Quarterly Report

Global Petroleum Ltd
25 January 2006


                            Global Petroleum Limited

                                Quarterly Report


Company Announcements Office
Australian Stock Exchange Limited
Level 4, 20 Bond Street
SYDNEY NSW 2000


Dear Sirs,

Through its 20% direct holding in Blocks L-5 and L-7 in Kenya and its 14%
shareholding in Falkland Oil and Gas Limited, Global has interests in a number
of undrilled and attractive oil and gas prospective areas, in which there are
numerous large potentially drillable targets in rocks of Cretaceous - Tertiary
age, which elsewhere contain a large proportion of the world's oil and gas.
Through these holdings, Global is well positioned to benefit from success in
these areas. In addition, work is progressing well on the Company's other
projects in Ireland and Malta. In December last year the Company sold its shares
in Falkland Gold and Minerals Limited.

Kenya (Global 20%)

At the end of the quarter the Company held 20% in two blocks (L-5 and L-7)
offshore Kenya together with Woodside (50% and operator) and Dana (30%).

In October 2005, the Company advised that, together with Dana, it had withdrawn
from Blocks L-10 and L-11 offshore Kenya (refer to the Company's release dated
31 October 2005 and the Company's September 2005 Quarterly Report).

From the results of Woodside's mapping of the 2003 5,500km 2D seismic survey and
the 2004/05 3,600km 2D seismic survey, it is clear that L-5 and L-7 contain many
attractive prospects and leads. L-5 and L-7 contain over 30 prospects and leads,
a number of which are each capable of containing several hundred to a billion
barrels of recoverable oil. There are Direct Hydrocarbon Indicators (DHI:
potential oil and gas indicator) on some of the leads. In its 2004 Annual
Report, Dana noted that the two possible first targets - Pomboo (L-5) and Sokwe
(L-7) each have the potential to contain over one billion barrels of oil in
place.

More recently in its late 2005 presentation to investors, Woodside notes that
its Kenya holdings contain 'multiple large structural prospects', which it
includes in its group of 'big hit' targets for Woodside.

The costs associated with Global's 20% equity in L-5 and or L-7 are carried for
all activities including the drilling and testing of the first two wells.
Woodside only earns its equity when these two wells are drilled.

At the date of this report Woodside is still to make a firm commitment to a rig
to drill in Kenya. Woodside continues to investigate rig possibilities and it is
hoped that Woodside will have established a firm position on a rig in the near
future.


Falkland Oil and Gas Limited ('FOGL') (Global shareholding 14.0%) www.fogl.com

FOGL has an average 90% holding in 79,000 sqkm of prospective offshore licences
to the East and South of the Falkland Islands.

FOGL's interim results were released on the 22nd of December 2005 followed by
its announcement of the appointment of Tim Bushell as CEO early in January 2006
(refer to Global's release dated the 11th of January 2006).

In view of the prospectivity of its areas and the high level of industry
interest, FOGL has appointed Stellar Energy Advisors in late 2005, to manage
FOGL's farmout programme which has the objective of introducing new companies to
the project.

At a FOGL share price of £1.19/share (as at 20/1/06), Global's shareholding is
valued at about A$36.1m (21 cents/share).


Falkland Gold and Minerals Limited ('FGML') (Global shareholding 10.1%)
www.fgml.co.uk

In December last year, the Company announced that it had sold its 10.1%
shareholding in FGML at 10p/share, realising A$1.86 million (see announcement
dated 19 December 2005).


Ireland Licence Option 03/3 (Global 100%)

Having extended the Licence Option through to 31 December 2006, the Company
continues to seek the participation of a farminee to take over operatorship of
the project and conduct work to earn significant equity in the project.
Meantime, the Company is conducting reprocessing of seismic data over the main
prospect which has Jurassic and Lower Cretaceous targets capable of holding a
potential 280 million barrels of oil in place.


Malta Exploration Study Agreement (Global 100%)

The ESA has been extended to 26 June 2006. The Company continues to seek the
participation of a farminee to take over operatorship and conduct work to earn a
significant equity in the project. Meantime the Company is reprocessing key
seismic lines of the 1991 Texaco Survey as required by the Study Agreement with
the Malta Government. Previous mapping of the Gama and Beta prospects suggest
that they could be capable of containing 400 to 900 million barrels of oil
respectively.


Iraq

The Company continues to seek opportunities in the petroleum industry in Iraq.

Annual General Meeting

The Company's Annual General Meeting was held 24 November 2005 at which time the
status of the Company's business and projects were presented to shareholders and
advisors in attendance. Please refer to the Company's website at
www.globalpetroleum.com.au .

Shares released from Escrow

In December 2005, 714,982 shares were released from escrow and quoted on the ASX
and AIM exchanges. The shares were escrowed for 12 months as a result of the
purchase by the Company of Astral Petroleum Limited in December 2004.

