EQUATORIAL RESOURCES LIMITED — Director's Dealing 2012

Feb 16, 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	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	Direct and indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Welborn Family Trust (beneficial interest)
Date of change	16 February 2011
No. of securities held prior to change	A. 2,000,000B. 1,000,000C. 1,500,000D. 2,000,000
Class	A. Fully paid ordinary sharesB. Incentive options exercisable at $0.25each on or before 30 June 2012C. Incentive options exercisable at $0.40each on or before 30 June 2013D. Incentive options exercisable at $0.60each on or before 31 December 2013
Number acquired	1,000,000 performance share rights
Number disposed	Nil

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	Nil – the performance share rights are part ofremuneration arrangements and are subject tothe achievement of various performance	Nil – the performance share rights are part ofremuneration arrangements and are subject tothe achievement of various performance	Nil – the performance share rights are part ofremuneration arrangements and are subject tothe achievement of various performance
			related milestone	s.
No. of securities held after change	o of securities held after chane		A2000000 f	ll id di h
	. g		. ,,B1000000 i	y pa ornary saresncentive options exercisable
			. ,,at $0.25 eac	h on or before 30 June 2012
			C. 1,500,000 i	ncentive options exercisable
			at $0.40 each on or before 30 June 2013D. 2,000,000 incentive options exercisableat $0.60 each on or before 31 December2013E. 1,000,000 performance share rights(held directly)
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back			Grant of performance share rights followingshareholder approval obtained at a GeneralMeeting held on 25 January 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	Not applicable
(if issued securities)
Date of change	Not applicable
No. and class of securities to	Not applicable
which interest related prior to
change
Note: Details are only required for a contract in relation
to which the interest has changed
Interest acquired	Not applicable
Interest disposed	Not applicable
Value/Consideration	Not applicable
Note: If consideration is non-cash, provide details and an
estimated valuation
Interest after change	Not applicable

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailed	No
above traded during a+closed period where prior written
clearance was required?
If so, was prior written clearance provided to allow the trade	Not applicable
to proceed during this period?
If prior written clearance was provided, on what date was this	Not applicable
provided?

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002