FIRSTWAVE CLOUD TECHNOLOGY LIMITED — Capital/Financing Update 2013

Apr 29, 2013

ASX ANNOUNCEMENT - 30 APRIL 2013

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TELLUS TO ACQUIRE INTEREST IN ASX RELEASE COOPER & SURAT BASIN OIL & GAS ASSETS

Tellus Resources Ltd is an Australian-based mineral exploration company.

• 50% operated interest PEL105 in the Cooper Basin

• Drilling to commence in third quarter

Tellus holds the Chillagoe Gold Project which includes Exploration Permits covering a combined area of ~28,878 hectares plus Mining Leases covering a combined area of approx. 480 hectares, including the Wandoo & Empire prospects.

• 100% operated interest ATP 904P in the Surat Basin

• Experienced oil and gas executive to join the Company

The Board of Tellus Resources Ltd (TLU) is pleased to announce that it has signed a Share Sale and Purchase Agreement (SPA) whereby TLU will acquire 100% of the private company PNC Aust Pty Ltd ( PNC ) subject to a number of conditions including shareholder approval. Further information regarding the proposed acquisition will be forwarded to shareholders in the Explanatory Memorandum which will accompany the Notice of General Meeting to be sent to shareholders. A General Meeting is planned for June 2013.

In addition Tellus has a large tenement package in regional New South Wales prospective for Intrusive Related Gold Deposits (IRG).

PNC has acquired (subject to registration) the following oil and gas assets which are the subject of an Independent Expert Report (the “IER”) prepared by AWT International dated 18 April 2013.

A key part of the Company's strategy is to actively pursue the acquisition of, and/or participation in additional advanced resource projects.

1. A 50% operated interest in PEL 105 which is located in the Cooper Basin, some 60kms north of Moomba in South Australia (Figure 1). The Permit is 219.6 km[2] and has a drill ready prospect called Pirie 1. PNC is planning to drill Pirie 1 in the third quarter of this year. The Pirie structure in the Tirrawarra Formation as reported by the Independent Expert has a “best estimate” petroleum initially in place (as defined in the IER) of 6+ million barrels of oil equivalent if the gas is liquids rich, which represents one of two possible entrapment scenarios. Primary recovery factors in the area are generally 15%. Further information on the Petroleum Initially in Place and the Independent Expert Report is set out in the Annexure.

Directors/Officers:

Anthony Wehby Stephen Woodham Richard Willson Ben Salmon Anne Adaley

It is expected that the Hutton/Birkhead and Patchawarra levels also have conventional potential (the Hutton/Birkhead level will be tested during the drilling process). PNC will also investigate the potential of the unconventional deep Patchawarra de- watered coals.

Issued Shares and Options:

44,380,555 shares 11,000,000 unlisted options

1. A 100% operated interest in ATP 904P in the Surat Basin, Queensland (Figure 2). This Permit is 1,101.2 km[2] in area and has the potential to host conventional oil plays in the Precipice and Showgrounds formations. The block is located near to the Fairymount and Alton oil fields, both of which continue to produce commercial quantities of oil. Multiple coal seam gas targets have been intersected throughout the Permit and a potential shale gas target exists in the Late Permian.

Tellus Resources Ltd

ASX Code: TLU

T: +61 2 9231 6231 F: +61 2 9231 6687

Website: www.tellusresources.com.au

TELLUS RESOURCES LTD - ASX Announcement

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ASX ANNOUNCEMENT - 30 APRIL 2013

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Consideration for the purchase of PNC will be 40M ordinary Tellus shares.

Tellus is pleased to be joining the ranks of oil and gas explorers in the Cooper Basin where recent corporate activity has been notable and has attracted a number of major international players.

The Board of Tellus look forward to Mr Carl Dorsch joining the company as a condition of the acquisition of PNC. Mr Dorsch is an oil and gas industry veteran who brings extensive experience to the Tellus team. He has a proven track record of discovery and development in the Cooper Basin.

Mr Dorsch commented that, “PNC has highly attractive oil and gas assets that I am familiar with from my time at Adelaide Energy Ltd, one of which has an immediate and very prospective drill target. The results of the Pirie 1 well in PEL 105 are key to the company’s immediate success, however we are also investigating a number of other opportunities including a larger stake in the Cooper. I look forward to working closely with the TLU board to maximise shareholder value and progressing and building on the Company’s asset base."

Mr Woodham said “Tellus has been actively seeking new project opportunities and has recognised the potential to create significant shareholder value through the acquisition of PNC. We are excited by the potential of PNC’s oil and gas assets and look forward to commencing work in the highly prospective Cooper Basin where there has been notable corporate activity including the entry of Chevron Ltd into the region. In addition to the PNC oil and gas assets, Tellus will also be working on strategies to extract maximum value from the company’s highly prospective gold assets”.

