DIGITALX LIMITED — Capital/Financing Update 2011

Jul 24, 2011

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ASX Announcement

25 July 2011

Fausse Point Project - Sidetrack Well Update

• Drilling program and cost estimates finalised for sidetrack

• Verus reviewing option to farm down portion for a free carry

• Potential for second prospect in AMI

The Board of Verus Investments Ltd (‘Verus’) is pleased to provide the following update in regards to the Fausse Point project, which is located onshore and approximately 140km from New Orleans, Louisiana.

The detailed drilling planning and program for the side-track of the Fausse Point discovery well TGR#1 has been completed and is currently under final review by the project’s partners. In addition, cost estimates for the proposed activities have been determined and are in the process of final review and partner approval. It is anticipated that the total drilling, completion and tie-in costs will be approximately $1.3 million - of which approximately $936,000 is the VIL share.

The required drilling permits are ready for filing and the surrounding leases required to cover the additional land needed to encompass the entire targeted structure have been secured. The production facilities and pipeline with tie-in from the TGR#1 well remain in place and are fully operational. Pipeline surface access agreements are all renewed and available to recommence production.

A shallower prospect, possibly oil-bearing, has been identified from the re-interpreted seismic and is in the process of being further detailed and assessed. Once the prospect has been fully developed and reviewed by the partners and if it appears economic, this prospect will also be drilled.

The Board is also reviewing the option of farming down some of Verus’ interest in Fausse Point and a farm-out package is almost complete. It is anticipated that drilling of the side-track well will commence in the last quarter of 2011.

Fausse Point Sidetrack Well

The planned Fausse Point appraisal well will be drilled as a side-track from the existing TGR # 1 well and will target a potential 200-acre hydrocarbon accumulation over two primary intervals up dip from the original wellbore. The fault block to be drilled has no previous well penetrations into the targeted pay interval and is estimated to conservatively contain up to 20 billion cubic feet (BCF) (3.5 million barrels of oil equivalent (BOE)) of recoverable hydrocarbons on an unrisked basis.

Office Address: Ground Floor, 30 Ledgar Road, Balcatta, Western Australia 6021 Postal Address: PO Box 717, Balcatta, Western Australia 6914

Phone: +61 (0)8 9240 8645 Fax: +61 (0)8 9240 2406 Email: info@verus.com.auWeb: www.verus.com.au

The existing wellbore will be utilised to approximately 7,000 ft and then a window cut in the casing and a side-track will be drilled to approximately 9,950ft TD. It is planned to drill approximately 2,300ft of new wellbore to access both targets.

Re-interpretation of seismic data indicates the new targeted interval is a sandy shale sequence with multiple sands in an upthrown fault block that closes against the existing salt dome. The updip section of the trap appears to be below a salt wing where the reservoir sands are stray channel sands. One of the new target sands ties into a productive sand interval in a nearby well that has five sands with a net thickness greater than 150ft. Hydrocarbon volumetrics for the TGR#1 side-track targeted intervals assume we intercept only 50ft of net sands.

Diagram 1 – Seismic Section (through TGR#1 well with proposed sidetrack path) and Diagram 2 – Lower Horizon Trap (of the bottom target) are provided for information purposes.

Verus Investments and Golden Gate Petroleum are fully committed to the successful outcome of the Fausse Point project.

Partners in the Fausse Point Project are:

Verus Investments Limited (ASX code: VIL) 72.00% WI Golden Gate Petroleum Ltd (ASX code: GGP) 18.00% WI (Operator) Other Partners 10.00% WI

For further information regarding the Company’s activities, please contact:

Mr. GregoryLee	Mr. Nathan Ryan
Executive Director	NWR Communications
	Investor Relations
Tel:(+61 8)9240 8645	Tel:(+61 0)420 582887

COMPETENT PERSONS STATEMENT: The information in this announcement that relates to oil and gas exploration results and hydrocarbon reserves is based on information reviewed by Mr Greg Lee, who is a petroleum engineer. Mr Lee is a Director of the Company. Mr Lee has more than 25 years’ experience in this discipline and he consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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Diagram 1 - Seismic section

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Diagram 2 - Lower Horizon Trap

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