Global Petroleum Updates Jupiter Acquisition

Global Petroleum advised that the Notice of Meeting whereby Global will seek shareholder approval for the acquisition of Jupiter Petroleum Limited ("Jupiter") has been finalized 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.