PATERSON RESOURCES LTD — Interim / Quarterly Report 2007

Jul 26, 2007

$Rule 5.3$

Appendix 5B

Mining exploration entity quarterly report

Current quarter

Introduced 1/7/96, Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

URANIUM OIL & GAS LIMITED

AEN

45 115 593 005

Quarter ended ("current quarter") 30 JUNE 2007

Year to date

Consolidated statement of cash flows

Cash flows related to operating activities			SA'000	$(12 \text{ months})$SA 000
1.1	Receipts from product sales and related debtors
1.2	(a)Payments forevaluation	explorationand(b) development	(114)	(216)
		(c) production		(801)
		(d) administration	(328)
1.3	Dividends receivedInterest and other items of a similar nature		50	237
1.4	received
1.5	Interest and other costs of finance paid
1.6	Income taxes paid - GST		(17)	(72)
1.7	Other (provide details if material) - OPTIONFEE INCOME		0.	20
			(409)	(832)
	Net Operating Cash Flows
1.8	Cash flows related to investing activitiesPayment for purchases of:	(a)prospects(b)equity	0	(400)
	investments	fixedother$\circ$	$\bf{0}$	(686)
1.9	assetsProceeds from sale of:	(a)prospects(b)equity	0	268
	investments	fixed(c)other
	assets
1.10	Loans to other entities		(1)	(102)
1.11	Loans repaid by other entities
1.12	Other (provide details if material)		119	399
			118	(521)
	Net investing cash flows
1.13	Total operating and investing cash(carried forward)	flows	(291)	(1, 353)

• See chapter 19 for defined terms.

30/9/2001

Appendix 5B Page 1

1.13	Total operating and investing cash flows(brought forward)	(291)	(1, 353)
1.14	Cash flows related to financing activitiesProceeds from issues of shares, options, etc.	5	6,831
1.151.161.17	Proceeds from sale of forfeited sharesProceeds from borrowingsRepayment of borrowings
Dividends paid1.18Other (provide details if material) $-$ CAPITAL1.19RAISING COSTS		-6	(897)
	Net financing cash flows	$\bf{11}$	5.934
	Net increase (decrease) in cash held	(280)	4,581
1.201.21	Cash at beginning of quarter/year to dateExchange rate adjustments to item 1.20	4,870	9
1.22	Cash at end of quarter	4.590	4.590

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities $\overline{\overline{C}}$ urrent quarter

1.24	Aggregate amount of loans to the parties included in item 1.10
1.23	Aggregate amount of payments to the parties included in item 1.2
		122
		SA'000
		Cancell date in

1.25	Explanation necessary for an understanding of the transactions
	Salaries, directors fees, management fees and superannuation

Non-cash financing and investing activities

Details of financing and investing transactions which have had a material effect on consolidated $2.1$ assets and liabilities but did not involve cash flows

N/A

Details of outlays made by other entities to establish or increase their share in projects in which the $2.2$ reporting entity has an interest

$N/A$

Financing facilities available

Add notes as necessary for an understanding of the position.

Amount available	Amount used
SA'000	$A'000

• See chapter 19 for defined terms.

Appendix 5B Page 2

$\overline{\phantom{a}}$

31	Loan facilities	------
3.2	Credit standby arrangements	-------

Estimated cash outflows for next quarter

	Total
		-----275
4,2	Development	NIL
4.1	Exploration and evaluation	275
		$A'000

Reconciliation of cash

Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows) tothe related items in the accounts is as follows.		Current quarter$A'000	Previous quarter$A'000
-5.1	Cash on hand and at bank	212	340
Deposits at call5.2		4,378	4,530
53	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	4,590	4,870

Changes in interests in mining tenements

		Tenementreference	Nature of interest(note (2))	Interest atbeginningof quarter	Interest atend ofquarter
6.1	Interests in miningtenements relinquished,reduced or lapsed
6.2	Interests in miningtenements acquired orincreased

30/9/2001

$+$ See chapter 19 for defined terms.

Issued and quoted securities at end of current quarter

$Description$ includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price persecurity (see note$3)$ (cents)	Amount paid up persecurity (see note 3)(cents)
7.1	Preference
	*securities
	(description)
7.2	Changes during
	quarter(a) Increases
	through issues
	(b) Decreases
	through returns
	of capital, buy-
	backs,
7.3	redemptions	64,720,353	43,082,853
	+Ordinarysecurities
7.4	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreasesthrough returns
	of capital, buy-
	backs
7.5	+Convertible
	debt securities
	(description)
7.6	Changes during
	quarter(a) Increases
	through issues
	(b) Decreases
	through
	securities
	matured,
	converted			Exercise price	Expiry date
7.7	Options(description and	37,369,300	17,969,300	20 cents	04/08/2010
	conversion
	factor)
7.8	Issued during
	quarter
7.9	Exercised during	17,500	17,500
	quarter
7.10	Expired during
7.11	quarterDebentures
	(totals only)
7.12	Unsecured
	notes (totals
	only)

• See chapter 19 for defined terms.

Appendix 5B Page 4

$27 - 7 - 2007$

Compliance statement

• This statement has been prepared under accounting policies which comply with 1 accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
• This statement does /does not* (delete one) give a true and fair view of the matters $\overline{2}$ disclosed.

$\zeta$ ......................................

Sign here:

(Director/Company secretary)

W.E. BANNISTER

Print name:

Notes

• The quarterly report provides a basis for informing the market how the entity's $\mathbf{1}$ activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in $\overline{2}$ mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• Issued and quoted securities The issue price and amount paid up is not required in 3 items 7.1 and 7.3 for fully paid securities.
• The definitions in, and provisions of, AASB 1022: Accounting for Extractive 4 Industries and AASB 1026: Statement of Cash Flows apply to this report.
• Accounting Standards ASX will accept, for example, the use of International 5 Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

---

• See chapter 19 for defined terms.

30/9/2001