FIN RESOURCES LIMITED — Capital/Financing Update 2009

Dec 15, 2009

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ASX / Media Release 16 December 2009

Cape Lambert takes cornerstone stake in Monitor as part of A$2M Placement

Key points:

• Monitor Energy completes A$2M placement to fund fast-tracking oilfield development in the Cooper Basin, including testing and tieback of Fury-1 for production and if successful Airacobra, and

• Cape Lambert Resources Limited subscribes to A$1.5M of Placement (will hold approx 10.3% of issued capital post placement).

Australian energy company Monitor Energy Limited (ASX: MHL) (“Monitor” or “the Company”) has successfully raised A$2M to fund a fast-track development in PEL 115, Cooper Basin. This includes testing and tieback of Fury-1 for production and if successful Airacobra, which is currently being drilled (please see company announcement dated 15 December 2009).

The capital raising was completed by way of a placement, with a total of 500 million shares issued at 0.4 of a cent per share to raise A$2M (before costs). The placement does not require shareholder approval, as this was received at the Monitor Energy AGM on 19 November 2009.

Leading Australian resources company, Cape Lambert Resources Limited (ASX: CFE), applied for A$1.5M of the placement total, giving it an interest in the Company post placement of approximately 10.3%, with the remainder applied for by financial institutions and sophisticated investors.

The company has exciting assets in the prolific Cooper Basin in PEL 115 and is encouraged by the recent new oil discovery in the Fury-1 well, in both the Cretaceous Murta Formation and a new oil sand in the Permian Epsilon Formation. The area surrounding this discovery has enhanced prospectivity for the Joint Venture partners and will lead to near term exploitation opportunities.

“Due to the results at Fury-1 and the de-risking of several identified and new emerging prospects, the JV is looking at fast tracking the block and is reviewing either a second Fury well or an additional exploration well subject to rig and equipment availability and JV discussions,” said Monitor Energy Managing Director Mr Jon Roestenburg.

“We are pleased to have secured such a strong cornerstone investor in Cape Lambert Resources, a company we feel can greatly assist Monitor in its significant growth plans moving forward,” Mr Roestenburg added.

Level 1, 35 Richardson Street, West Perth WA 6005 Australia PO Box 1440 West Perth WA 6872 Australia Ph: +61 8 9211 1555 Fx: +61 8 9211 5700

ABN 25 009 121 644

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The securities will be part of a class of securities quoted on the Australian Securities Exchange Limited (ASX). The Company gives this notice pursuant to Section 708A(5)(e) of the Corporations Act. The shares will be issued without disclosure to the various parties under Part 6D.2, in reliance on Section 708A(5) of the Corporations Act.

The Company, as at the date of this notice, has complied with:

• a) the provisions of Chapter 2M of the Corporations Act; and

• b) Section 674 of the Corporations Act.

There is no excluded information as at the date of this notice, for the purposes of Sections 708A(7) and (8) of the Corporations Act.

For more information please contact:

Jon Roestenburg BSc, MLM, GBQ, CC, MAAPG Managing Director Monitor Energy Limited Tel: +61 8 9211 1555 Email: jon@monitorenergy.com.au

David Tasker Professional Public Relations Tel: +61 8 9388 0944 / +61 433 112 936 Email: david.tasker@ppr.com.au

About Monitor Energy

Monitor Energy Limited (ASX: MHL) is an Australian based resource company with high quality petroleum and uranium projects in Kyrgyzstan and exploration and near term production assets in Australia’s Cooper Basin.

The Monitor Energy Kyrgyz petroleum licences totalling over 6,000km[2] are located in the north of the country adjacent to Lake Issyk-Kul and in the south of the country near At Bashi. Technical work on these licences has identified gravity-modelled structures at depth, oil seeps and coincident magnetic telluric anomalies. Early generation oil wells containing oil and gas shows were drilled off structure during the 1960s and these structures are an integral part of the Company’s early drilling strategy after seismic data acquisition and interpretation. The uranium licence is in central Kyrgyzstan at the Kavak Mining centre, on strike with high-grade deposits mined by Russia and supplying its nuclear industry with uranium in the mid 1960’s. The latter licence area is known as the Kashkasu Deposit and is the focus of current fieldwork.

In Australia Monitor Energy are earning a 42% interest in PEL 115 and have made an oil discovery at the first well Fury-1. A second well Airacobra is currently being drilled (see main announcement).

Website: www.monitorenergy.com.au

Level 1, 35 Richardson Street, West Perth WA 6005 Australia PO Box 1440 West Perth WA 6872 Australia Ph: +61 8 9211 1555 Fx: +61 8 9211 5700

ABN 25 009 121 644