GALILEE ENERGY LIMITED — Director's Dealing 2012

Feb 27, 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 30/09/01 Amended 01/01/11

Name of entity GALILEE ENERGY LIMITED

ABN 11 064 957 419

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.

We (the entity) give ASX the following the director for the purposes of section	information under listing rule 3.19A.2 and as agent for 205G of the Corporations Act.
Name of Director	STEVEN JOSEPH KOROKNAY
Date of last notice	3 December 2009

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

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	A. B. C.	Registered Holder :Bond Street Custodians Limited <2BB - SS0121 A/C> Beneficial Holder: Koroknay Investments Pty Ltd as trustee for the SJK Superannuation Fund Registered Holder :Avanteos Investments Limited <3347313 A/C> Beneficial Holder: Koroknay Investments Pty Ltd as trustee for the SJK Superannuation Fund Koroknay Investments Pty Ltd as trustee for the SJK Superannuation Fund of which Mr Koroknay & his wife Mrs MC Koroknay are directors & shareholders in the company and Mr Koroknay may be a beneficiary of the fund
Date of change	27 February 2012
No. of securities held prior to change	A. 125,000 shares B. Nil C. 2,000,000 options expiring 3 December 2012
Class	Shares (listed) – ordinary fully paid Options (unlisted) – (i) exercise price 80¢, vesting 12 months, expiry 3 years (ii) exercise price 87¢, vesting 24 months, expiry 3 years
Number acquired	Nil
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	NA
No. of securities held after change	A. Nil B. 125,000 shares C. 2,000,000 options expiring 3 December 2012
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Change of registered holder only following transfer to a new custodial account; no change in beneficial ownership

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

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
Name of registered holder (if issued securities)
Date of change
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
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
Interest after change

Part 3 –[+] Closed period

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?	NA
If prior written clearance was provided, on what date was this provided?	NA

Bill Lyne Company Secretary 28 February 2012

• See chapter 19 for defined terms.

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