To determine the pre-eruptive composition of peralkaline magma at Frantale volcano, Ethiopia, we have studied glass inclusions in phenocrysts from a lateceupting, glassy pantelleritic lava flow. Matrix glass and crystal-free glass inclusions in quartz were analyzed for all major and most minor elements by electron microprobe and for H2O and 15 lithophile trace elements by ion microprobe (SIMS). Compositions of inclusions may have been slightly modified by post-trapping quartz crystallization, the average concentrations of all constituents but silica may be artificially high by 10% relative. Glass inclusions contain extreme enrichments in H2O (mean of 4.6 to 4.9 wt%) and several lithophile trace elements, which suggest that the lava erupted from a highly evolved, water-rich fraction of magma. The pre-eruptive concentration of water was much higher than that generally considered to occur in pantellerite magmas. Trends observed for lithophile elements in whole-rock samples from pre-,syn-and post-caldera eruptive units are mimicked in glass inclusions from the studied pantellerite lava; concentrations of Rb, Y, Zr, Nb, and Ce±Cl increase with progressive differentiation. With the exception of Cl and H2O contents, the composition of matrix glass is similar to that of glass inclusions suggesting: that few constituents exsolved from magma or cooling glass; eruption and quench of the lava occurred rapidly; and the matrix glass is, largely, compositionally representative of melt. Higher average abundances of Cl and H2O in glass inclusions suggest that these volatiles exsolved after melt entrapment; degassing could have occurred as either an equilibrium or disequilibrium process.