Global Petroleum Limited announces an update to the Company's business development programme. The Company is today pleased to report recent progress in relation to a new venture activity offshore Italy.

Over the course of the past year, the Board has reviewed a number of prospective areas within and around the central and southern areas of the Italian Adriatic Sea resulting in the grading of available acreage. The southern Adriatic offshore area has significant potential for oil and condensate generated from both Liassic and Triassic source rocks. The prospectivity of the area is further proven by the presence of the basinal Aquila discovery which tested 3,300 barrels of oil per day of 36° API oil from Cretaceous carbonates, and by several other discoveries surrounding the basin including Rovesti and JJ-3.

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