CORELLA RESOURCES LTD — Capital/Financing Update 2011

Dec 18, 2011

19 December 2011

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ASX Announcement

EXOMA CONFIRMS TOOLEBUC SHALE AS AN OIL AND GAS PLAY IN QUEENSLAND

HIGHLIGHTS:

• Potentially major shale oil play identified in Exoma's permits

• Independent laboratory analyses confirm Toolebuc shale is generating oil and associated gas

• Estimated Oil in Place at the Bessies location comparable to volumes reported in the US Bakken Shale

• Appraisal wells planned for 2012 to test production capability

Exoma Energy Limited (ASX: EXE) is pleased to report that independent testing of core recovered from Bessies-1 has confirmed the Toolebuc shale is generating oil and associated gas in its central Queensland permits. Preliminary data indicate the presence of mobile hydrocarbons, with initial Oil In Place (OIP) and Gas In Place (GIP) values estimated for the area around the Bessies-1 well location. As previously reported, a sample of free oil was recovered during the drilling of Bessies-1.

Exoma drilled three core wells in the ATP 999 P permit during 2011 (Bessies-1, Euston-1 and Katherine-1) specifically targeting the Toolebuc shale. Core samples have been undergoing initial geochemical and petrophysical screening by major US oilfield services group Weatherford Laboratories (Weatherford) as part of a comprehensive analysis program. This work is ongoing and final reports are expected in January 2012.

Indicative Hydrocarbons in Place

Source Rock Analysis conducted on core samples recovered from Bessies-1 indicate that the Toolebuc shale is generating free oil and associated gas. Weatherford has provided Exoma with a preliminary estimate of the potential Oil In Place (OIP) and Gas In Place (GIP) in the Toolebuc shale at the Bessies location. These estimates are based on pyrolysis S1 peak values converted to equivalent million barrels per square km (MMbbls/km[2] ) and the sum of free and adsorbed gas storage capacity.

OIP (MMbbls/km[2] ) GIP (Bcf/km[2] ) 0.2 to 4.5 (average: 2.2)* 2.9 to 6.4 (average: 4.0)*

Core analysis data from Euston-1 and Katherine-1 are yet to be received from Weatherford Laboratories. A further independent analysis of the core from the three wells is being conducted by Corelab in the USA and will also be available in January 2012.

Significance of the Discovery

The data from Exoma’s 2011 shale exploration program provides the first systematic technical confirmation that the Toolebuc shale contains liquid hydrocarbons, bitumen and associated gas.

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Based on the laboratory analysis of the Toolebuc shale core from Bessies-1, the OIP of the shale at that location appears to be comparable to that of the US Bakken shale in North Dakota, which has reported OIP values of between1.5 to 4.7MMbbls/km² .

Forward Program

Exoma’s forward program is focused on evaluating the Toolebuc shale as a productive system and developing a model that describes the distribution of the shale hydrocarbon resource across its acreage. The work program planned for 2012 includes:

• Primary scientific and technical research into the Toolebuc and surrounding shales as a large scale hydrocarbon system;

• Integration of the laboratory results from the cores at Bessies, Euston and Katherine and Toolebuc chip samples from Wonganella, Prairie and Hollowback with geological and geophysical data to produce a shale oil and gas resource estimate;

• Appraisal drilling in 2012 to establish proof of concept that the shale system is capable of producing hydrocarbons to surface;

• Development of a shale exploration and appraisal model based on the new understanding of the shale system.

Exoma Chairman Brian Barker said:

“ Exoma’s shale exploration program is starting to produce exciting results. There is a wellestablished body of anecdotal evidence that points to the Toolebuc shale as a potentially large oil and gas play. Our work provides the first systematic technical evidence that the Toolebuc shale has oil and associated gas present within the formation.

Our plans for 2012 are to appraise these areas and determine the commercial potential of the Toolebuc play.”

Exoma has a 50% beneficial interest in ATP-999-P. CNOOC Galilee Gas Company Pty Ltd, a local subsidiary of leading Chinese integrated energy company China National Offshore Oil Corporation (“CNOOC”), is earning its participating interest via a farmin whereby CNOOC provide the initial $50 million of joint venture expenditures on Exoma’s five Galilee Basin ATP’s.

*( Note: these are not probabilistic estimates; the low and high values of OIP and GIP are based on the assumption that the low and high samples respectively are representative of the hydrocarbon content of the full Toolebuc section. The average is the unweighted average of 14 samles. The range in values is due to variations in the individual lithologies that make up the Toolebuc formation .)

FURTHER INFORMATION

Rob Crook David Tasker Chief Executive Officer Professional Public Relations T: +61 7 3226 5600 T: +61 8 9388 0944/+61 433 112 936 E: rcrook@exoma.net E: David.Tasker@ppr.com.au

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Toolebuc Shale Area: 26,710 sq. km

Extent of Toolebuc Shale No Toolebuc Coverage Toolebuc Thickness T = 40m

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