CORELLA RESOURCES LTD — Regulatory Filings 2011

Aug 7, 2011

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Drilling Report – 8 August 2011

Highlights:

• 40 metres of Toolebuc Shale with gas shows

• Liquid hydrocarbon & gas shows in the overlying shale formation

Exoma Energy Limited (ASX:EXE) is pleased to release this Drilling Update for the Bessies-1 shale gas core well. The well reached a total depth of 985 metres and intersected 40 metres of Toolebuc Shale, the well’s primary target.

Shales immediately above the Toolebuc Shale were also cored and a sample of free liquid hydrocarbons was recovered from the core barrel in this shale and was also observed to be smeared over the surface of the shales in the core barrel. Initial analysis of the hydrocarbon liquid indicates that it is naturally occurring. Gas shows were also recorded in both shales. Cores from both formations are currently being desorbed.

Chairman Brian Barker said “We are extremely pleased with the results of this well. In addition to intersecting 40 metres of Toolebuc Shale with gas shows, the well recovered a small quantity of free liquid hydrocarbons and also had gas shows from the overlying shale formation. We will conduct extensive laboratory analysis on the recovered samples to assess the significance of this find.”

		Well Name:	Well Name:	Bessies-1	Bessies-1	Bessies-1
		Permit:		ATP 999P
		Location:		Eromanga Basin, approximately 100km west of Longreach,Queensland. Details are shown on the attached map.
		Target:		Primary Target: shale gas in the Toolebuc Formation. The organicrich Toolebuc Shale will be cored and the well logged. The shalecore will be subject to laboratory analysis to identify source maturity,hydrocarbon type and content, detailed mineralogy, rock propertiesand permeability.
		Planned Depth:		960 metres
		Progress:		98 metres of core has been recovered to a depth of 931 metresaccompanied by gas and live liquid hydrocarbon shows. TheToolebuc Shale made up 40 metres of the cored section across theinterval 883 to 923 metres.Free liquid hydrocarbons was recovered from the coring operationsand from the drilling mud returns. Preliminary laboratory testingindicates that this liquid is naturally generated.
				Core sshipmThe w	amples from the zones of interest have been preserved forent to two independent laboratories for analysis.ell was drilled to a total depth of 985 metres and was logged
				and ab	andoned as a water well as originally planned.
		Planned O	perations:	The Awell.
					tlas-1 rig was released and has mobilized to the Euston-1 shale

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Exoma has a 50% beneficial interest in both ATP 999P and the Bessies-1 well. CNOOC Galilee Gas Company is earning its participating interest by a farmin whereby CNOOC provide the initial $50 million of joint venture expenditures on ATP’s 991, 996, 999, 1005 and 1008.

FURTHER INFORMATION

Rob Crook Chief Executive Officer +61 7 3226 5600 Email: rcrook@exoma.net

Media Contact: David Tasker Professional Public Relations +61 8 9388 0944/0433 112 936 Email: David.Tasker@ppr.com.au

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