FIN RESOURCES LIMITED — Capital/Financing Update 2009

Nov 18, 2009

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Monitor Farms into PEL 110

Highlights:

• Monitor signs PEL110 Farmin with Cooper Energy Ltd

• Located on emerging prospective NW margin on Cooper Basin

• Well to be drilled around end of 2010

• Earning 20% equity by paying 40% of one well costs

• Keenia Prospect identified as current drilling target to test 1.2MBBO

Monitor Energy Limited (“Monitor”) is pleased to announce that it has signed a farmin agreement with Cooper Energy Ltd for a 20% stake in PEL110 situated on the northwest margin of the Cooper Basin. Monitor will earn 20% equity by paying 40% of the costs of one exploration well. The well is likely to be drilled in the second half of 2010 at an estimated total cost of A$2 million.

The Cooper Basin is a deep northeast – southwest trending basin that has generated the bulk of Australia’s onshore oil and gas production for the last several decades, figure 1. The Basin has enjoyed renewed interest by companies exploring its western and north western margins with significant new discoveries by Victoria Petroleum, Beach Petroleum, Cooper Energy and Stuart Petroleum. The story of the Cooper/Eromanga Basins western and north-western margins is still just developing. Knowledge of the size and types of oil traps is still evolving, including the possibility of stratigraphic traps of larger size than traditional anticlines and faulted anticlines with the mature Birkhead/Hutton Formations showing strong potential.The possibility of larger discoveries, renewed focus on the Cooper-Eromanga Basins high exploration success rates, make the PEL 110 farm-in an attractive licence to add to our growing regional portfolio.

PEL110, a 1453km[2] exploration licence, lies on the up-dip edge, north of previously discovered Kilearny and Telopea oil and gas fields and west of the James oil field, figure 2. The main reservoirs are Jurassic and Permian, however the Juradsic Birkhead and Hutton are becoming a modern reservoir/source focus. The PEL110 Joint Venture comprised of Monitor Energy Ltd (20%), Cooper Energy (20%) and Magellan (60%) has identified 7 leads and prospects that have individual P50 undiscovered recoverable oil estimates ranging from 0.6 to 3.8 million barrels at the Birkhead/Hutton formation level, in similar stratigraphy as recent discoveries along the margin.

The Keenia prospect, shown in figure 3, is considered the most likely first drill target, lies in the migration pathway for oil on a structural nose adjacent to the Cooper Basin deep and has the potential to contain P50 reserves of 1.5MBO. All the known prospects have the potential to contain oil in multiple reservoirs within the Birkhead/Hutton, Tinchoo and Poolowanna formations, which would increase the recoverable oil volumes should more than one formation yield a discovery.

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 1500 ABN 25 009 121 644

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Managing Director, Jon W Roestenburg, commented: “the addition of this highly prospective block re-enforces Monitor’s strategy of securing high quality acreage in Australia’s low cost, low risk central basins. Block PEL110 is a quality addition to our portfolio to which we hope to add more in due course. Located on the opposite flank of the Cooper Basin to our existing, and currently drilling, PEL115 licence areas and prospects in the southeast, the PEL110 prospects are in the optimum migration path of hydrocarbon charge and entrapment to the north west. The Company is looking forward to working with Cooper Energy who are experienced operators in the region.

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Figure 1. Cooper Basin sub-­crop map showing basin deeps (blue) that are generative for hydrocarbon adjacent to PEL 110 prospects.

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 1500

ABN 25 009 121 644

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Figure 2. PEL 110 graphic showing nearby oil fields

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Figure 3. Keenia four way closure showing significant rollover at the Tinchoo Reservoir (yellow)

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 1500 ABN 25 009 121 644

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Signed:

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Jon W Roestenburg BSc, MLM, GBQ, CC, MAAPG Managing Director Monitor Energy Ltd

Information in this report was completed by the Managing Director of Monitor Energy Ltd, Jon W Roestenburg BSc, MLM, GBQ, CC, MAAPG, with 35 years experience in petroleum geoscience. For information on Monitor Energy Ltd visit our website at www.monitorenergy.com.au.

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 1500 ABN 25 009 121 644