CONNECTED MINERALS LIMITED — Capital/Financing Update 2008

May 13, 2008

ACCLAIM EXPLORATION N.L.

ABN 99 009 076 233

14 May 2008

Manager of Company Announcements ASX Limited Level 6, 20 Bridge Street SYDNEY NSW 2000

FARM-IN - OIL AND GAS PROSPECTS

The Board of Acclaim Exploration NL (“Acclaim”) is pleased to announce it has reached agreement to earn leasehold and working interests, and attributable net revenue interests, in various oil and gas prospects as outlined below.

Maria Prospect

Right to earn up to a 25% leasehold estate and working interest in and to oil, gas and mineral leases covering lands situated in the Maria Prospect in Dewitt and Goliad Counties, Texas, USA. By participating in the cost of drilling an initial test well, the Esenjay Operating, Inc – Wood Gas Unit No. 1 Well, Acclaim will acquire the leasehold interest, and have the option to participate in the acquisition of additional leasehold interests within an area of mutual interest.

The Maria Prospect covers an area of approximately 1,991± net acres of land in a fault block “sandwiched” in between the 40 BCF Nordheim SW Field (1992 discovery) and 80 BCF (EUR) Lions Field (1996 discovery).

The initial test well will be drilled to a total measured depth of 14,000’, or a depth sufficient to test the expanded Lower Wilcox Roeder/Migura sand section productive in the aforementioned analog fields. In addition to this main target, there is shallower (Middle Wilcox) section from 10,200’ – 12,000’ that will be tested with the same wellbore; as well as a deeper wildcat tail from 14,000’-15,500’, should the other log runs prove encouraging. The potential production from this prospect is in the range 30-50 BCFE, based on the analogs, with greater potential if the wildcat tail is drilled and additional reserves are encountered.

The Maria Prospect is considered a duplication of the Nordheim SW and Lions Fields. Both of the fields produce from the “toe” part of individual faults blocks downthrown to major down-to-the-coast expander faults. The traps are northerly dipping fault blocks (either west or east component depending on the situation), with associated buried faulting providing the seal. The initial well drilling to 14,000’ will test what is considered the optimum part of the northward tilting fault block.

The two analog fields (Nordheim SW and Lions) were discovered pre-3D coverage which was first shot in this area in 1996. Serious development of both of these fields did not occur until some years later (2000 and 2005, respectively) for different individual reasons. Lions Field has produced 50 BCF in about 3 years due to the fact that competing operators are developing the field at an accelerated pace.

Suite B, 150 Hay Street, Subiaco Western Australia 6008 Telephone: + 61 8 9388 8436 Facsimile: + 61 8 9388 8450

MARIA PROSPECT (GOLIAD COUNTY, TEXAS) 30-50 BCFG POTENTIAL PTD 14,000’ (option to drill to glide plane) PTD 15,500’ EXPANDED WILCOX ROEDER/MIGURA SANDS (bail out MIDDLE WILCOX play)

Galveston Bay Prospect

Right to earn up to a 57.75% leasehold estate and working interest in and to oil, gas and mineral leases in the proposed State Tract 100 #3 in Galveston Bay, Chambers County, Texas, USA together with additional leasehold interests within an area of mutual interest.

The Galveston Bay Prospect covers an area of approximately 1,600± net acres of land.

By participating in the cost of drilling an initial test well, the Galveston Bay Test Well, to a depth of 11,895’ total vertical depth (12,726’ measured depth) or to a depth sufficient to test the stratgraphic equivalent of the Vicksburg Sand as found between the depth of 11,460’ and 1,630’ measured depth in the Calpine (Rosetta) State Tract 100 No. 1 Well, whichever is lesser, Acclaim will earn the leasehold interest.

This well will test four primary objectives that are all proven producers in the area. All exhibit stratigraphic and/or structural closure with seismic amplitudes.

The objective formations for this test are Frio and Vicksburg Sands that trap between faults. The potential aerial extent, sand thickness, and recoverable reserves (risked and unrisked) are as follows:

Upper Frio F-4 Sand

8097’ measured depth 8096’ true vertical depth

• 20’ potential net pay 38 acre down-thrown closure with amplitude 400 BBls / acre-ft recovery factor = 304,000 BBls

• Potential Gross Reserves = 1.8 BCFE (unrisked) 0.55 BCFE (risked)

Upper Frio F-15 Sand (Banfield Sand)

9209’ measured depth 9112’ true vertical depth 20’ potential net pay 35 acre up-thrown closure with amplitude 2000 mcf / acre-ft recovery factor = 1.4 BCF

Potential Gross Reserves = 1.4 BCFE (unrisked) 0.70 BCFE (risked)

