I agree with Jeff with some additions. Mussolini made rather small demands on France, but which included the French naval bases at Toulon, Bizerte, Ajaccio and Oran be demilitarized. Italy considered itself "bottled up" inside the Mediterranean between France and Britain. As a result, Mussolini ordered British Sollom taken by General Graziani in the expectation that Hitler would launch Operation Sealion by September 17. Having Sollom (which actually became Sidi Baranni) would justify Mussolini's presence at Hitler's peace table. When Hitler failed to invade Britain, Mussolini ordered Mersa Matruh in Egypt to be taken in October (?) 1940 from which to bomb Alexandria and sent bombers to Belgium to bomb Britain. Italy had also built a bomber, though not put into production, that could reach Alexandria. I believe Mussolini's goal with Britain was the demilitarization of Alexandria and Gibraltar, the same as he did with France. This removed Italy being confined to the Central Mediterranean. In turn, this would allow his landgrab of Greece and Yugoslavia. As for the Russian Front, I believe Mussolini was riding Hitler's coattails again, this time to the Baku oilfields he so desperately needed. As for North Africa, I believe Hitler strongly supported it when he offered troops without Mussolini even asking. On his own, I doubt Mussolini had the fuel, the trucks, or the equipment to go beyond Mersa Matruh and he knew it.
As to a timeline, Mussolini expected Hitler to invade Britain no later than September 17, 1940, making that his first timeline for the war or 3-4 months and for which the navy had fuel. Once that date passed, everything went out the window.