STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2011

Jul 11, 2011

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

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 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

GIPPSLAND LIMITED

ABN 31 004 766 376

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

• 1 +Class of +securities issued or to be issued
• 2 Number of +securities issued or to be issued (if known) or maximum number which may be issued
• 3 Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

Fully paid ordinary shares.

187,540,415 ordinary shares (204,340.415 ordinary shares if all existing options are exercised).

Fully paid ordinary shares pursuant to a Rights Issue to shareholders.

+ See chapter 19 for defined terms.

4	Do the +securities rank equally in allrespects from the date of allotmentwith an existing +class of quoted+securities?	The new shares will rank equally with existing fullypaid ordinary shares.
	If the additional securities do notrank equally, please state:•the date from which they do•theextenttowhichtheyparticipate for the next dividend,(inthecaseofatrust,distribution) or interest payment•the extent to which they do notrankequally,otherthaninrelation to the next dividend,distribution or interest payment
5	Issue price or consideration	$0.027 per new share.
6	Purpose of the issue(If issued as consideration for theacquisition of assets, clearly identifythose assets)	explorationanticipatedto	The purpose of the Rights Issue is, after meeting theexpenses of the Rights Issue, to raise funds for theprogramsinEritreawhichareincludeGeochemicalSampling,Versatile Time Domain Electro-Magnetics AirborneGeophysics Surveys Ground Geophysical Surveys(Gravity and Induced Polarisation) and ReverseCirculation Drilling; exploration of the Nuweibiproject which is to include Reverse CirculationDrilling, repayment of loans and working capital.
7	Dates of entering +securities intouncertificated holdings or despatchof certificates	19 August 2011.
8	Number and +class of all +securitiesquotedonASX(includingthesecurities in clause 2 if applicable)	Number812,675,131	+ClassFully paid ordinary shares assumingno existing options are exercised.

+ See chapter 19 for defined terms.

		Number	+Class
9	+classNumberandofall	25,000,000	Options (exercisable at 13.5 cents
	+securities not quoted on ASX(including the securities in clause		each on or before 26/05/12).
	2 if applicable)	4,000,000	Options (exercisable at £0.07 eachon or before 15/12/11).
		17,000,000	Options (exercisable at $0.15 eachon or before 31/05/12).
		10,000,000	Options (exercisable at $0.08 eachon or before 14/12/11).

10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

The Company currently has no dividend policy.

Part 2 - Bonus issue or pro rata issue

11	Issecurityholderapprovalrequired?	No.
12	Is the issue renounceable or nonrenounceable?	Renounceable.
13	Ratio in which the +securities willbe offered	Three new shares for every ten ordinary shares heldon the record date.
14	+Class of +securities to which theoffer relates	Fully paid ordinary shares.
15	+Recorddatetodetermineentitlements	21 July 2011.
16	Will holdings on different registers(or subregisters) be aggregated forcalculating entitlements?	N/A.
17	Policy for deciding entitlements inrelation to fractions	Rounded up to nearest whole number.
18	Names of countries in which theentity has +security holders whowillnotbesentnewissuedocumentsNote: Security holders must be told how theirentitlements are to be dealt with.Cross reference: rule 7.7.	Belgium, Bahrain, Canada, Switzerland, France,Germany, Hong Kong, Indonesia, Ireland, Isle ofMan, Japan, Jordan, Kenya, Kuwait, Netherlands,PapuaNewGuinea,Philippines,Portugal,Singapore, Thailand, USA, South Africa.
19	Closingdateforreceiptofacceptances or renunciations	11 August 2011.

• See chapter 19 for defined terms.

20	Names of any underwriters	Fully underwritten by Patersons Securities Limited(Patersons).
21	Amount of any underwriting fee orcommission	5% of the total amount to be raised under theRights Issue, being approximately $253,000 plus alead manager fee of $20,000.
22	Names of any brokers to the issue	N/A.
23	Fee or commission payable to thebroker to the issue	N/A.
24	Amountofanyhandlingfeepayabletobrokerswholodgeacceptances or renunciations onbehalf of +security holders	N/A.
25	Iftheissueiscontingenton+security holders' approval, the dateof the meeting	N/A.
26	Date entitlement and acceptanceform and prospectus or ProductDisclosure Statement will be sent topersons entitled	27 July 2011.
27	If the entity has issued options, andthe terms entitle option holders toparticipate on exercise, the date onwhich notices will be sent to optionholders	12 July 2011.
28	Date rights trading will begin (ifapplicable)	15 July 2011.
29	Date rights trading will end (ifapplicable)	4 August 2011.
30	How do +security holders sell theirentitlementsinfullthroughabroker?	By completing the accompanying Entitlement andAcceptanceForminaccordancewiththeinstructionssetoutonthereverseoftheEntitlement and Acceptance Form and liaise withyour stockbroker.
31	How do +security holders sell partoftheirentitlementsthroughabroker and accept for the balance?	By completing the accompanying Entitlement andAcceptanceForminaccordancewiththeinstructionssetoutonthereverseoftheEntitlement and Acceptance Form and liaise withyour stockbroker
32	How do +security holders dispose	StandardRenunciationForm,Entitlementand

of their entitlements (except by sale through a broker)?

Acceptance Form and transferee's cheque returned to the Company's share registry.

33 +Despatch date 19 August 2011.

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)
• (a) Securities described in Part 1
• (b) All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35 If the +

securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders

36 If the + securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories 1 - 1,000 1,001 - 5,000 5,001 - 10,000

• 10,001 100,000 100,001 and over
• 37 A copy of any trust deed for the additional +securities

+ See chapter 19 for defined terms.

• 38 Number of securities for which +quotation is sought 39 Class of +securities for which quotation is sought 40 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 41 Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security) Number +Class
• 42 Number and +class of all +securities quoted on ASX (including the securities in clause 38)

Number	+ Class

+ See chapter 19 for defined terms.

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX's absolute discretion. ASX may quote the +securities on any conditions it decides.
• 2 We warrant the following to ASX.
  • The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.
  • There is no reason why those +securities should not be granted +quotation.
  • An offer of the + securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.
• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.
• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Secretary

Sign here: Date: 12 July 2011

Print name: ROWAN CAREN

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+ See chapter 19 for defined terms.