brett mitchell rang back, page-42

When they want the money is completely irrelevant. ASX listing rules are designed to give transparency to these types of transactions. The company is required to give the market notice at least 20 days prior to the expiry date.

The terms of the expiry will be completely clear. That is, the completed and signed forms are required to be presented to the companies register by 5pm EST on the 31st of March with a cheque made out to Quest Petroleum for the amount to cover the shares to be issued at 2.5cents.

The following is an example of what will be announced to the market. The announcement can be expected by Friday of this week.

IMPORTANT NOTICE ? EXPIRY OF QPNO OPTIONS
Dear Option Holder
The $0.025 Options issued by the Company are due to expire at 5.00pm Eastern Standard Time on 31
March 2011. In accordance with the terms and conditions of the option issue and the ASX Listing Rules,
the Company is required to give you notice at least 20 business days before the expiry date.
In accordance with the ASX Listing Rules the Company advises as follows:
1. The latest date for the exercise of the options and for payment of the exercise price is 31 March
2011;
2. The exercise price of the options is $0.025 per option;
3. The consequence of non-payment of the exercise price is that the options will lapse;
4. The latest available market sale price of the Company?s shares on ASX prior to the date of letter was
$0.016 per Share on 8 March 2011;
5. The highest and lowest market price of the underlying securities during the three months prior to 8 March 2011 are set out below:
i. Highest: $0.020 per Share on 28 February
2011;
ii. Lowest: $0.013 per Share on 9 Fenruary 2011.
6. The last date of quotation of QPNO options on the Australian Securities Exchange will be 24 March
2011.
Enclosed is a ?Notice of Exercise of Options Expiring 31 March 2011?
To convert your QPNO options into QPN shares, complete the attached ?Notice of Exercise of Options
Expiring 31 March 2011? form in full, sign it and send to the Company?s share registry with the
appropriate remittance amount by cheque made payable to Quest Petroleum Limited and
crossed ?Not Negotiable?.