Entitlement Issue Offer Completes

Global Oil & Gas Limited (ASX: GLV) (Company) advises that the non-renounceable entitlement issue pursuant to the Company’s prospectus dated 22 November 2022 (Prospectus) closed on 12 December 2022 (Offer).

The Offer offered eligible shareholders registered on the Record Date the ability to subscribe for one

(1) New Share for every two (2) existing Shares held (at an issue price of $0.002 per New Share) to raise up to $2,285,855 (before costs), together with one (1) free attaching New Option (exercisable at

$0.004 and expiring 31 December 2025) for every two (2) New Shares subscribed for and issued.

Total applications for 392,400,940 New Shares were received under the Offer resulting in a shortfall of 750,526,414 New Shares. The New Shares subscribed for under the Offer and New Options will be issued in accordance with the timetable for the non-renounceable entitlement issue, expected to be on or about 19 December 2022. The Offer was fully underwritten by CPS Capital Group Pty Ltd and as such, the New Shares forming the Shortfall offer will be issued and allotted in accordance with the Underwriting Agreement.

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