pillman just a courtesy, page-19

announcement - clarence moreton MOLOPO FARMS OUT CLARENCE MORETON BASIN ACREAGE Molopo Australia Limited (MPO) announces that Eastern Star Gas limited (ESG) has farmed into PEL 13 & 426 in the Clarence Moreton Basin in north-eastern New South Wales. ESG will operate and earn an 85% interest by funding 100% of the work programme for permit years 1 & 2, which will notionally involve seismic reprocessing and acquisition. PEL 13 & 426 covers an area of 6,314km2. Despite exploration dating back to the 1960’s the Clarence Moreton Basin remains under explored and has the potential to host both coal seam gas and conventional hydrocarbon accumulations, with earlier exploration identifying a number of structures which are as yet untested. Upon completing the agreed work programme the interest holders in both the PEL’s will be Molopo Australia Limited (15%) and Eastern Star Gas limited (85%). Molopo’s Director of Operations, Mr. David Casey, stated “Farming-out Molopo’s Clarence – Moreton acreage will allow us to concentrate our resources on the continued development of the Mungi