FIN RESOURCES LIMITED — Capital/Financing Update 2009

Nov 16, 2009

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**Fury

– 1 well spuds for Monitor Energy Ltd Joint Venture.**

Highlights:

• Fury – 1 started drilling at 21:00 hrs on Sunday November 15[th] and is drilling ahead at 42m as of last drilling report

• Drilling is expected to take approximately two weeks to a total depth of 2000m and will intersect the primary Cretaceous Murta Formation objective by the weekend of November 21[st] – 22[nd] and the secondary objective in the Permian Patchawarra Formation within two weeks.

• The well plan is to drill through to total depth, then log the entire open hole section before casing and depending on results, testing.

• Site preparations have commenced at the Airacobra – 1 prospect to be drilled after Fury – 1 adjacent to the Narcoonowie Oil Field

Monitor Energy Ltd with Victoria Petroleum NL (operator) and Lion Petroleum Pty Ltd have started drilling at the Fury – 1 well location. The well has two objectives, the first, the Cretaceous/Jurassic Murta, McKinley and Namur Formation and a second objective in the Permian Patchawarra Formation with targeted gas and/or oil, shown in figure 1.

As per the latest daily drilling report from the Operator, well site and rig-up operations were completed in time for spud at 21:00 hours on Sunday night, November 15[th] . The rig is currently drilling ahead at 42m and is expected to reach the primary objective within the Murta formation by the weekend. Drilling will continue to a total depth of 2000m, after which the well will be logged prior to casing and testing on a success basis if required.

Meanwhile, site preparations have commenced at the Airacobra Prospect further northwest of Fury and adjacent to the Narcoonowie Oil Field operated by Santos. The Airacobra well will be drilled “back-to-back” with Fury-1 to take advantage of the proximity of the drilling rig and operational personnel. The Airacobra four way dip closure is also defined by modern 3D seismic data and will also test for oil within the Createceous/Jurassic stratigraphy common to most producing oil fields in the vicinity.

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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----- Start of picture text ----- Murta ObjectivePatchawarra Objective----- End of picture text -----

Figure 1. Seismic expression of the Fury -1 Well location with Cretaceous/Jurassic, Murta potential of 1.5mmbls and Permian, Patchawarra potential 0.46mmbls and 22.79bcf or oil

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, J W Roestenburg BSc MLM, GBQ, CC , MAAPG), with 35 years experience in petroleum geoscience and operations.

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