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AAE, Strong Buy

AGRI ENERGY EXERCISES OPTION TO ACQUIRE TRITON PETROLEUM

Commencing mid‐year it is intended to drill two wells with total estimated resource potential of over 500 million barrels of oil equivalent (mean recoverable).

The Directors of emerging oil and gas explorer Agri Energy Limited (ASX: AAE) (Agri or the Company), are pleased to announce the Company has exercised its Call Options Option) to acquire Triton Petroleum Pte Ltd (Triton).

Triton is the holder of a 20% beneficial interest in Syria Block 9, a 10,032km2 petroleum exploration licence in north‐western Syria. Triton and its partners plan to drill two high‐impact exploration wells in the block commencing mid‐year.

Syria Block 9 is located on the north‐eastern flank of the proven Palmyride Basin. The basin hosts discoveries of over 6 trillion cubic feet of gas and 400 million barrels of oil and NGL?s. On 22 March 2011, Agri announced a substantial increase in the resource potential of Syria Block 9 due to the interpretation of new 3D seismic data by the operator, Kulczyk Oil Ventures, and as verified by independent auditors RPS Energy. Commencing mid‐year it is intended to drill two wells with total estimated resource potential of over 500 million barrels of oil equivalent (mean recoverable).