Quarterly Activities/Appendix 5B Cash Flow Report

Global Oil & Gas Limited (ASX: GLV) (Company) is pleased to present its Quarterly Report and Cash Flow Report.

EP127 (100%)

Global Oil & Gas Limited made no material announcements during the quarter regarding the operations for EP-127. Global spent the period planning the future work programme including the proposed 2D Seismic programme which will satisfy the licence commitments. During the quarter, Global has engaged local land owners and Northern Territory government bodies to prepare a plan which satisfies the regulatory requirements prior to executing the field activities. Global will outline the proposed work programme in the next quarter.

WA-519-P (Sasanof-1)

The Company and its joint venture participants will continue to review the remaining leads to prospects, including an assessment of data from the Sasanof-1 well, to support future exploration.

The Company retains its 25% interest in the WA-519-P permit and will continue to work with its JV partners in further evaluating the remaining exploration targets within the permit.

New Energy Opportunities

The Company continues to review new project opportunities and in light of the amended bill will also begin reviewing further complimentary projects in the NT.

Corporate

Rights Issue

In conjunction with the Placement that took place in the December 2022 quarter, the Company undertook and finalised a pro-rata non-renounceable entitlement issue in January 2023 of one (1) share for every two (2) shares held by eligible shareholders at an issue price of $0.002 each to raise up to $2,285,854.71, together with one (1) free-attaching option (exercisable at $0.004 and expiring 3 years from the date of issue) for every two (2) new shares subscribed for and issued.

All New Shares issued rank equally with existing shares on issue. The New Options have been successfully quoted (ASX.GLVOA).

The Rights issue was fully underwritten by CPS Capital in accordance with the underwriting agreement between the Company and CPS Capital. CPS Capital were paid an underwriting fee of 4% (plus GST) of the underwritten amount and is entitled to receive (subject to shareholder approval) a total of 80,000,000 options (exercisable at $0.004 and expiring 3 years from the date of issue). The shortfall shares were successfully placed and issued 5 January 2023.

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