CHALLENGER GOLD LIMITED — Director's Dealing 2012

Mar 18, 2012

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	Challenger Energy Limited
ABN	45 123 591 382

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Paul Bilston
Date of last notice	1 December 2011

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest	Held by	Mr Paul Bilston and Mrs Susan
(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Marguerite Bilston ATF the Bilston FamilyTrust, where Mr Bilston is a trustee and
	beneficiary.
Date of change	19 March 2012
No. of securities held prior to change	(1)	4,840,549
	(2)	2,440,134
	(3)	2,000,000
	(4)	2,000,000
		15,000,000
Class	(1)	Ordinary shares
	(2)	Listed options exercisable at 20 cents
		on or before 30 June 2012
	(3)	Director A options exercisable at 25
		cents on or before 28 February 2013
	(4)	Director B options exercisable at 35
		cents on or before 28 February 2015
	(5)	Director options exercisable at 15
		cents on or before 20 November 2014

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Number acquired	(1)1,000,000(2)Nil(3)Nil(4)Nil(5)Nil
Number disposed	(1)Nil(2)Nil(3)Nil(4)Nil(5)Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	(1)$50,000(2)N/a(3)N/a(4)N/a(5)Nil
No. of securities held after change	(5)5,840,549(6)2,440,134(7)2,000,000(8)2,000,000(9)15,000,000
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	(1)Placement participation pershareholder approval(2)N/a(3)N/a(4)N/a(5)N/a

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailedabove traded during a+closed period where prior written**clearance was required? **	No
If so, was prior written clearance provided to allow the tradeto proceed during this period?	N/a
If prior written clearance was provided, on what date was thisprovided?	N/a

• See chapter 19 for defined terms.

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