Jupiter Acquisition Update

1 July 2011

RNS AIM release

Global Petroleum Limited - Jupiter Acquisition Update

Global Petroleum Limited ("Global" or the "Company") is pleased to advise that the Notice of Meeting whereby Global will seek shareholder approval for the acquisition of Jupiter Petroleum Limited ("Jupiter") has been finalised and submitted for regulatory review.

Under the sale and purchase agreement, Global will acquire Jupiter which holds prospective oil and gas exploration interests in offshore Namibia and in offshore Juan de Nova, a French dependency in the Mozambique Channel.

The sale and purchase agreement is conditional on the satisfaction of a number of conditions precedent, including due diligence investigations, obtaining necessary consents from governmental authorities, a report from an independent expert that the transaction is fair and reasonable to Global shareholders, and shareholder approval at a General Meeting.

The Notice of Meeting will be announced and despatched to shareholders following completion of the regulatory review.

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