EQUATORIAL RESOURCES LIMITED — Director's Dealing 2012

May 1, 2012

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity	EQUATORIAL RESOURCES LIMITED
ABN	50 009 188 694

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	John WELBORN
Date of last notice	17 February 2012

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct and indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Welborn Family Trust (beneficial interest)
Date of change	2 May 2012
No. of securities held prior to change	A. 2,000,000 (held indirectly) B. 1,000,000 (held indirectly) C. 1,500,000 (held indirectly) D. 2,000,000 (held indirectly) E. 1,000,000 (held directly)
Class	A. Fully paid ordinary shares B. Incentive options exercisable at $0.25 each on or before 30 June 2012 C. Incentive options exercisable at $0.40 each on or before 30 June 2013 D. Incentive options exercisable at $0.60 each on or before 31 December 2013 E. Performance sharerights
Number acquired	1,000,000 fully paid ordinary shares
Number disposed	1,000,000 incentive options exercisable at $0.25 each on or before 30 June 2012

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$250,000
No. of securities held after change	A. 3,000,000 (held indirectly) B. Nil C. 1,500,000 (held indirectly) D. 2,000,000 (held indirectly) E. 1,000,000 (held directly)
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Exercise of incentive options

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Not applicable
Nature of interest	Not applicable
Name of registered holder (if issued securities)	Not applicable
Date of change	Not applicable
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	Not applicable
Interest acquired	Not applicable
Interest disposed	Not applicable
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	Not applicable
Interest after change	Not applicable

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	Not applicable
If prior written clearance was provided, on what date was this provided?	Not applicable

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity	EQUATORIAL RESOURCES LIMITED
ABN	50 009 188 694

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Mark PEARCE
Date of last notice	7 September 2010

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	M & N Pearce ATF NMLP Family Trust Crystal Brook Investments Pty Ltd ATF Crystal Brook Super fund
Date of change	2 May 2012
No. of securities held prior to change	A. 750,000 B. 300,000 C. 500,000
Class	A. Fully paid ordinary shares B. Incentive options exercisable at $0.25 each on or before 30 June 2012 C. Incentive options exercisable at $0.40 each on or before 30 June 2013
Number acquired	300,000 fully paid ordinary shares
Number disposed	300,000 incentive options exercisable at $0.25 each on or before 30 June 2012
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$75,000

• See chapter 19 for defined terms.

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Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	A. 1,050,000 fully paid ordinary shares B. Nil C. 500,000 incentive options exercisable at $0.40 each on or before 30 June 2013
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Exercise of incentive options, exercisable at $0.25 each on or before 30 June 2012

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Not applicable
Nature of interest	Not applicable
Name of registered holder (if issued securities)	Not applicable
Date of change	Not applicable
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	Not applicable
Interest acquired	Not applicable
Interest disposed	Not applicable
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	Not applicable
Interest after change	Not applicable

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	Not applicable
If prior written clearance was provided, on what date was this provided?	Not applicable

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002