Frio F-19 Sand (Anomalina Sand)

• 10135’ measured depth 9866’ true vertical depth

• 35’ potential net pay 38 acre up-thrown closure with amplitude 2200 mcf / acre-ft recovery factor = 7.4 BCF Potential Gross Reserves = 7.4 BCFE (unrisked) 3.7 BCFE (risked)

Vicksburg F-26 Sand (Tex - W Sand)

• 12151’ measured depth 11447’ true vertical depth 25’ potential net pay 32 acre up-thrown closure with amplitude 2500 mcf / acre-ft recovery factor = 2.0 BCF Potential Gross Reserves = 2.0 BCFE (unrisked) 0.60 BCFE (risked)

The total unrisked reserve potential is 12.6 BCFE.

The risked reserve potential is 5.54 BCFE.

South Sprint Prospect

The acquisition of a 25% interest in a production well on the South Sprint Prospect and participation in exploration wells in the prospect area. South Sprint is a deeper pay prospect seeking Cib haz and Marg tex productive zones at South Sprint Field, beneath the existing Marg Frio pay zone. The field is a large upthrown three way fault closure. It has produced over 69 BCF from the Marg Frio and has only been tested in the deeper Cib haz and Marg tex by an off structure Pan American Petroleum Corp well that proved good sands and sealing shales exist in the area. It did not find pay in the deeper zones (although it did show cycle skipping in the Cib haz on a sonic log – often an indicator of gas).

South Sprint Field Structure

==> picture [390 x 325] intentionally omitted <==

----- Start of picture text -----

Pan Am #1
ST 981
----- End of picture text -----

The closure appears to migrate with the fault at depth, so the area of closure should potentially be as large at the deeper targets as it is at the producing Marg Frio level.

At the Cib haz level, 3D mapping shows 380 acres of closure updip to the Pan Am well. If the cycle skipping indicates a nearby gas zone, this is the most likely (P50) and maximum probable (P10) area of Cib haz production. At the Marg tex target a 450 acre area is estimated as the P10 area.

The biggest risk to the prospect is fault seal. The Cib haz is juxtaposed to downthrown Marg Frio and the Marg tex is juxtaposed to downthrown Cib haz. Both of the downthrown sections include thick shales, so some of the upthrown targets should have a good chance of sealing across the fault.

Based on a volumetric estimate of likely reservoir conditions, the probable reserves of a two pay well are:

P10 42.16 BCF P50 5.88 BCF P90 0.88 BCF

==> picture [402 x 260] intentionally omitted <==

----- Start of picture text -----

SOUTH SPRINT
PROSPECT
ZONE 35
(Time Volume)
Scale: 1 inch = 2500 feet
nde Edge of 3D
Note: Convert to depth, review
depth Volume. Deeper structure-
need to map deep (Marg Tex to
Mid Frio)
----- End of picture text -----

Consideration

The consideration for the right to earn the leasehold and working interests, and attributable net revenue interests, in the various oil and gas prospects is as follows:

• (a) the issue of 140 million fully paid ordinary shares in the capital of Acclaim, together with 70 million options to acquire fully paid ordinary shares at an exercise price of 4 cents each on or before 30 June 2010;

• (b) the assumption of the rights and obligations pursuant to the respective leasehold interests; and

• (c)

• the payment of US$750,000 cash in respect to the South Sprint Prospect.

The transaction is subject to:

• (a) entering into formal agreements to reflect the agreed terms and to a review of all contractual documents evidencing the respective leasehold and working interests; and

• (b) shareholder approval for the issue of the shares and options as consideration for the acquisition of the relevant interests.

In the event that Acclaim is not satisfied with the terms of contractual documents of one or more prospect, it may by mutual agreement with the vendors enter into a farm-in agreement over an alternative prospect in substitution thereof.

Acclaim has the right, subject to necessary consents, to assign all or part of its interests in the farm-in at any time.

Capital Raising

The Company has reached agreement to place 150 million fully paid ordinary shares in the capital of Acclaim, together with 150 million free attaching options (exercisable at 4 cents each on or before 30 June 2010), to raise $1.5 million from clients of Aegis Partners Limited (a London based equity fund). 90 million shares will be issued under the Company’s 15% capacity with the balance (60 million shares and 150 million options) subject to shareholder approval.

Funds raised will be used to meet the acquisition costs of the South Sprint prospect and to enhance working capital, including meeting obligations pursuant to the proposed farm-in arrangements.

Consent and Disclosure

Information in this release that relates to oil and gas prospects has been reviewed and signed of by Mr Douglas Collins (Texas Geologist Number 4168), with over 30 years experience in the oil and gas sector.

Forward Looking Statements

This announcement contains forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.