Global Petroleum : Notice of Meeting – 2 December 2022

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Notice of Annual General Meeting

TIME: 11:30am (AEDT)

DATE: 2 December 2022

PLACE: Level 4, 91 William Street, Melbourne Victoria Australia

This year Global Petroleum Ltd will hold its AGM physically at Level 4, 91 William Street Melbourne, Victoria.

The Explanatory Memorandum that accompanies and forms part of this Notice describes in more detail the matters to be considered at the AGM. Please ensure that you read the Explanatory Memorandum in full.

All resolutions will be decided by way of a Poll.

If you are unable to attend the AGM in person then the Company recommends that you submit any questions you may have, addressed to the Chairman and emailed to perry@dwaccounting.com.auno

later than 48 hours before the time scheduled for commencement of the Meeting (being by 11.30am AEDT on, 30 November 2022.

This Notice of Annual General Meeting should be read in its entirety. If Shareholders are in doubt as to how they should vote, they should seek advice from their accountant, solicitor or other professional adviser prior to voting.

GLOBAL PETROLEUM LIMITED

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NOTICE OF ANNUAL GENERAL MEETING

AGENDA

1. Annual Report

To table and consider the Annual Report of the Company and its controlled entities for the year ended 30 June 2022 which includes the Financial Report and Directors' Report in relation to that financial year and the Auditor's Report on the Financial Report.

2. Resolution 1 - Re-Election of Director - Mr John van der Welle

To consider, and if thought fit, to pass the following Resolution as an ordinary resolution:

"That, Mr John van der Welle, who retires in accordance with the Constitution and, being eligible for re-election, offers himself for re-election, be re-elected as a Director."

Voting Prohibition

A person appointed as a proxy must not vote on any of the above Resolutions if:

1. the proxy is either:
2. • a member of the Key Management Personnel; or
   • a Closely Related Party of such a member; and
3. the appointment does not specify the way the proxy is to vote on this Resolution.

The above prohibition does not apply if:

1. the proxy is the Chair; and
2. the appointment expressly authorises the chair to exercise the proxy even though this Resolution is connected directly or indirectly with the remuneration of a member of the Key Management Personnel.

By Order of the Board

ANDREW DRAFFIN

Company Secretary

Dated: 8 November 2022

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GLOBAL PETROLEUM LIMITED

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EXPLANATORY MEMORANDUM

1. Introduction

This Explanatory Memorandum has been prepared for the information of Shareholders in connection with the business to be conducted at the Meeting to be held at 11.30am (AEDT) on 2 December 2022, at the offices of DW Accounting & Advisory, Level 4, 91 William Street, Melbourne, Victoria.

This Explanatory Memorandum should be read in conjunction with and forms part of the accompanying Notice. The purpose of this Explanatory Memorandum is to provide information to Shareholders in deciding on how to vote on the Resolutions set out in the Notice.

This Explanatory Memorandum includes the following information to assist Shareholders in deciding how to vote on the Resolutions:

Section 2: Action to be Taken by Shareholders

Section 4: Resolution 1 - Re-Election of Director - Mr John van der Welle

A Proxy Form is enclosed with the Notice.

2. Action to be Taken by Shareholders

Shareholders should read the Notice and this Explanatory Memorandum carefully before deciding how to vote on the Resolutions.

2.1 Proxies and Corporate Representatives

A Proxy Form is enclosed with the Notice. This is to be used by Shareholders if they wish to appoint a representative (a 'proxy') to vote in their place. All Shareholders are encouraged to sign and return the Proxy Form to the Company in accordance with the instructions regardless of whether they are planning on attending in person.

Please note that:

1. a member of the Company entitled to attend and vote at the Meeting is entitled to appoint a proxy;
2. a proxy need not be a member of the Company; and
3. a member of the Company entitled to cast two or more votes may appoint two proxies and may specify the proportion or number of votes each proxy is appointed to exercise, but where the proportion or number is not specified, each proxy may exercise half of the votes.

Proxy Forms will only be effective if they are received by the Company no later than 48 hours before the time scheduled for commencement of the Meeting (being by 11.30am

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(AEDT) on 30 November 2022). The enclosed Proxy Form provides further details on appointing proxies and lodging Proxy Forms.

1. Voting Intentions of the Chair
   If the Chairman of the Meeting is appointed, or taken to be appointed, as a proxy, but the appointment does not specify the way to vote on a Resolution, then the Chairman intends to exercise all available votes in favour of each Resolution.
2. Questions

If you are unable to attend the meeting in person, the Company recommends that written questions are submitted to the Chairman prior to the Meeting no later than 48 hours before the time scheduled for commencement of the Meeting (being by 11.30am AEDT on, 30 November 2022). All questions will either be addressed in the Meeting, or receive a written response.

3. Annual Report

The Corporations Act requires the Company to lay its Annual Report and the reports of the Directors and Auditor for the last financial year before the Meeting.

There is no requirement for Shareholders to approve the Annual Report but Shareholders will be offered the opportunity to:

1. Raise any questions concerning the Annual Report for the financial year ended 30 June 2022 which is available online athttp://www.globalpetroleum.com.au;
2. Submit questions or make comment on the management of the Company;and
3. Submit questions to the Auditor about the conduct of the audit and the preparation and content of the Auditor's Report.

Written questions must be submitted to the Company Secretary by email at perry@dwaccounting.com.auby no later than 11.30am (AEDT) on 30 November 2022.

4. Resolution 1 - Re-Election of Director - Mr John van der Welle

Article 6.2(c) of the Constitution requires an election of Directors to be held each year.

Article 6.3(c) of the Constitution requires that one third of all Directors (rounded down to the nearest whole number) must retire at each Annual General Meeting.

Article 6.3(f) of the Constitution states that a Director who retires under Article 6.3(c) is eligible for re-election.

Pursuant to the Constitution, Mr John van der Welle retires and seeks re-election.

Mr John van der Welle is a chartered accountant with over 30 years' experience in the oil and gas industry.

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Mr van der Welle has previously been a senior executive with, or Director of, a number of UK and overseas listed upstream oil and gas companies, including Enterprise Oil, Hardy Oil and Gas, Premier Oil, and Stratic Energy Corp.

Mr van der Welle was appointed a Director of the Company on 10 February 2014 and most recently re-elected on 7 January 2021.

The Board (Mr van der Welle abstaining) recommends Shareholders vote in favour of Resolution 1.

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