Update - Italy

15 September 2023

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Global Petroleum Limited

("Global" or "the Company")

Update - Italy

Further to the Company's Announcement of 13th September 2023, Global has now been advised that the recent judgements by the Council of State, dismissing the appeals against the environmental decrees granted in its favour by the Italian authorities, also encompassed its permit applications D 80 F.R GP and D 81 F.R GP, which were added to the appeal at a later stage.

This means that the Council of State has dismissed the appeals by the town of Margherita di Savoia in respect of all four of Global's applications: D 80 F.R- GP, D 81 F.R-GP, D 82 F.R-GP and D 83 F.R-GP ("Applications").

As previously indicated, the Company submitted further documentation in connection with the Applications some months ago to the Italian Ministry of Ecological Transition ("Ministry") and has been awaiting further dialogue with the Ministry regarding the process going forward.

Once this process is complete, the Company will assess its options in relation to the Applications and make a further announcement accordingly.

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