CULLEN RESOURCES LIMITED — Major Shareholding Notification 2008

Jun 30, 2008

Fax Transmission

To:	Company Announcements Platform From:		Mark Tzannes
Company:	ASX	Date:	1 July 2008
Fax No:	1300 135 638	Pages:	1 of $4$
Cc:
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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 Tzannes

Director

1. Jul. $2008$ 16:19

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Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Cullen Resources Limited
ACN/ARSN	006 045 790
1. Details of substantial holder (1)
Name	'FRC Group')	First Reserve Fund X, LP and Its subsidiaries, including FRC Australian Holdings B.V. ('FRC Australian') (collectively 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
substantial holder on		27/06/2008
The previous notice was given to the company on		12/06/2008
The previous notice was dated		12/06/2008

2. Previous and present voting power

The total number of votes allached 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)	74.740.596	113.47%	80,994,989	'14.60%

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 voling 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 changa	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
11/06/2008	IFRC Australian	On markel Acquisilion	\$9,524.33	65,685 Ordinary Shares	65.665
11/06/2008	AMCI Invesiments	On market Acquisition	\$9.524.33	65,685 Ordinary Shares	65.685
12/06/2008	IFRC Australian	On market. Acquisition	\$29,132.39	200,913 Ordinary Shares	200,913
12/06/2008	AMCI investments	On market Acquisilion	\$29,132.39	200,913 Ordinary ÍShares	200,913
13/06/2008	FRC Australian.	On markel Acquisition	\$37,665.78	259,764 Ordinary lShares	259.764
13/06/2008	AMCI Investments	On market Acquisition	\$37,665.64	259.763 Ordinary lShares	259,763
16/06/2008	lFRC Australian.	On market Acoulsition	\$35,500.05	246,871 Ordinary Shares	246,871
16/06/2008	AMCI Investments	On market Acquisition	\$35,500.05	246,671 Ordinary Shares	246,871
17/06/2008	FRC Australian	On market Acquisition	\$32,641.48	226,049 Ordinary Shares	1226.049
17/06/2008	AMCI Investments	On market Acquisition	\$32,641.48	226,049 Ordinary Shares	226,049
18/06/2008	FRC Australian	On market Acquisition	\$83,853.14	598,951 Ordinary lShares.	598.951
18/06/2008	AMCI Investments	On market Acquisition	\$83,853.14	598,951 Ordinary Shares	598,951
19/06/2008	FRC Australian	On market Acquisition	\$20.864.90	149,035 Ordinary Shares	149.035

1. Jul. 2008 16:19 AMCI Investments Pty Ltd

19/06/2008	AMCI Investments	lOn market i Acquisition	\$20.864.00	149,035 Ordinary lShares.	149,035
20/06/2008	FRC Australian	On market. Acquisition	\$14,000.00	100,000 Ordinary Shares	100,000
20/06/2008	AMCI Investments	lOn market Acquisition	514,000.00	100,000 Ordinary Shares	100.000
23/06/08	FRC Australian	On market Acquisition	570.135.10	500,965 Ordinary Shares	500.965
23/06/08	AMCI invesiments	lOn market Acquisition	570,135.10	500,965 Ordinary Shares	500.965
25/06/08	IFRC Australian	On market Acquisition	\$13,500.00	90,000 Ordinary Shares	90.000
125/06/08	AMCI Investments	On market Acquisition	\$13,500.00	90,000 Ordinary Shares	190.000
27/06/08	FRC Australian	lOn market Acquisition	\$52,532.35	353,040 Ordinary Shares	353,040
127/06/08	AMCI Investments	On market Acquisition	552,532.50	353,041 Ordinary Shares	353.041
30/06/08	FRC Australian	On market Acquisilion	\$50,335.01	335,924 Ordinary Shares	335,924
130/06/08	AMCI invesiments	On market Acquisition	\$50,354,86	335,923 Ordinary Shares	335,923

⁴ Tresent relevant Interests

$\frac{1}{2}$

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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 entitled lo be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
FRC Australian	Rubicon Nominees Pty FRC Australian Lld		Under section 608(1) of the Corporations Act (Cth) as a result of FRC Australian purchasing the shares on market in the ordinary caurse.	40,497,495 Ordinary 40,497,495 Shares
FRC Group (other than FRC Australian)	Rubicon Nominees Pty FRC Australian Lld		Under section 608(3) of the Corporations Act (Cth) each other membar of the FRC Group has a relevant interest in the ordinary shares which FRC Australian has a relevant linterest in.	40,497,495 Ordinary 40,497,495 Shares
AMCI linvesiments	IUBS. Nominees lLid	Ply 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 lcourse.	40,497,494 Ordinary 40,497,494 Shares
AMCI Group (other than IAMCI Inveslments)	iubs. Nominees lLld	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 Íshares which AMCI invesiments has a relevant linterest In.	40,497,494 Ordinary 40,497,494 Shares

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5. Changes In association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the subatantial holder in relation to voting interests in the company or scheme are as follows:

Name and applicable)	ACN/ARSN	(if	--- Nature of association
l Not applicable.					The Contract of Contract of The Contract of The Contract of The Contract of The Contract of The Contract of The Contract of The Contract of The Contract of The Contract of The Contract of The Contract of The Contract of T
	_____

6. Addresses

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

Name	Address
AMCI Investments Pty Ltd	Level 8, Riverside Centre, 123 Eagle Street, Brisbane, Queensland, 4000
AMCI International AG	Seestrasse 17, 6300 Zug, Switzerland
IFRC Australian Holdings BV	Fred Roeskestraat 123, 1076 EE in Amsterdam, Netherlands
First Reserve Fund X, LP	One Lafayette Place, Greenwich, CT 06830 United States of America
Rubicon Nominees Ply Ltd	Level 21, 123 Eagle Street, Brisbane, Queensland, 4000
UBS Nominees Pty Ltd	GPO Box 1257L, Melbourne, Victoria, 3001

Signature

• 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
  trustee of an equity trust), the names could be included in an ann $(1)$ 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.
• $(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• ሱ. The voting shares of a company constitute one class unless divided into separate classes.
• The person's voles divided by the total voles in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ 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
• $(b)$ 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 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 entitled to receive in relation to that acquisition. Details must be included even if the benefit 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 essociate 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 person (eg. if the relevant interest arises because of an option) write "unknown".
• $(9)$ Give details, if appropriate, of the present association and any change in that association state the last substantial holding notice.