CULLEN RESOURCES LIMITED — Share Issue/Capital Change 2003

Jul 1, 2003

CULLEN RESOURCES LIMITED

A.C.N. 006045790 A.B.N. 46 006 045 790

Level 4. 118 Christie Street St Leonards NSW 2065 P.O. Box 23, St. Leonards, 1590. Australia Telephone: (612) 9437 4588 Fax: (612) 9437 4599 Email: info@cullenresources.com.au Website: www.cullenresources.com.au

2 July 2003

The Listing Manager Australian Stock Exchange 20 Bridge Street Sydney NSW 2000

Sale of Non-Marketable parcels of shares of less than \$175 in value

Dear Sir

The directors of Cullen Resources ("the Company") announce that the Company, will proceed to procure the sale of non-marketable parcel shareholdings in the Company which are less than \$175 in value as at $7$ July 2003.

The record date for application of this matter is 7 July 2003 and this process will apply to all shareholders holding a value of less than \$175 of shares on that date ("the Applicable Shareholders"). It is expected that documentation in respect to this matter will be dispatched to Applicable Shareholders on 9 July 2003. Copies will be lodged with ASX on that date.

Applicable Shareholders who hold shares of a value of less than \$175 will have the right to retain their shareholdings and instead to remain as shareholders in the Company. A Retention Notice will be included in the documentation to be mailed to Applicable Shareholders. Applicable Shareholders will be given a period of 6 weeks in which to advise the Company not to sell their shares which is until 22 August 2003.

For further information please contact the undersigned.

Yours faithfully Cullen Resources Limited

W J Kernaghan Company Secretary