FIN RESOURCES LIMITED — Capital/Financing Update 2009

Nov 15, 2009

==> picture [156 x 89] intentionally omitted <==

November 16, 2009

MONITOR FARMS OUT AN INTEREST IN PEL 115 BEFORE SPUD OF FURY-1 WELL

Monitor Energy Limited (ASX Code:MHL) is pleased to announce that it has successfully farmed out a portion of the interest it has the right to earn in PEL 115 to a private company, Lion Petroleum Pty Ltd. Lion has agreed to pay 50% of the cost of the two-well PEL 115 farmin program with Victoria Petroleum as Operator.

The terms of the farmout result in Monitor Energy Limited (Monitor) now participating in a two well back-to-back drilling program in PEL 115 with the drilling of the Fury-1 appraisal/ exploration well to be followed by the Airacobra-1 exploration well.

As a result of this farmout, Monitor has a partially free carried 42% earning interest through the two farmin wells. Importantly, upon the completion of the two well drilling program, Monitor will have earned a 42% interest in all of PEL 115 and its significant exploration prospect portfolio.

The rig is on location at Fury-1 and is currently 100% on location ready to spud. (Sunday November 15[th] ). Monitor will provide weekly operational updates and at significant events or milestones during the drilling of the wells Fury - 1 and Airacobra -1.

Fury -1 is testing a 3D seismically defined combined Jurassic/Permian target with the potential to contain up to 28.5 million barrels of oil, if oil is present. Encouragement for the presence of oil in the Fury Prospect is provided by the oil shows and minor oil recovery in the Murta and Permian target horizons in Lightning-1, down dip and 650 metres to the southwest of Fury-1.

The second well in the drilling program, the 3D seismically defined Airacobra Prospect (figures 2 & 3), has the potential to contain up to 1.28 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 Caroowinnie/Narcoonowie Oil field, 2km to the southeast and the oil shows seen in the down dip well Pelkita-1, 4km to the north west.

Monitor Energy Ltd Managing Director Jon Roestenburg said;

“We are pleased with this farmout, as Monitor has laid off a significant part of its cost exposure to the original farmin program of paying 100% of the cost of drilling two wells

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

==> picture [156 x 89] intentionally omitted <==

to earn a majority interest in PEL 115. This has resulted in Monitor having sufficient funds on hand to pay for its share of the back-to-back drilling of the two farmin wells.

Monitor through this farmin has reduced the cost of its exposure to the immediate drilling of two highly prospective prospects in PEL 115 adjacent to producing oil fields.”

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;

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

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

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

For more information please contact: Jon Roestenburg BSc, GBQ, MLM, CC 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

Information in this report was completed by the Managing Director of Monitor Energy Limited, 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

==> picture [156 x 89] intentionally omitted <==

Figure 1. Location of PEL115 in the Cooper Basin - South Australia

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

==> picture [156 x 89] intentionally omitted <==

==> picture [321 x 237] intentionally omitted <==

Figure 2. Airacobra and Fury locations near to producing oil and gas fields

==> picture [332 x 307] intentionally omitted <==

----- Start of picture text ----- Airacobra -1ProspectNarcoonowieOil Field----- End of picture text -----

Figure 3. Airacobra 3D defined prospect approx 2km North of Narcoonowie Oil Field

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