RAREX LIMITED — Director's Dealing 2007

Oct 31, 2007

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 30/9/2001.

Name of entity	CLANCY EXPLORATION
ABN	65 105 578 756

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.

Name of Director	MARK ROBERT STEWART
Date of last notice	16 JULY 2007

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	Direct or indirect interest	Direct or indirect interest	Direct or indirect interest		Direct and Indirect	Direct and Indirect	Direct and Indirect	Direct and Indirect
	Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.					Stewart Family Trust, trustee and beneficiary
	Date of change					31 Octob		er 2007
	No. of securities held		prior to change			Direct
						500,000		incentive options with an expiry date
						of 30 A$0.20		pril 2010 and an exercise price of
						Indirect		–Stewart Family Trust
						250,000		ordinary shares
						250,000 performance options with an expirydate of 30 April 2010 and an exercise priceof $0.30.
						250	000 performance options with an expiry
						dat	,e of 30 April 2010 a		nd an exercise price
						of	0.40.
+ See chapte		r 19 for defined terms.
11/3/2002							A		ppendix 3Y Page 1

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Class	Ordinary Shares
Number acquired	51,000
Number disposed	Nil
Value/Consideration	19.5 cents per share
Note: If consideration is non-cash, provide details and estimatedvaluation	Total cost of $9,945
No. of securities held after change	Direct
	500,000 incentive options with an expiry date
	of 30 April 2010 and an exercise price of
	$0.20
	Indirect–Stewart Family Trust
	301,000 ordinary shares
	250,000 performance options with an expiry
	date of 30 April 2010 and an exercise price
	of $0.30.
	250,000 performance options with an expiry
	date of 30 April 2010 and an exercise price
	of $0.40.
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	On market trade.

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 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

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 3

11/3/2002