CULLEN RESOURCES LIMITED — Major Shareholding Notification 2007

Dec 4, 2007

Aquila Resources Limited ABN 81 092 002 769

Level 2 Aquila Centre 1 Preston Street Como WA 6152

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

04 December 2007

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

REVISED FORM 603

Please find attached the Revised Form 603 – Initial Substantial Holder.

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

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	CULLEN RESOURCES LIMITED
ACN/ARSN	006 645 790
1. Details of substantial holder (1)
Name ACN/ARSN (if applicable)	See Annexure 'A'

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5).	Voting Power (6)
ORDINARY	74,500,000	74,500,000	13.43%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of secuntes
Aquila Resources Limited	Section 608 (1) (b) & (c) power to control the voting and disposal rights of shares held by Aquila Steel Pty Ltd	72,000,000 Ordinary
Anthony Poli	S608 (3) (a) voting power in Aquila Resources Limited above 20%	72,000,000 Ordinary
Aquila Steel Pty Ltd	Registered Holder	72,000,000 Ordinary
Charles Thomas Bass	Registered Holder- Section 11 - associate of Aquila Resources Limited and the Companies in Aquila Resources Limited Group including Aquila Steel Pty Ltd.	2,500,000 Ordinary

4. Details of present registered holders

The persons registered as holders of the secunties referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of secunties	Person entitled to be registered as holder (8)	Class and number of securities
Aquila Steel Pty Ltd	Aquila Steel Pty Ltd	Aquila Steel Pty Ltd	72,000,000 Ordinary
Aquila Resources Limited	Aquila Steel Pty Ltd	Aquila Steel Pty Ltd	72,000,000 Ordinary
Anthony Poli	Aquila Steel Pty Ltd	Aquila Steel Pty Ltd	72,000,000 Ordinary
Charles Thomas Bass	Charles Thomas Bass	Charles Thomas Bass	2.500,000 Ordinary

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder are as follows:

Holder of relevant nterest	Date of acquisition	Consideration (9)		Class and number of securites
		Cash	Non-cash
Aquila Steel Pty Ltd	30/11/07	See Annexure B		72,000,000 Ordinary
Aquila Resources imited	30/11/07	Nil	Nil	72.000.000 Ordinary

Anthony Poli	30/11/07	Nil	Nil	72,000,000 Ordinary
--------------	----------	-----	-----	---------------------

6. Associates

The reasons the person named in paragraph 3 above are associates of the substantial holder are as follows.

Name and CAN/ARSN (if applicable)	Nature of association
Aquila Steel Pty Ltd ACN: 097803613	Related Body Corporate of the entities listed in Item 1 of Annexure A (other than itself)
Aquila Resources Limited ACN 092 002 769	Related Body Corporate of the entities listed in Item 1 of Annexure A (other than itself)
Anthony Poli	Director of each of the entities listed in Item 1 of Annexure A
Charles Thomas Bass	Director of Aquila Resources Limited and other Companies in Aquila Resources Group including Aquila Steel Pty Ltd

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
The entities listed in Item 1 of Annexure A	Level 2, Aquila Centre, 1 Preston Street, Como, WA 6152
The person named in Item 2 of Annexure A	Level 2, Aquila Centre, 1 Preston Street, Como, WA 6152
Charles Thomas Bass	Level 2, Aquila Centre, 1 Preston Street, Como WA 6152

Print name	Tony Poli	capacity	Director
Sign here		date	04 / 12 / 07

CULLEN RESOURCES LIMITED ACN 006 645 790

This is annexure A of 1 page referred to in form 603

Notice of initial substantial holder

Item 1 (Aquila Resources Limited Group Companies)

Aquila Resources Limited (ACN 092 002 769) (Substantial Holder) Aquila Steel (SA) Pty Ltd (ACN 116 015 466) (Substantial Holder) Penoir Pty Ltd (ACN 095 529 445) (Substantial Holder) BT.X Pty Ltd (ACN 099 392 766) (Substantial Holder) Aquila Coal Pty Ltd (ACN 097 801 940) (Substantial Holder) Aquila Energy Holdings (Mauritius) Pty Ltd (ACN N/A) (Substantial Holder) African Energy (Mauritius) Pty Ltd (ACN N/A) (Substantial Holder) Aquila Energy (S Africa) (Pty) Ltd (ACN N/A) (Substantial Holder) Aquila Steel (Mauritius) Pty Ltd (ACN N/A) (Substantial Holder) Aquila Steel (S Africa) (Pty) Ltd (ACN N/A) (Substantial Holder) B D Coal Pty Ltd (ACN 113 623 439) (Substantial Holder) I P Coal Pty Ltd (ACN 114 245 993) (Substantial Holder) African Energy (Botswana) Pty Ltd (ACN N/A) (Substantial Holder)

Item 2 (Individual)

Anthony Poli (Substantial Holder)

Signed:

Dated

Director

$4/12/07$

CULLEN RESOURCES LIMITED ACN 006 645 790

This is annexure B of pages referred to in form 603

Notice of initial substantial holder

Annexure of Question 5

Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the holder became a substantial holder is as provided in the Acceptance of Application dated 30/11/07 a copy of which is attached as pages 2 to 7 of this Annexure B.

Holder of relevant interest	Date of acquisition		Consideration (9)	Class and number of
		Cash	Non-cash	securities
30/11/2007 Aquila Steel Pty Ltd		0.10		72,000,000

Signed:

Director

Dated

$4/12/07$