FIRSTWAVE CLOUD TECHNOLOGY LIMITED — Capital/Financing Update 2014

Apr 16, 2014

ASX ANNOUNCEMENT 17[th] April 2014

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ASX RELEASE

Covenant Mondo Project - Update

Tellus Resources Ltd is an Australian-based oil, gas and mineral exploration company with licences in South Australia, Queensland and New South Wales.

Directors:

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

Issued Shares:

152,666,433 ordinary shares

Tellus Resources Ltd

ASX Code: TLU

T: +61 8 8100 9208 F: +61 8 8223 3235

Tellus Resources Limited (TLU or the Company) wishes to advise of the following progress with respect to its Utah based Covenant Mondo Project (CMP):

• A well location has been identified for the first well and the appropriate State regulatory matters are being promptly processed.

• The first well will be called TWP USG #1.

• Earthworks are due to start in around two weeks (see picture below).

• Spudding of the first well will be on completion of the earthworks – further updates will be provided as work progresses.

• TLU and the farm-out party for the CMP, TransWestern Petroleum Ltd (TWP), have agreed that TWP will operate the drilling of the first two wells.

• TLU’s Managing Director will act as one of the on-site company men for the drilling of TWP USG #1.

• TLU has a 50% interest in the CMP during the farm in phase (two wells) reducing to 41.67% participating interest following farmin. This will equate to a net revenue interest of approximately 31%.

Level 5, 70 Pirie Street, Adelaide, SA 5000

Website: www.tellusresources.com.au

Enquiries :

Commenting on the progress, the Company’s Managing Director, Mr Carl Dorsch, said “We are confident that operations at the CMP will commence shortly and we look forward to the results of this very high impact well which in the success case would yield substantial recoverable oil. Given the respective locations of TLU and TWP we consider that the amended operating structure is optimum for the exploration wells.”

Carl Dorsch

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

The CMP consists of two leases with a total area of approximately 3,900 acres held over private lands. The leases are located on the well known “hingeline” overthrust structure in the Rocky Mountains which trends in a North Easterly direction from Arizona in the South right up into Canada. The overthrust belt has hosted a number of major oil discoveries including the massive Anschutz Ranch East field discovered by Amoco in 1979 as well as the recent (2004) discovery of the Covenant field located some 4 kms immediately to the South West of the CMP.

The Covenant field, one of the largest US onshore discoveries in recent years, is reported to have some 150 million barrels of recoverable oil (150 MMBO rec) and is producing approximately 6,400 barrels of oil per day at present.

TELLUS RESOURCES LTD - ASX Announcement

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ASX ANNOUNCEMENT 17[th] April 2014

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TWP USG #1 Drill Site Location Looking South (with bottom hole location marked ~200M to the East). The Covenant field lies just off the right hand side of this picture.

TELLUS RESOURCES LTD - ASX Announcement

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