CORELLA RESOURCES LTD — Capital/Financing Update 2012

Jul 4, 2012

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5 July 2012

ASX Announcement

Exoma Spuds Sancho-1 Exploration Well

Exoma Energy Limited (ASX: EXE) is pleased to announce that it has spudded Sancho-1, the third well of the Galilee Joint Venture’s 2012 exploration program. Sancho-1 will be drilled to log and chip sample the shale oil/gas in the Toolebuc shale and then deepened as a low-cost test of an underlying conventional oil prospect.

This well will provide further data for Exoma’s evaluation of the oil and gas resource in the Toolebuc Shale. Analysis of chip samples will provide additional information on the distribution of shale properties which will continue appraisal of the shale oil and gas resource identified by the Bessies, Euston and Katherine wells in 2011.

The well will be deepened after the Toolebuc shale is drilled through to test a potential conventional oil target. This target is identified from the seismic data as a local basement high predicted to be covered by the Adori sandstone, which is known to contain oil within the area covered by Exoma’s acreage.

The well is specifically designed for shale exploration. If oil is encountered in the Secondary Target the well will be cased and suspended for testing – otherwise it is planned that the well will be plugged and abandoned after it is drilled and logged.

Well Name	Sancho-1
Permit	ATP 999P
Location	Galilee Basin, approximately 70km northwest of Longreach, Queensland.Details are shown on the attached map.
Target	Primary Target: Shale oil/gas in the Cretaceous Toolebuc Shale. The shaleformation will be chip sampled and logged. The chip samples will be subjectto laboratory testing for oil and gas content, geochemistry and rockproperties.Secondary Target: Conventional oil in the Jurassic Adori sandstone. The wellwillberotarydrilledtobasement,chipsampledandlogged.
Planned Depth	Top Toolebuc Shale: 700 mPlanned total depth: 1,171 m

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Exoma has a 50% beneficial interest in both ATP 999P and the Sancho-1 well. CNOOC Galilee Gas Company Pty Ltd is earning its participating interest by a farmin whereby CNOOC provides the first $50 million of joint venture expenditures on Exoma’s five Galilee Basin ATP’s.

FOR FURTHER INFORMATION

Rob Crook Chief Executive Officer +61 7 3226 5600

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