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Acquisitions

Allied Mining & Processing  Ltd

22/4/03

Due diligence review has been completed by Metal Holdings Pty Ltd and have forwarded notice to proceed with the proposed transaction.

Kalrez Energy Ltd

28/4/03

All formal documentation with respect to the purchase of the balance of Petroasia Ltd not owned by the company was executed on the 23rd April 2003. As from the 23rd April 2003 Petroasia Ltd is a fully owned subsidiary of Kalrez Energy Ltd.

Newland Resources Ltd

22/4/03

Have negotiated to purchase a further 40% interest in Resources Services Ltd and Resources Services (BVI) Ltd (RSOL). NRL is currently a 50% shareholder. The basis of the offer to purchase is for Newland to issue to the vendors a total of 76,000,000 fully paid ordinary shares at a deemed issue price of 5 cents each, together with a 15% net profit interest for a period of five years, to be paid from net revenue as produced.

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