CULLEN RESOURCES LIMITED — Major Shareholding Notification 2008

Jul 15, 2008

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To:	Company Announcements Platform ASX	From: Date:	Mark Tzannes 16 July 2008
Company:
Fax No:	1300 135 638	Pages:	1 of $4$
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Dear Sir/Madam,

CULLEN RESOURCES LIMITED - NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

We attach ASIC Form 604 (Notice of change of interests of substantial holder) in relation to ordinary shares of Cullen Resources Limited.

Regards,

Mark Tzannés

Director $\angle$

1. Jul. 2008 16:14

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Cullen Resources Limiled
ACN/ARSN	006 045 790
1. Details of substantial holder (1)
	First Reserve Fund X, LP and its subsidiaries, including FRC Australian Holdings B.V. ('FRC Australian') (collectively 'FRC Group')
Name	AMCI International AG and its subsidiaries, including AMCI Investments Pty Ltd ACN 112 315 661 ('AMCI Investments')
	(Collectively 'AMCI Group')
ACN/ARSN (if applicable)
There was a change in the interests of the
substanlial holder on	14/07/2008
The previous notice was given to the company on	27/06/2008
The previous notice was dated	27/06/2008

2. Previous and present voling 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 when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	Present notice
	Person's voles	Voling power (5).	Person's votes	Voling power (5)
Ordinary Shares (fully paid)	(80,994,989)	14.60%	89.105.931	16.06% ----

3. Changes In relevant Interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Parson whosa ralevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securilies affected	Person's votes affected
01/07/08	FRC Australian	On market Acquisition	21,240,30	141,602 Ordinary Shares	141.602
01/07/08	AMCI investments	On market Acquisition	21,240.30	141,602 Ordinary Shares	141.602
02/07/08	FRC Australian	On market Acquisition	51,429.00	342,860 Ordinary Shares	342.860
102/07/08	IAMCI Investments	On market Acquisition	51,429.00	342,860 Ordinary Shares	342.860
103/07/08	FRC Australian	On market Acquisition	37,810.33	254,615 Ordinary Shares	254.615
103/07/08	AMCI Investments	On market Acquisition	37.810.18	254,614 Ordinary Shares	254.614
104/07/08	IFRC Australian	On markel Acquisilion	14.877.94	106,271 Ordinary Shares	106.271
104/07/08	AMCI Invesiments	On market Acquisition	14.877.94	106,271 Ordinary Shares	106,271
107/07/08	IFRC Australian	On market Acquisition	36.919.96	263,714 Ordinary Shares	263,714
07/07/08	AMCI Investments	On market Acquisilion	36.920.10	263,715 Ordinary Shares	263.715
08/07/08	FRC Australian	On market Acquisition	67,025.00	478,750 Ordinary Shares	478.750
08/07/08	AMCI Investments	On market Acquisition	67,025.00	478,750 Ordinary Shares	478.750
109/07/08	FRC Australian	On market Acquisition	34,475.00	246,250 Ordinary Shares	246,250

09/07/08	IAMCI Investments	On market Acquisition	34,475.00	246,250 Ordinary lShares	246,250
10/07/08	IFRC Australian	On market Acquisition	48,680.33	360,595 Ordinary Shares	360,595
10/07/08	AMCI Invesiments	On market Acquisition	48,680.19	360,594 Ordinary Shares	360,594
11/07/08	(FRC Australian	'On market Acquisition	36.297.45	268,870 Ordinary Shares	268.870
11/07/08	AMCI Invesiments	lOn market Acquisition	136.297.89	268,871 Ordinary Shares	268.871
14/07/08	IFRC Australian	On market Acquisition	108,945.00	1807,000 Ordinary Shares	807.000
14/07/08	AMCI Invesiments	lOn market Acquisillon	108.945.00	1807,000 Ordinary Shares	807,000
15/07/08	FRC Australian	On market. Acquisition	105 967 44	784,944 Ordinary Shares	784,944
15/07/08	AMCI Investments	lOn market Acquisition	105 987 44	784,944 Ordinary Shares	784.944

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant Interest	Registered holder of securities	Person enlilled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's voles
FRC Australian	Rubicon Nominees Pty FRC Australian Ltd		Under section 608(1) of the Corporations Act (Cth) as a result of FRC Australian purchasing the shares on market in the ordinary lcourse.	44,552,966 Ordinary 44,552,966 Shares
FRC Group (olher Ihan FRC Australian)	Rubicon Nominees Pty FRC Australian lLtd		Under section 608(3) of the Corporations Act (Cth) each other member of the FRC Group has a relevant interest in the ordinary shares which FRC. Australian has a relevant interest In.	44,552,966 Ordinary 44,552,966 Shares
AMCI ilnvesimenis	IUBS. Nominees Ltd	Pty AMCI Investments	Under section 608(1) of the Corporations Act (Cth) as a result of AMCI Investments purchasing the shares on market in the ordinary course.	44,552,965 Ordinary 44,552,965 lShares
AMCI Group (olher lhan AMCI Investments)	UBS Nominees Lld	Pty AMCI Investments	Under section 608(3) of the Corporations Act (Cth) each other member of the AMCI (Group has a relevant Interest in the ordinary shares which AMCI finvesiments has a relevant linterest in.	44,552,965 Ordinary 44,552,965 Shares

6. Changes in association

The parsons who have bacome associales (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows;

Name and applicable)	ACN/ARSN	(if	Nature of association
Not applicable,

6. Addresse

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

Name	Address
AMCI Investments Pty Ltd	Leval 8, Riverside Centre, 123 Eagle Street, Brisbane, Queensland, 4000
AMCI International AG	Seestrasse 17, 6300 Zug, Switzerland
FRC Australian Holdings BV	Fred Roeskestraat 123, 1076 EE in Amsterdam, Netherlands
First Reserve Fund X, LP	One Lafayette Place, Greenwich, CT 06630 United States of America
Rubicon Nominees Pty Ltd	(Level 21, 123 Eagle Street, Brisbane, Queensland, 4000
UBS Nominees Pty Ltd	GPO Box 1257L, Melbourne, Victoria, 3001

Signature

Mark Tzannes as director of AMCI Investments Pty Ltd print name capacity Mike Menzies as altorney for FRC Australian Holdings B.V. sign here date 16/07/2008

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and $(1)$ trusted of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• $(5)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy $(a)$ of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the $(b)$ securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, $(7)$ become entilled to receive in relation to that acquisition. Datalls must be included even if the banefit is conditional on the happening or not of a contingency. Details must be included on any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

$(8)$ If the substantial holder is unable to determine the identity of the parson (eg. if the relevant interest arises because of an option) write "unknown".

Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$