CULLEN RESOURCES LIMITED — Interim / Quarterly Report 2010

Apr 20, 2010

Appendix 5B Mining Exploration Entity Quarterly Report

Rule 5.3

Appendix 5B

Mining Exploration Entity Quarterly Report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98.

Name of entity

CULLEN RESOURCES LIMITED

ABN 46 006 045 790 Consolidated Statement of Cash Flows		Quarter ended(“currentquarter”) 31 March 2010	Quarter ended(“currentquarter”) 31 March 2010
		31 March 2010
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net operating cash flows	Current quarter $A’000		Year to date (9 months) $A’000
	- (718) - - (97) - 27 - - -		- (1,857) - - (356) - 77 - - -
	(788)		(2,136)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material)- Security deposits Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	- - - - - - - - -		- - - - - - - - 10
	-		10
	(788)		(2,126)

• See chapter 19 for defined terms.

Appendix 5B Page 1

1/7/98*

Appendix 5B Mining Exploration Entity Quarterly Report

1.13 Total operating and investing cash flows (brought forward)	(788)	(2,126)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other share issue expenses Net financing cash flows	200 - - - - -	200 - - - - -
	200	200
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	(588) 3,185 -	(1,926) 4,523 -
	2,597	2,597

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		138
		-
1.25	Explanation necessaryfor an understandingof the transactions
	-

Non-Cash Financing and Investing Activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

• Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest y has an interest has an interest -

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest y has an interest has an interest

• See chapter 19 for defined terms.

Appendix 5B Page 2

1/7/98*

Appendix 5B Mining Exploration Entity Quarterly Report

Financing Facilities Available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	-	-
	-	-

Estimated Cash Outflows for Next Quarter

4.1 Exploration and evaluation 4.2 Development	$A’000
	350
	-
Total	350

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	2,597	3,185
	-	-
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	2,597	3,185

Changes in Interests in Mining Tenements

g Tenements
Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
E52/2074 E52/2075 E37/851 EL 3984		100% 100% 100% 100%	0% 0% 0% 0%
EL 7487 EL 7488		0% 0%	100% 100%

• See chapter 19 for defined terms.

Appendix 5B Page 3

1/7/98*

Appendix 5B Mining Exploration Entity Quarterly Report

Issued and Quoted Securities at End of Current Quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference~~+~~securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions	-	-	-	-
	- -	- -	- -	- -
7.3 ~~+~~Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	554,839,763	554,839,763	-	-
	3,000,000 -	3,000,000 -	6.67 cents -	- -
7.5 ~~+~~Convertible debt securities(description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	-	-	-	-
	- -	- -	- -	- -
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	8,000,000 3,000,000 3,000,000	- - -	Exercise price $0.1338 $0.05 $0.08	Expiry date 30 November 2010 1 February 2011 1 February2011
	3,000,000 3,000,000	- -	$0.05 $0.08	1 February 2011 1 February2011
	-	-	-	-
	7,000,000 7,000,000	-	$0.05 $0.08	28 February 2010 28 February2010
7.11 Debentures (totals only)	-	-
7.12 Unsecured notes (totals only)	-	-

• See chapter 19 for defined terms.

Appendix 5B Page 4

1/7/98*

Appendix 5B Mining Exploration Entity Quarterly Report

Compliance Statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Law or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: 21 / 04 / 2010 (Director/Company secretary) Print name: Wayne Kernaghan

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

• See chapter 19 for defined terms.

Appendix 5B Page 5

1/7/98*