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ASX ANNOUNCEMENT - 30 APRIL 2013

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Figure 1: PEL105 Permit

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Figure 2: ATP 904P Permit

TELLUS RESOURCES LTD - ASX Announcement

ASX ANNOUNCEMENT - 30 APRIL 2013

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Annexure

Petroleum Initially In Place

Resource Range	Area of closure (km2)	PHI (%)	Sh (%)	Bg/ Bo	PIIP Case 1 (Attic Gas/Oil leg)	PIIP Case 2 (Liquids/ Associated Gas at 5000 scf/stb
Low Estimate PIIP	0.13	8	60	218/2.5	0.81BCF	0.26 mmstb 1.3 BCF
Best Estimate PIIP	1.36	9	65	218/2.5	18.7BCF	6.12 mmstb 30.6 BCF
High Estimate PIIP	2.3	9	70	218/2.5	30.5 BCF 6.6 mmstb	9.96 mmstb 49.8 BCF

scf/stba standard cubic feet/stock tank barrels rb/stbb reservoir barrels/stock tank barrels

The technical information contained herein is extracted from the Independent Expert Report prepared by Bill Fawcett and Alan Hart of AWT International ( AWT ) dated 18 April 2013 ( IER ). The qualifications of each of the authors are set out below. The IER was prepared for Tellus. AWT utilised mapping data supplied by PNC for its evaluation.

AWT uses guidelines as per the Society of Petroleum Engineers Petroleum Resources Management System (SPE PRMS) 2011. AWT has used a deterministic method for estimates of PIIP not recoverable quantities of Petroleum. The SPE guidelines state:

“Deterministic (scenario) method. In this method, three discrete scenarios are developed that reflect a low, best and high estimate of recoverable quantities. These scenarios must reflect realistic combinations of parameters and particular care is required to ensure that a reasonable range is used for the uncertainty in reservoir property averages... ”

Under this classification, estimates provided are Undiscovered PIIP and as such carry exploration risk.

AWT calculated two resource cases: Case 1 (Attic gas/Oil leg) and Case 2 (Liquids with Associated Gas). Case 2 uses an associated gas expansion factor of 5,000 standard cubic feet of gas for each stock tank barrel of oil produced. Stock tank barrels indicate atmospheric, not reservoir conditions. For all cases, PIIP estimates were based on tight sand parameters.

Bill Fawcett has over 30 years experience in the petroleum industry embracing exploration, geology, development geology, well site geology, petrophysics and government and environmental compliance. Alan Hart has B.Sc. Geology (1974) and M.Sc Geology (1979) degrees from the University of Texas at Arlington (U.S.A). He is a certified petroleum geologist with the American Association of Petroleum Geologists. Mr Hart has more than 30 years experience in the petroleum exploration and production industry.

Beate Leitner has a B.Sc degree (physics) and M.Sc degree (geophysics) in Geophysics in Germany and a PhD degree in Applied Geophysics from Oregon State University, USA. Beate has over 20 years' experience in Applied Geophysics.

AWT has provided its written consent for the inclusion of the above information in this release.

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ASX ANNOUNCEMENT - 30 APRIL 2013

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For further information on this announcement or Tellus Resources please contact:

Stephen Woodham Anne Adaley Managing Director Company Secretary & Chief Financial Officer T: 0417 293 449 T: 02 9231 6231 E: stephen.woodham@tellusresources.com.au E: anne.adaley@tellusresources.com.au

About Tellus

Tellus Resources Ltd is an ASX-listed mineral exploration company focused on generating value for its shareholders by identifying and acquiring properties and projects that have significant discovery and development potential.

Tellus has acquired a large tenement package in northern Queensland and regional New South Wales prospective for Intrusive Related Gold Deposits (IRG). The strategic objectives of the Company are to enhance Shareholder wealth through implementing exploration programs on its existing projects. Tellus has continued to evaluate additional exploration and value-accretive opportunities within Australia and internationally leading them to the proposed acquisition of PNC AUST Pty Ltd.

Competent Person’s Statement

Mr Carl Dorsch BSc, BE (Chem), CEng, FIChemE is a chartered chemical engineer with over 35 years experience in the hydrocarbon industry and in particular drilling, completion and production experience. He was Managing Director of Adelaide Energy Limited from its inception in 2007 and until its takeover in 2012. Mr Dorsch also has experience in hard rock exploration having been the founder and Managing Director of Primary Resources Limited at its inception which later became Strzelecki Metals Limited.

He has the requisite experience and knowledge to make the statements above and consents to his inclusion in this announcement.

Disclaimer

This document has been prepared by Tellus Resources Ltd (“Tellus”) and may contain some references to forecasts, estimates, assumptions and other forward looking statements. These forward-looking statements reflect the current internal projections, expectations or beliefs of Tellus based on information currently available to Tellus. Although the company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. Statements concerning reserves and/or resources may also be deemed to be forward looking statements in that they involve elements based on specific assumptions.

Tellus Resources Ltd has taken all reasonable care in producing the text and images contained in this report but do not warrant that the information contained herein is accurate or up to date. The information in this report is based on publicly available information, internal data and information from other sources. It is not intended to give investment or other advice to any party or individual(s) and the information is not a substitute for detailed investigation or analysis. Tellus Resources Ltd will not be responsible for any loss or damage (direct or indirect, consequential or otherwise) resulting from the use of information provided in this report.

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