CORELLA RESOURCES LTD — Capital/Financing Update 2011

Mar 31, 2011

1 April 2011

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ASX Announcement

Chinese Government approval of CNOOC Strategic Farm-in leads to

First Drilling Rig Contracted for aggressive Well Program

Exoma Energy Limited (ASX:EXE) is pleased to announced that CNOOC Gas & Power Group has formally advised that the consent of the Chinese Government Authorities has been received for the $50 million Farm-in for a 50% interest in Exoma’s five Galilee Basin CSG and Shale Gas permits. This approval satisfies the final condition to the Farm-in transaction.

The successful completion of the Farm-in now allows Exoma to implement its accelerated exploration and drilling program.

The Farm-in to Exoma’s 26,840 km² of prospective Coal Seam Gas and Shale Gas tenements is CNOOC Gas & Power Group’s (CNOOC) first overseas unconventional gas exploration project and is strategic to the securing of feed gas for future LNG projects.

Chairman, Brian Barker, stated Exoma’s strategic partner CNOOC Gas & Power Group brings major benefits to the Company and the Project through:

• Initial $50 million funding of exploration expenditure;

• Strong focus on large scale gas field development;

• Strategic drive to develop export gas projects;

• Ready market for export gas;

• Access to CNOOC technical expertise at both the upstream & downstream level

CNOOC have further advised that Chinese Government Authority approval for a proposed placement could not be obtained by the termination date of 1 April 2011, and accordingly Exoma will not proceed with a placement of shares to CNOOC.

Drilling Contract & Program

Exoma has entered into a contract with Atlas Drilling Co Pty Ltd to secure the Atlas Rig #1 for the completion of 10 wells with an option to extend.

The 2011 drilling program, planned to commence in late April 2011, will include a budgeted 11 Coal Seam Gas core wells and 10 Shale Gas core wells which form the basis of design for appraisal and reserve development in 2012. It is presently planned to secure a second rig to complement and accelerate the drilling program set out for the Atlas Rig #1.

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FURTHER INFORMATION

Rob Crook Media Contact: David Tasker Chief Executive Officer Professional Public Relations +61 7 3226 5600 +61 8 9388 0944/0433 112 936 Email: rcrook@exoma.net Email: David.Tasker@ppr.com.au

About CNOOC:

The China National Offshore Oil Corporation (CNOOC) which was founded in 1982 and is one of the largest state owned oil entities in China, as well as being the largest offshore oil and gas producer. Headquartered in Beijing, CNOOC has a total staff of over 51,000. CNOOC is China’s dominant producer and importer of liquefied natural gas (“LNG”).

CNOOC has a long term commitment to investment in Australian energy resources and in particular the LNG Coal Seam Gas projects in Queensland. CNOOC has acquired a 5% interest in British Gas/QGC’s CSG tenements in the Surat Basin and a 10% equity interest in one of the first two LNG Trains to be built by BG in Gladstone. CNOOC has also entered into an agreement with BG to buy 3.6mtpa of LNG from the proposed Gladstone LNG Plant.

CNOOC holds a 5.3% interest in the North West Shelf Gas project and a 25% interest in certain offshore exploration permits in Western Australia where the JV is conducting a significant exploration program.

Recently CNOOC received FIRB approval to acquire a controlling interest in the South Australian Arckaringa Coal Project where coal for power and coal to oil technology will be developed.

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About Exoma:

Exoma is a Brisbane based, ASX listed energy company primarily focussed on its five 100% owned petroleum exploration permits in Queensland’s Galilee Basin. The permits cover an area of approximately 26,840 square kilometres and Exoma considers the permits to be highly prospective for coal seam gas and shale gas in particular.

An extensive evaluation program has been undertaken since Exoma acquired the tenements in October 2009, confirming potential gas in place resources of a magnitude necessary to support major long term development projects. Evaluation work on four of Exoma’s initial prospects by MHA Petroleum Consultants has led to the certification of over 2Tcf of CSG 3C contingent resource. Potential Gas In Place over all permits for CSG & SG exceeds 100TCF.

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