Yours sincerely,

John Armstrong
Executive Chairman




                                                                        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                    31 DECEMBER 2005



Consolidated statement of cash flows

Cash flows related to operating activities                 Current      Year to
                                                           quarter         date
                                                            $A'000   (6 months)
                                                                         $A'000
 1.1   Receipts from product sales and related                           
       debtors                                                   -           -


 1.2   Payments for
       (a) exploration and evaluation                        (140)        (248)
       (b) development                                          -            -
       (c) production                                           -            -
       (d) administration                                    (533)        (909)
 1.3   Dividends received                                       -            -
 1.4   Interest and other items of a similar nature                     
       received                                                83          197
 1.5   Interest and other costs of finance paid                 -            -
 1.6   Income taxes paid                                        -            -
 1.7   Other - management fees                                 40          169
                                                       ------------ ------------
       Net Operating Cash Flows                              (550)        (791)
                                                       ------------ ------------
       Cash flows related to investing activities
 1.8   Payment for purchases of:
       (a)prospects                                             -            -
       (b)equity investments                                    -            -
       (c) other fixed assets                                  (1)          (2)
 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)          (2)
                                                       ------------ ------------
1.13   Total operating and investing cash flows               (551)        (793)  
                                                       ------------ ------------

       Cash flows related to financing activities
1.14   Proceeds from issues of shares, options, etc.            -          125
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)                      -           (1)
                                                       ------------ ------------ 
       Net financing cash flows                                 -          124
                                                       ------------ ------------
       Net increase (decrease) in cash held                  (551)        (669)
1.20   Cash at beginning of quarter/year to date            6,042        6,160
1.21   Exchange rate adjustments to item 1.20                   -            -
                                                       ------------ ------------
1.22   Cash at end of quarter                               5,491        5,491
                                                       ------------ ------------


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 included in             
       item 1.2                                                             139
1.24   Aggregate amount of loans to the parties included in item            
       1.10                                                                   -
1.25   Explanation necessary for an understanding of the transactions

       1.23 - Payment of salaries/fees to directors under approved agreements


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

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



Financing facilities available

                                         Amount available          Amount used
                                                   $A'000               $A'000
3.1   Loan facilities                                 Nil                  N/a
3.2   Credit standby arrangements                     Nil                  N/a



Estimated cash outflows for next quarter
                                            
                                                                        $A'000
 4.1   Exploration and evaluation                                          260
 4.2   Development                                                           -
                                                              ------------------
       Total                                                               260
                                                              ------------------


Reconciliation of cash

Reconciliation of cash at the end of the quarter (as       Current     Previous
shown in the consolidated statement of cash flows) to      quarter      quarter
the related items in the accounts is as follows.
                                                            $A'000       $A'000
5.1   Cash on hand and at bank                                 209          113
5.2   Deposits at call                                       5,282        5,929
5.3   Bank overdraft                                             -            -
5.4   Other                                                      -            -
                                                      ------------ -------------
      Total: cash at end of quarter (item 1.22)              5,491        6,042
                                                      ------------ -------------


Changes in interests in mining tenements

                                  Tenement                    Nature of       Interest at    Interest
                                  reference                    interest         beginning   at end of
                                                             (note (2))        of quarter     quarter
                                          
6.1   Interests in mining         ATP728P              ATP Relinquished              100%         Nil     
      tenements relinquished,     Block L10*       Withdrawn from Block               20%         Nil                   
      reduced or lapsed           Block L11*       Withdrawn from Block               20%         Nil
                                  * Offshore
                                  Kenya
   
            
                                                                                         
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              None
       +securities
 7.2   Changes during          
       quarter                 None
       (a) Increases
       through issues
       (b) Decreases
       through returns of
       capital, buy-backs,
       redemptions
 7.3   +Ordinary              
       securities              170,294,787         170,294,787
 7.4   Changes during               
       quarter                 None           
       (a) Increases
       through issues                                  714,982 
                                                     (released
                                                  from escrow)
       (b) Decreases
       through returns of
       capital, buy-backs
 7.5   +Convertible debt   
       securities              None
 7.6   Changes during      
       quarter                 None
       (a) Increases
       through issues
       (b) Decreases
       through securities
       matured,
       converted
 7.7   Options                                                           Exercise      Expiry date
                                                                         price
                               A.10,100,000                              25 cents       30-06-2007
                               B.250,000                                 25 cents       31-12-2008
                               C.10,000,000                              25 cents       30-06-2008         
 7.8   Issued during           None
       quarter
 7.9   Exercised during        None
       quarter
7.10   Expired during          None
       quarter
7.11   Debentures              None 
7.12   Unsecured notes         None
    



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 give a true and fair view of the matters disclosed.

Date: 25 January 2006

Print name: Desmond Frederick Olling


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.

                                 == == == == ==




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