, as operator of the Company's Malta
project, has contracted Fugro to acquire 700km of 2D seismic over prospects in
Blocks 4 and 5 of Area 3, offshore Malta. The seismic survey is scheduled to
begin in November and is expected to last for two weeks. It will be undertaken
using the seismic vessel 'Geo Atlantic'. Magnetic and gravimetric data will also
be acquired during the survey.

RWE Dea AG, who has farmed into Global's interest in the Exploration Study
Agreement covering Blocks 4 and 5, has the right to earn up to a total 70%
interest if the parties enter into a PSC with the Malta Government and RWE
commits to the drilling of a well following the completion of the seismic
program.

Current interests in Blocks 4 & 5 are:

* Global Petroleum Limited 80%
* RWE Dea AG 20%

If RWE proceeds to the drilling of a well, the costs associated with Global's
equity in Blocks 4 & 5 will be carried by RWE for all activities through the
drilling of the well.

For further information, refer also to Global's release dated 23 June 2006 and
Global's website: www.globalpetroleum.com.au

Enquiries

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

Bell Pottinger Corporate & Financial
Nick Lambert                                           Tel: [phone]




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