Global Petroleum Regulatory News (GBP)

Name of entity

GLOBAL PETROLEUM LIMITED

ABN

Quarter ended ("current quarter")

68 064 120 896

31 DECEMBER 2010

Cash flows related to operating activities

Current quarter

$A'000

Year to date

(6 months)

$A'000

1.1

Receipts from product sales and related debtors

238

529

1.2

Payments for (a) exploration & evaluation

(b) development

(c) production

(d) administration

(608)

-

-

(319)

(1,059)

-

-

(525)

1.3

Dividends received

-

-

1.4

Interest and other items of a similar nature received

274

517

1.5

Interest and other costs of finance paid

-

-

1.6

Income taxes paid

-

-

1.7

Other (provide details if material)

- Business development

-

(7)

Net Operating Cash Flows

(415)

(545)

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

(251)

(251)

1.11

Loans repaid by other entities

-

-

1.12

Other (provide details if material)

-

-

Net investing cash flows

(251)

(251)

1.13

Total operating and investing cash flows (carried forward)

(666)

(796)

1.13

Total operating and investing cash flows (brought forward)

(666)

(796)

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 held

(666)

(796)

1.20

Cash at beginning of quarter/year to date

26,902

27,899

1.21

Exchange rate adjustments to item 1.20

(87)

(954)

1.22

Cash at end of quarter

26,149

26,149

Current quarter

$A'000

1.23

Aggregate amount of payments to the parties included in item 1.2

156

1.24

Aggregate amount of loans to the parties included in item 1.10

251

1.25

Explanation necessary for an understanding of the transactions

Payment of director's fees and superannuation, consulting fees and provision of a serviced office.

Loan to Jupiter Petroleum Limited, a company owned by Messrs Taylor and Blakey, Directors of Global Petroleum, for the purpose of assisting Jupiter meet bank guarantee and other licence payments for its Namibian Petroleum Exploration Licence whilst Global performed an initial assessment of Jupiter and its assets. The loan is repayable in the event that the acquisition of Jupiter does not complete.

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

Amount available

$A'000

Amount used

$A'000

3.1

Loan facilities

-

-

3.2

Credit standby arrangements

-

-

$A'000

4.1

Exploration and evaluation

400

4.2

Development

-

4.3

Production

-

4.4

Administration

300

Total

700

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.

Current quarter

$A'000

Previous quarter

$A'000

5.1

Cash on hand and at bank

7,792

7,864

5.2

Deposits at call

18,357

19,038

5.3

Bank overdraft

-

-

5.4

Other (provide details)

-

-

Total: cash at end of quarter (item 1.22)

26,149

26,902

Tenement reference

Nature of interest

(note (2))

Interest at beginning of quarter

Interest at end of quarter

6.1

Interests in mining tenements relinquished, reduced or lapsed

6.2

Interests in mining tenements acquired or increased

Total number

Number quoted

Issue price per security (see note 3) (cents)

Amount paid up per security (see note 3) (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 securities

174,444,787

174,444,787

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 (description and conversion factor)

Exercise price

Expiry date

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)