CULLEN RESOURCES LIMITED — Capital/Financing Update 2007

Nov 26, 2007

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Aquila Resources Limited ABN 81 092 002 769 Level 2 Aquila Centre 1 Preston Street Como WA 6152

27 November 2007

PO Box 1038 South Perth WA 6951

Telephone: (61) 8 9423 0111 Facsimile: (61) 8 9423 0133 mail@aquilaresources.com.au www.aquilaresources.com.au

Companies Announcements Office Australian Stock Exchange Limited 4[th] Floor, 20 Bridge Street SYDNEY NSW 2000

SHARE PLACEMENT: CULLEN RESOURCES LIMITED

Aquila Resources Limited (“Aquila” or “the Company”) is pleased to announce that it has agreed to subscribe for 72 million ordinary fully paid shares in Cullen Resources Limited (“Cullen”: ASX code – CUL) at a price of 10 cents each.

The shares will be held by the Company’s wholly-owned subsidiary Aquila Steel Pty Ltd and comprise 15% of Cullen’s current share capital.

Tony Poli Executive Chairman

For further information regarding this announcement, please contact Tony Poli.

Telephone: (08) 9423 0111 Facsimile: (08) 9423 0133 Email address: mail@aquilaresources.com.au Visit us at: www.aquilaresources.com.au

Brisbane : Level 10, 241 Adelaide St, Brisbane QLD 4000 Telephone (61) 7 3414 6888 Facsimile (61) 7 3414 6887 Thabazimbi : C/o Platina & Lood Avenue, Thabazimbi 0380 Telephone (27) 14 772 3337 Facsimile (27) 14 772 3337 South Africa : Stand 585 Opwag, Groblershoop, Northern Cape Telephone (27) 79 881 6459 Facsimile (27) 86 683 8065