OCULUS LIMITED

(Company Registration No. 198304025N)

PROPOSED ACQUISITION OF GOLDLINE CAPITAL LIMITED

INTRODUCTION

1. The Board of Directors of Oculus Limited (the ?

that the Company has entered into a sale and purchase agreement (the

?

relating to the purchase of the entire issued share capital of Goldline Capital

Limited (?Company?) wishes to announceAgreement?) with Engraini Leonardi (the ?Vendor?) dated 3 October 2007Goldline?).

BACKGROUND OF GOLDLINE CAPITAL LIMITED

2. Goldline is a company incorporated in the British Virgin Islands and is an

investment holding company. Goldline?s 70% owned subsidiary is PT Balikpapan

Oil Terminal (the ?

Goldline Subsidiary will be to build/operate oil storage facilities in Indonesia (the

?

As at the date of this announcement, the Goldline Subsidiary has a registered

capital of Rp1,000,000,000 divided into 1,000,000 ordinary shares of Rp1,000

each, of which 500,000 ordinary shares have been issued and paid up. Goldline is

the legal and beneficial owner of 350,000 ordinary shares of Rp1,000 each in the

capital of the Goldline Subsidiary.

The Goldline Subsidiary intends to build its first oil storage facility in

Balikpapan. The storage facility will have an initial storage capacity of 60,000

metric tonnes for fuel oil. It intends to increase this to 100,000 metric tonnes

within the next three years. Balikpapan is a seaport city on the eastern coast of

East Kalimantan, Indonesia. The East Kalimantan province is a resource-rich

region well known for its timber, mining and petroleum products. The setting up

of the storage facility will cater to the mining, shipping and agro industry in

Kalimantan and will be able to further facilitate the importation of fuel oil into the

region.Goldline Subsidiary?). The principal activities of theBusiness?).

RATIONALE

3. The proposed acquisition is in line with the Company?s plan to further venture

into the oil and gas sector and will help to increase the Company?s income stream

in the future.

CONSIDERATION

4. The aggregate purchase price of S$4 million was arrived at on a willing buyerwilling

seller basis and is to be fully satisfied in cash and will be funded using the

Group?s internal resources.

MATERIAL CONDITIONS

5. The obligations of the parties under the Agreement are conditional upon and

subject to the fulfilment of,

(a) evidence that the Goldline Subsidiary has procured all necessary

governmental authority for the Business; and

(b) evidence that the Goldline Subsidiary has procured contracts for

rent/utlisation of at least 40,000 metric tons of storage facilities with oil

companies acceptable to the Company.inter alia, all the following conditions:

VALUATION

6. No valuation of Goldline was carried out as the purchase consideration was on a

willing buyer-willing seller basis.

FINANCIAL EFFECTS

7. As Goldline and the Goldline Subsidiary are newly incorporated, there is

currently no financial information available for Goldline and the Goldline

Subsidiary. Accordingly, financial effects of the proposed acquisition on the

earnings of the Group and the net tangible assets of the Group are not

determinable.

INTERESTS OF DIRECTORS AND CONTROLLING SHAREHOLDERS

8. None of the Directors, and to the best of the Company?s knowledge, the

controlling shareholders of the Company has any interest, direct or indirect, in the

Proposed Acquisition.

RULE 1006 OF THE LISTING MANUAL

9. The relative figures as computed on the following bases set out in clause 1006 of

the Listing Manual based on the audited consolidated financial statements of the

Group for the financial year ended 31 December 2006 are as follows:

(i) Rule 1006(a) ? This is not applicable to the proposed acquisition.

(ii) Rule 1006(b) ? As Goldline and the Goldline Subsidiary are newly

incorporated, the net profits attributable to Goldline and/or the Goldline

Subsidiary is not available. Accordingly the bases of computation under

Rule 1006(b) is not determinable.

(iii) Rule 1006(c) ? The aggregate value of the consideration represents

approximately 5.15% of the Company?s market capitalisation of

approximately S$77,637,630, based on the volume-weighted average price

of S$0.3217 on 2 October 2007 which is the full traded market day prior

to which the Agreement was signed;

(iv) Rule 1006(d) ? This is not applicable as no securities are being issued by

the Company as consideration for the proposed acquisition.

Accordingly, the proposed acquisition is considered a discloseable transaction

under Chapter 10 of the Listing Manual and does not require the approval by

shareholders in general meeting.