FIN RESOURCES LIMITED — Capital/Financing Update 2009

Dec 10, 2009

VICTORIA PETROLEUM N.L. A.B.N 50 008 942 827 Incorporated in Western Australia

11 December 2009

Announcements ASX Limited Level 4, 20 Bridge Street SYDNEY NSW 2000

DRILLING COMMENCES AT AIRACOBRA-1, PEL 115, SOUTH AUSTRALIAN COOPER BASIN

Victoria Petroleum N.L. (Vicpet) is pleased to announce that drilling commenced on the Airacobra-1 exploration well in PEL 115 at 0000 hours Central Standard Time on 11 November 2009 and at 0600 hours today was drilling ahead in 12 ¼ inch hole at 90 metres.

Airacobra-1 is being drilled as an exploration well to test the oil bearing potential of the Jurassic and Permian formations in the 3D seismically defined Airacobra Prospect. Airacobra-1 is planned to be drilled to a total depth of 2,340 metres in 22 days.

The Airacobra Prospect has the potential to contain up to 1.3 million barrels of oil in the Jurassic Namur sandstone. Encouragement for the presence of oil in Airacobra-1 is provided by the Airacobra Prospect being immediately adjacent to the producing Santos operated Narcoonowie Oil field, 2 kilometres to the southeast and the oil shows seen in the down dip well Pelkita-1, 4 kilometres to the north west.

Vicpet managing director John Kopcheff commenting on the start of drilling at Airacobra-1 said:

“Vicpet is very pleased that drilling operations have commenced at Airacobra-1 following on from the Vicpet operated oil discovery at Fury-1.

The proximity of the Airacobra Prospect immediately adjacent to the producing Santos operated Narcoonowie Oil Field is considered encouraging for the possibility of exploration success at Airacobra-1.”

The participants in the drilling of Airacobra-1 and their respective interests during the drilling of the Airacobra-1 farmin well and in PEL 115 following the completion of drilling will be as follows;

Victoria Petroleum N.L. (Operator) 33%	Victoria Petroleum N.L. (Operator) 33%
Monitor Energy Limited	42%
Lion Petroleum Pty Ltd.	25%

The farmin by Monitor and Lion into PEL 115 provides Vicpet with a no cost 33% interest through the drilling and casing of Airacobra-1.

36[TH ] FLOOR, EXCHANGE PLAZA, 2 THE ESPLANADE, PERTH, WESTERN AUSTRALIA 6000 TELEPHONE: (08) 9220 9800, FACSIMILE: (08) 9220 9801, EMAIL: admin@vicpet.com.au WEBSITE: www.vicpet.com.au CORRESPONDENCE TO PO BOX Z5441, ST GEORGES TERRACE, PERTH, WESTERN AUSTRALIA 6831

2

The farmin is subject to the approval of the regulatory authorities.

==> picture [147 x 47] intentionally omitted <==

JOHN KOPCHEFF MANAGING DIRECTOR VICTORIA PETROLEUM N.L.

Information in this report was completed by the Managing Director of Victoria Petroleum N.L, J T Kopcheff BSc (Hons Eco.Geol), FAIMM, MAAPG, MSPE, MPESA, with 38 years experience in petroleum geology and geophysics. For information on Victoria Petroleum N. L. drilling activities visit our website at www.vicpet.com.au

Location of PEL 115 in the Cooper Basin - South Australia

==> picture [308 x 225] intentionally omitted <==

==> picture [322 x 246] intentionally omitted <==

----- Start of picture text -----

3
Narcoonowie
Oil Field
Fury Oil Field
----- End of picture text -----

Airacobra Prospect and Fury Oil Field 3D seismic defined locations near to producing Vicpet Mirage & Santos Narcoonowie Jurassic oil fields & Toolachee Permian Gas Field, Southern PEL 115, Cooper Basin

==> picture [333 x 307] intentionally omitted <==

----- Start of picture text -----

Airacobra -1
Prospect
Narcoonowie
Oil Field
----- End of picture text -----

Airacobra Prospect defined by 3D seismic, approx 2km north of Santos Narcoonowie Oil Field