CULLEN RESOURCES LIMITED — Capital/Financing Update 2003

Sep 8, 2003

CULLEN RESOURCES LIMITED

A.C.N.006045790

A.B.N. 46006045790 Level 4. 118 Christie Street 2065 St Leonards NSW P.O. Box 23, St. Leonards, 1590, Australia Telephone: (612) 9437 4588 Fax: (612) 9437 4599 Email: info@cullenresources.com.au Website: www.cullenresources.com.au

9 September 2003

ASX ANNOUNCEMENT

The Listing Manager Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

Dear Sir

Cullen Resources Limited ("Cullen") is pleased to announce that the Company has received a very positive response from shareholders for its invitation to participate in a Shareholder Share Purchase Plan ("Share Plan"), details of which were announced to the Australian Stock Exchange on 25 July 2003.

Under the Share Plan, which closed on 27 August 2003, the Company received applications from 587 shareholders for a total of 52,063,906 new ordinary shares, raising a total of \$1,561,917. The Company had planned to limit acceptances to the amount of \$1,200,000. The positive response shown by shareholders has resulted in the Company deciding to process all acceptances received rather than scaling back shareholders entitlements.

The high level of take up by shareholders under the Share Plan means that Cullen is well positioned to accelerate testing of its key projects, thereby maximizing its chances for future exploration success.

Shares allotted pursuant to the Share Plan will be issued on or before 10 September 2003

Yours faithfully Cullen Resources Limited

W J Kernaghan Company Secretary