FIN RESOURCES LIMITED — Capital/Financing Update 2009

Nov 16, 2009

VICTORIA PETROLEUM N.L. A.B.N 50 008 942 827

Incorporated in Western Australia

16 November 2009

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

• (1) DRILLING COMMENCES AT FURY-1, PEL 115, SOUTH AUSTRALIAN COOPER BASIN

• (2) MONITOR ENERGY ANNOUNCES NEW FARMIN PARTNER FOR PEL 115 TWO WELL DRILLING PROGRAM, SOUTH AUSTRALIAN COOPER BASIN

Victoria Petroleum N.L. (Vicpet) is pleased to announce that drilling commenced on the Fury-1 exploration well in PEL 115 at 2100 hours Central Standard Time on 15 November 2009 and at 0600 hours today was drilling ahead in 12 ¼ inch hole at 42 metres.

Fury-1 is being drilled as an exploration well to a total depth of 2,000 metres to test the oil bearing potential of the Murta and Permian formations in the 3D seismically defined Fury Prospect.

Encouragement for the presence of hydrocarbons in Fury-1 is provided by the oil shows seen 663 metre to the southwest in Lightning-1 which recovered slightly oil cut mud from the Murta formation when drilled by Vicpet in 2006. Estimated time of drilling for Fury-1 is 15 days.

Subsequent to the drilling of Lightning-1, a remapping of the up dip Fury Prospect 3D seismic data indicates the Fury Prospect is a four way dip closed structure with the potential to contain a combined maximum unrisked P10 Jurassic and Permian resource of up to 27 million barrels of oil and 23 billion cubic feet of gas if, oil and gas are present.

Fury-1 is 5 kilometres to the northeast of the Victoria Petroleum operated Mirage Oil Field.

Vicpet is also pleased to announce that the farmin of private company Lion Petroleum Pty into PEL 115 through the Monitor Energy Ltd farmin agreement has resulted in both farminees being funded for the drilling of the Fury and Airacobra PEL 115 exploration wells in a continuous drilling program. As a result of this transaction Vicpet has increased its free carried interest from 25% to 33% through the drilling, testing and completion of Fury-1 and Airacobra-1

Following the completion of drilling operations at Fury-1, the drilling rig will be moved to the Airacobra Prospect to drill the second well in this PEL 115 drilling program.

The second well in the drilling program, the 3D seismically defined Airacobra Prospect, has the potential to contain up to 1.3 million barrels of oil, if oil is present. 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

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

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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 Fury-1 and the introduction of an additional farmin partner to PEL 115 said:

“Vicpet is very pleased that drilling operations have commenced at Fury-1. The search for further commercial oil fields in the very large oil bearing Murta complex in the MirageLightning area is unfinished business for Vicpet following on from our original successful discovery of the Mirage Oil Field.

With the entry of the additional farminee into PEL 115, Lion Petroleum, Vicpet will also see the Airacobra Prospect drilled, also immediately adjacent to the commercial Santos operated Narcoonowie Oil Field.

The participants in the drilling of Fury-1, Airacobra-1 and their respective interests during the drilling of the wells and in PEL 115 following the completion of drilling are as follows;

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

The farmin by Monitor and Lion into PEL 115 is subject to the approval of the regulatory authorities.

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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.

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Location of PEL115 in the Cooper Basin - South Australia

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

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Airacobra -1
Prospect
Narcoonowie
Oil Field
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Airacobra 3D defined prospect approx 2km north of Santos Narcoonowie Oil Field