OFT LIMITED(OFT)

name changed to Orient Resource Holdings Limited

the company advises that the record date for the consolidation of the company's ordinary fully paid shares on a one (1) for two (2) basis is 21 April 2005

company issues a prospectus which contains details of an offer of 15,500,000 Shares at 20 cents per share to raise $3,100,000 - the company intends to acquire all of the issued share capital of Orient Resources Pty Ltd - on completion of the acquisition, the Company will change its name to Orient Resource Holdings Limited - unlike many of these companies that fold, director Neville Bassett has at least kept us informed of developments

company advises that all resolutions considered by shareholders at the General Meeting of OFT Limited held on 11 March 2005 were passed

calls General Meeting for 11 March 2005 to consider proposals for the consolidation of capital (1 for 2), acquisition of Orient Resources Pty Ltd by allotting shares to the vendors, issuing shares by way of a prospectus and other resolutions

lodges annual report and calls meeting for 30 November

directors confirm they are in discussions on a deal at the moment but are unable to disclose details at this stage

the proposal (mentioned below) is not going to proceed and directors inform us they are looking for other opportunities

directors have been looking at two possibilities - the first has just fallen over and the second is at the due diligence stage, with an independent desk top review being undertaken

seeking update since 10 mar 04

nothing further to report - directors have looked at a couple of possibilities but have resolved not to proceed - the key issue is being able to raise a minimum of $2m on the back of any transaction to satisfy ASX requirements

directors are continuing to review potential projects for the company - they state "any project needs to be considered with a substantial capital raising as required by ASX - we have external parties looking for us as well - it is difficult to determine any timeframe as it is important that we find the right deal - you can be assured that we are regularly reviewing opportunities"

directors confirm they are actively seeking proposals for utilising the shell of the company for a "back door listing"

ASIC notified that DOCA effectuated and control of company returned to directors

name changed from Oceanfast Limited, (see that company for background details and present status)