First day of dealing on AIM

Global Petroleum Ltd 07 March 2005 For Immediate Release 7 March 2005 Global Petroleum Limited First Day of Dealing on the Alternative Investment Market ('AIM') Global Petroleum Limited ('Global'), an Australian-based oil and gas exploration company, is pleased to announce its flotation on the Alternative Investment Market ('AIM') today. The shares will be listed under the symbol LSE: GBP. Global is developing a portfolio of high upside exploration projects and joint ventures with proven successful explorers and operators such as Woodside Petroleum and Hardman Resources. The company is already listed on the Australian Stock Exchange ('ASX'), where it had a market capitalisation of approximately A$113.4m (£46.6m) as at 4 March 2005, and wants to expose its emerging oil and gas activities to the London capital market. There is no capital raising in connection with the admission. KBC Peel Hunt is acting as Nominated Adviser and Broker. Highlights •Strategy of responsible investment in high upside, oil and gas projects; •Experienced Board of Directors; •Global's key value projects are offshore Kenya, where the Company's share of costs are carried through two wells, and holdings in two separate AIM-traded companies focused on oil & gas and mineral exploration in the Falkland Islands; •Australia's Woodside Petroleum is the lead partner and operator on Global's most prospective Kenya acreage; •The Falklands interests are via Global's 16% shareholding in Falklands Oil and Gas Limited and its 10% shareholding in Falklands Gold and Minerals Limited, which combined are worth A$46.2m (£19m) or A$0.27/Global share (£0.11/per Global share) as at 4 March 2005; and, •Global is fully funded through its current exploration programme. Commenting on the admission to AIM, John Armstrong, Executive Chairman of Global Petroleum, said: 'The AIM listing is part of a plan to develop Global Petroleum into a company with a sound portfolio of petroleum exploration projects, which has access to the appropriate capital markets.' For further information, please contact: Global Petroleum 020 7490 4111 John Armstrong, Executive Chairman KBC Peel Hunt 020 7418 8900 Jonathan Marren / Matt Goode Grandfield 020 7417 4170 Marc Popiolek Website: www.global-petroleum.co.uk For the purposes of this announcement, the following exchange rate has been used: £1:A$2.4348 This information is provided by RNS The company news service from the London Stock Exchange