METGASCO LTD — Capital/Financing Update 2009

Dec 2, 2009

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MOLOPO ENERGY LIMITED

ABN 79 003 152 154

ASX ANNOUNCEMENT / MEDIA RELEASE

3 December 2009

MOLOPO COMPLETES SALE OF CLARENCE MORETON INTERESTS TO METGASCO LIMITED

Further to our ASX release on 2 October, 2009 announcing that Molopo Energy Limited had entered into a conditional agreement to sell its non-operating interests in the Clarence Moreton Basin, NSW, to Metgasco Limited for $7million, we are pleased to confirm settlement has occurred in line with the agreement.

The Clarence Moreton Basin interests comprised Molopo’s 43.4% interest in each of the coalbed methane (CBM) and conventional gas resources in PEL 426, and 25% and 50% interests in the CBM and conventional gas resources, respectively, in PEL 13.

Issued by: Molopo Energy Limited For further information contact: Stephen Mitchell MD +61 3 9618 8722 Ric Sotelo CCO +61 3 9618 8722 Anthony Bishop CFO +61 3 9618 8722

Molopo Energy Limited is an ASX-listed petroleum producer focused on the exploration, appraisal, development and production of coalbed methane (CBM) and other on-shore petroleum projects. Molopo holds a 50% interest in several CBM fields located in the Bowen Basin, Australia, a 100% interest in a shale gas project in Quebec, Canada, an interest in the Bakken and Spearfish oil projects in Canada, a 100% interest in two South African projects and a 50% interest in a US gas project.

NSW Office:

Registered Office Level 14, 31 Queen Street, Melbourne, Vic. 3000, Australia GPO Box 223, Melbourne, Vic. 3001, Australia

Suite 7, Level 4, 95 Pitt St, Sydney, NSW, 2000, Australia GPO Box 7075, Sydney, NSW, 2001, Australia

Telephone: (61 3) 9618 8722 Facsimile: (61 3) 9620 2804 Website: www.molopo.com.au Email: slord@molopo.com.au

Telephone: (61 2) 8249 8186, Facsimile: (61 2) 8249 8321