FIRSTWAVE CLOUD TECHNOLOGY LIMITED — Capital/Financing Update 2014

Nov 3, 2014

ASX ANNOUNCEMENT 4[th] NOVEMBER 2014

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COVENANT MONDO WELL SPUDS

ASX RELEASE

Tellus Resources Ltd is an Australianbased oil, gas and mineral exploration company with licences in Utah, Madagascar, South Australia, Queensland and New South Wales.

Directors:

Robert Kennedy (Chairman) Carl Dorsch (Managing Director) Neil Young (Non-Executive Director)

Issued Shares:

283,848,295 ordinary shares

Tellus Resources Ltd

ASX Code: TLU

T: +61 8 8100 9200 F: +61 8 8227 0544

Level 5, 70 Pirie Street

(PO Box 190, Rundle Mall)

ADELAIDE 5000

Tellus Resources Ltd (“TLU” or “the Company”) is pleased to advise that drilling operations on the TWP USG #1 well have commenced (“Spud”). The well is the first in a two well farmin program in the Covenant Mondo conventional oil play located in Sevier County, Utah, USA. TLU has funded 30% of the expected costs to earn a 25% participating (working) interest in the JV.

An operations summary is provided below and will be updated weekly by the Company.

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SOUTH AUSTRALIA

Rigging up operations at site: TWP USG #1

Website: www.tellusresources.com.au

Enquiries :

Carl Dorsch +61 (0)400 508 088 carl.dorsch@tellusresources.com.au

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TELLUS RESOURCES LTD - ASX Announcement

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ASX ANNOUNCEMENT 4[th] NOVEMBER 2014

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WEEKLY DRILLING REPORT : TWP USG #1

1. All times/dates reported as Utah time = ACSST less 17.5 hrs.

2. Depths reported as :

mTVD : true vertical depth, metres;

mMD : measured depth, metres

ITEM	DETAIL
Well name	�TWP USG #1
Permit	�USG Lease, Sevier County, Utah, USA
Drilling Unit	�SST Energy Corporation Rig # 54
TLU Working Interest	�25%
Primary Targets	�Twin Creek Sandstone at 1773 mMD�Navajo 1 Sandstone at 1890 mMD�Navajo 2 Sandstone at 1960 mMD
Spud time & date	�13:45 hrs on 2ndNovember 2014
Target depth (prognosed)	�2256 mTVD, 2267 mMD
Total depth @ end of current week	�288 mTVD (06:00 hrs on 3 Nov 2014)
Total depth @ end of previous week	�0 m
Metres drilled during week	�288 m
Activities during week	�Pre set 13 3/8” conductor at 32m below GL�Move in rig and rig up (move commenced 27 Oct 2014)�Spud well at 13:45 hrs 2ndNovember 2014�Drill 12 ¼ “ surface hole to 288m with surveys (< 2 deg)
Current activities	�Drill 12 ¼ “ surface hole
Planned activities	�Drill ahead in 12 ¼ “ hole�Prepare to trip to pick up MWD assembly�Drill ahead to surface hole TD at 610m�Run and cement 9 5/8” surface casing�Wait on cement�Nipple up BOP’s�Drill ahead in 8 ¾ “ production hole
Other comments	�Estimated days to first target = 15

TELLUS RESOURCES LTD - ASX Announcement

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