RAREX LIMITED — Capital/Financing Update 2008

Apr 8, 2008

9 April 2008 ASX

Company Announcements Office ASX Limited Level 8 Exchange Plaza 2 The Esplanade Perth WA 6000

RELEASE OF SECURITIES FROM ASX ESCROW

In accordance with ASX Listing Rule 3.10A, Clancy Exploration Limited (CLY) announces that the following securities issued to employees and consultants will be released from ASX escrow on 23 April 2008, although the securities will continue to be restricted pursuant to voluntary restriction agreements until 10 July 2009:

Description ofSecurities	Number ofSecurities	Date of issue	Date of release fromASX escrow
IncentiveOptionsexpiring 30 April 2010	650,000	23 April 2007	23 April 2008
Series 1 PerformanceOptions expiring 30April 2010	150,000	23 April 2007	23 April 2008
Series 2 PerformanceOptions expiring 30April 2010	150,000	23 April 2007	23 April 2008

Yours faithfully

Rowan Caren Company Secretary

Clancy Exploration Limited

57 Havelock Street, West Perth WA 6005 Telephone: (08) 9481 8241 Facsimile: (08) 9226 1299 www.clancyexploration.com info@clancyexploration.com