ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE: 29th APRIL 2016

MARCH 2016 QUARTERLY REPORT

The Board of Global Petroleum Limited ("Global" or "Company") is pleased to present its Quarterly Report for the period ending 31 March 2016.

Summary

• The Company's Petroleum Exploration Licence covering two Blocks, 1910B and 2010A in the Walvis Basin Offshore Namibia, has been extended by the Namibian authorities into Phase 2, which is for a duration of 24 months from 3 December 2015 with a reduced Minimum Work Programme which does not now contain a well commitment. Previously Phase 1 of the Licence was extended for one year until December 2015, in return for an additional work programme, involving further modelling using both seismic and gravity data. The results of this combined seismic and gravity work has proved to be very encouraging with regard to the hydrocarbon potential in Global's offshore blocks. Notably the work has increased confidence in a syn-rift oil play in the outboard or deep water region offshore Namibia and the likely presence of both reservoir and source within the Company's blocks. Combined with the existing prospect portfolio within the blocks, this has improved Global's views on the overall prospectivity of the acreage. Reprocessed 2D seismic has now been purchased and is currently being evaluated by the Company's technical team.

• The Company continues to progress the process for award of its four exploration applications offshore Italy.

• Consistent with its previously announced strategy, in the last year plus the Company has been involved in a number of detailed negotiations with counterparties holding appropriate assets - Global remains in a strong financial position relative to many of its peers. In an environment of continuing low oil prices, many companies have little cash and very limited access to capital, and it is apparent that potential counterparties are becoming increasingly realistic with regard to the terms at which they will be able to transact. However, the Company remains extremely selective regarding the quality of assets it would consider investing in, and the terms of any such investment.

For further information please visit www.globalpetroleum.com.au or contact:

Global Petroleum Limited

Peter Hill, Managing Director & CEO +44 (0) 20 7495 6802

ABN 68 064 120 896

Level 5, Toowong Tower, 9 Sherwood Road, Toowong, QLD 4066 Telephone: + 61 7 3310 8732 / Fax: +61 7 3310 8823

Damien Cronin, Company Secretary +61 (0) 7 3310 8732

RFC Ambrian Limited (Nominated Adviser & Joint Broker)

Charlie Cryer / Jonathan Stephens +44 (0) 20 3440 6800

FirstEnergy Capital LLP (Joint Broker)

Hugh Sanderson +44 (0) 20 7448 0200

Tavistock Communications (Financial PR & IR)

Simon Hudson / Ed Portman +44 (0) 20 7920 3150

Namibian Project

The Namibian Project consists of an 85% participating interest in Petroleum Exploration Licence Number 29 ("Licence") covering Offshore Blocks 1910B and 2010A in the Republic of Namibia. The Licence, issued on 3 December 2010, covers 11,730 square kilometres and is located in offshore Namibia in water depths ranging from 1,300 metres to 3,000 metres (Refer Figure 1).

The Initial Exploration Period of the Licence expired in December 2014, and Global fulfilled its corresponding work obligations approximately halfway through the initial four year term. They included reinterpretation of 2,800 kilometres of purchased seismic, and commissioning a high resolution 2D seismic acquisition programme of approximately 2,000 kilometres over the acreage. The new data confirmed the presence of two large structures and other potential leads. Accordingly, the Company decided to seek a partner for the next phase of exploration activity on its acreage, commencing with 3D seismic. This ultimately proved unsuccessful given recent mixed drilling results both in Namibia and Atlantic margin frontier plays generally, coupled with the low oil price environment having negatively affected industry and market sentiment. Inevitably, this had a bearing on farm-out processes in Namibia.

Of the wells drilled offshore Namibia, Global regards the HRT operated Wingat-1 well as being the most significant in that liquid hydrocarbons were recovered from the Aptian interval, thus establishing for the first time the presence of a source rock actively generating oil in the Walvis Basin.

Global Petroleum also remains optimistic about the potential of its Namibian blocks given the technical differentiation between the prospectivity on its blocks and the target drilled by Repsol in the neighbouring block in mid-2014 - Welwitschia-1A. Notwithstanding the relative proximity of the assets, the great majority of the prospectivity in Global's acreage is mapped in older sediments. The deeper

structures were not reached by the Welwitschia-1A well. Therefore, the significant potential of these deeper traps and reservoirs remains untested.

The Company agreed with the Namibian Ministry of Mines and Energy ("MME") a 12 month extension of the Initial Exploration Period of the Licence, to December 2015, on the basis of an agreed work programme which entailed further interpretation work on existing seismic data. The results of this combined seismic and gravity work has provided further encouragement with regard to the hydrocarbon potential in Global's offshore blocks. Notably the work has increased confidence in a syn-rift oil play in the outboard or deep water region offshore Namibia and the likely presence of both reservoir and source within the Company's blocks. Combined with the existing prospect portfolio within the blocks, this has improved Global's views on the overall prospectivity of the acreage. This improved view on prospectivity encouraged the Company to apply successfully to the MME for an extension into Phase 2 of the Licence ('First Renewal Exploration Period'), having a duration of 24 months to December 2017, on the basis of a revised Minimum Work Programme which involves:

1. The reprocessing of all existing 2D seismic lines across that portion of the Licence Area which is retained following the mandatory 50% relinquishment; and

2. Acquisition of 800km of long offset 2D over the retained acreage. The reprocessed existing 2D data will be used to assist with the design and location of the new survey.

Accordingly, there is now no well commitment during the two year term of the Renewal Period.

The Company's wholly owned subsidiary, Jupiter Petroleum (Namibia) Limited, remains operator with an 85% interest in the two blocks, with partners NAMCOR and Bronze Investments Pty Ltd holding 10% and 5% respectively, both as carried interests.

Permit Applications in the Southern Adriatic, Offshore Italy

In August 2013, the Company submitted an application and proposed work programme and budget to the Italian Ministry of Economic Development for four exploration areas offshore Italy (the "Permit Applications"). In accordance with Italian offshore regulations, Global had to meet certain technical and financial requirements. The Permit Applications were then published on 30 September 2013 in the Official Bulletin allowing other competitive bids to be made over the subsequent three