timetable

1. Options exercise @ 10c by end of this month

2. CNOOC 13% stake and EXE getting $10.7m by end of 31 Dec 2012 subject to approval by FIRB, NDRC and other Chinese regulatory bodies. No need for shareholder approval as its under 15% of issued stock. CNOOC appoints one director to EXE board.

3. Within 5 days of CNOOC getting the initial 13%, CNOOC has option to take their stake in EXE to 19.9%, but subject to shareholder approval as over 15% of issued capital. CNOOC may appoint a 2nd director to EXE board, if 19.9% stake.

4. Once CNOOC completes the $50m farm-in for 50% interest in the initial 5 tenements, CNOOC has up until 31 Dec 2015 to increase its stake in the 9 tenements from 50% to 60% by funding $12.7m in additional funding. The additional 4 new tenements are subject to QLD Govt approval and native title grant.