Global Petroleum Exercises Right to Acquire Astral Petroleum

Global Petroleum reports that following shareholder approval at the AGM November 25, 2004 it has exercised the option to acquire all of the issued shares of Astral Petroleum Limited. Astral has interests in certain offshore blocks in the North Celtic Basin in Ireland and in offshore Malta.

Shareholders also approved the payment of £195,000 cash and the issue of one million Global ordinary shares to the vendors as consideration for the acquisition by the end of December 2004. The shares will be issued as fully paid with a deemed issue price of 37 cents. The vendors are entitled to further consideration if Global successfully farms out the blocks in 2005.

Directors believe that the Ireland and Malta interests will increase the company’s access to prospects with potential to increase its resource inventory. Global plans to negotiate license terms and production sharing agreements with the respective governments so that during 2005 farmin partners can be sought to share the risk.
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