FIN RESOURCES LIMITED — Capital/Financing Update 2009

Sep 27, 2009

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**Monitor

Farms
Out
Kyrgyzstan
Uranium
Interest**

Key points:

. Monitor ensures funding of its Kyrgyzstan uranium project via farmout . specialist Australian uranium company to acquire 75% of the Kashkasu project located in area of historic mining

. a program of diamond drilling to begin as soon as possible

. farmin partner will then fund an exploration program to the value of $1.5m, aimed at proving up a JORC-compliant resource

. farmout is part of Monitor’s strategy to focus attention on its growing oil and gas portfolio.

Australian
energy
company
Monitor
Energy
Limited
( ASX:
MHL )
(“Monitor”
or
“the Company”)
has
reached
agreement
with
unlisted
Australian
uranium
company
Raisama
Pty
Ltd (“Raisama”),
to
farm
out
an
interest
in
its
Kyrgyz
Republic
uranium
project.
This
farmout
is
part of
the
Company’s
strategy
to
focus
its
primary
attention
on
the
development
of
its
growing
oil and
gas
portfolio.

Raisama
has
agreed
to
acquire
a
75%
interest
in
the
Company’s
wholly
owned subsidiary,
Business
Sphere
LLC,
which
owns
the
Kashkasu
II
Uranium
project
(“the
Project”)
in the
Kyrgyz
Republic.
Monitor
will
retain
a
24%
interest
in
Business
Sphere
LLC,
with
Mr
Viktor Zabolotny
(Monitor’s
in-­‐country
representative)
holding
the
remaining
1%
interest. Raisama
is
an
unlisted
Australian
uranium
company
which
has
the
Sunday
Creek
Prospect located
in
the

Pilbara
region
of
Western
Australia,
in
the
same
neighborhood
as
the
Kintyre uranium
deposit,
sold
last
year
by
Rio
Tinto to
Canada's
Cameco
and
Japan's
Mitsubishi
for $US500
million.

Raisama
is
working
towards
an
Initial
Public
Offering
(IPO),
possibly
before
the
end
of the
year,
and
is
likely
to
seek
in
excess
of
$A10
million
to
advance
its
WA
exploration
properties and
the
Kyrgyz
Republic
uranium
project.
Recently
Raisama
appointed
well
respected
uranium executive
David
Berrie
as
Managing
Director.
Mr
Berrie
was
most
recently
Managing
Director
of uranium
explorer
Fusion
Resources
before
its
acquisition
by
Paladin.

Before
that
he
was corporate
development
chief
at
Summit
Resources.

Settlement
of
the
transaction
with
Raisama
is
conditional
upon
the
following
occurring
on or
before
31
December
2009;

• Raisama
  obtaining
  conditional
  approval
  to
  list
  on
  the
  Australian
  Securities
  Exchange; and

• all
  required
  regulatory
  approvals
  (if
  any)
  being
  received
  by
  both
  Monitor
  and
  Raisama.

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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Under
the
terms
of
the
binding
agreement
Raisama
will
pay
a
non-­‐refundable
deposit
of

A$25,000
and
has
agreed
to:

• make
  a
  payment
  to
  Monitor
  of
  A$150,000;

• upon
  its
  quotation
  on
  the
  ASX,
  issue
  to
  Monitor
  A$150,000
  worth
  of
  Raisama
  shares;

• make
  a
  further
  payment
  to
  Monitor
  of
  A$500,000
  upon
  the
  delineation
  of
  10
  million pounds
  of
  U308
  (at
  a
  cut-­‐off
  grade
  of
  500ppm)
  from
  the
  Project,
  in
  accordance
  with JORC
  or
  an
  equivalent
  industry
  code;

• assume
  responsibility
  for
  funding
  the
  first
  A$1.5M
  worth
  of
  expenditure
  at
  the
  Project.

Prior
to
settlement
Raisama
has
also
agreed
to:

• undertake,
  at
  its
  own
  cost,
  a
  drilling
  program
  at
  the
  Project
  of
  no
  less
  than
  350m
  of diamond
  drilling;

• contribute
  50%
  of
  the
  general
  administration
  costs
  of
  Business
  Sphere
  LLC
  (estimated
  to total
  US$8,000
  per
  month);

• assume
  responsibility
  for
  all
  payments
  to
  geological
  field
  personnel
  at
  the
  Project (estimated
  to
  total
  US$8,000
  per
  month).

Monitor
Energy
Chairman
Mr
Scott
Spencer
considers
that

the
agreement
with
Raisama ensures
that
the
Kyrgyz
Republic
uranium
asset
will
receive
the
level
of
technical
and
financial support
it
requires
to
realize
its
full
potential,
allowing
Monitor
to
focus
its
attention
on
the development
of
its
growing
oil
and
gas
portfolio.

“With
the
support
of
strategic
corporate
advisor
Patersons
Corporate
Finance,
Monitor
has been
undertaking
a
review
of
its
asset
portfolio
to
ensure
it
has
the
technical
and
capital resources
necessary
to
advance
its
key
oil
and
gas
projects,”
Mr
Spencer
said.

“It
was
decided
that
to
do
this
required
a
partial
sell
down
of
our
equity
holding
in
the Kyrgyz
Republic
uranium
asset,
however
it
was
imperative
that
we
find
a
partner
which
had
the technical
and
financial
capabilities
and
the
drive
to
advance
the
project. We
are
fortunate
to
have
found
this
with
Raisama,
a
company
with
strong
technical
and corporate
capabilities
and
backed
by
the
state-­‐owned
mining
company
of
China's
Hebei province,
Hebei
Mining.

“With
an
agreement
on
the
farmout
of
our
Kyrgyz
Republic
uranium
stake
now
in
place, we
have
shifted
our
focus
to
the
advancement
of
our
Kyrgyz
Republic
oil
and
gas
project
and the
completion
of
our
recently
announced
farmin
agreement
in
Australia’s
Cooper
Basin,”
Mr Spencer
added.
“We
are
also
actively
pursuing
other
projects
and
aim
to
be
able
to
announce more
details
shortly.”

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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On
11
September
2009
Monitor
announced
that
it
had
signed
an
agreement
(“HOA”) with
Victoria
Petroleum
NL
(ASX:
VPE)
(“Vicpet”)
to
acquire
up
to
75
per
cent
interest
In Vicpet’s
Petroleum
Exploration
Licence
115
(PEL
115)
in
the
onshore
Cooper
Basin
in
Australia. MHL
will
by
paying
100%
of
the
cost
of
the
exploration
well,
Fury-­‐1,
earn
a
75%
interest
in
the 3D
defined
Fury
Prospect
and
any
associated
Petroleum
Production
Licence,
if
granted
post drilling,
and
the
right
to
earn
a
37.5%
interest
in
all
of
PEL
115.

By
paying
100%
of
the
cost
of
drilling
a
second
exploration
well
in
PEL
115
on
the Airacobra
Prospect,
Monitor
will
complete
the
earning
of
a
75%
interest
in
all
of
PEL
115
and will
earn
a
75%
interest
in
the
3D
defined
Airacobra
Prospect
and
any
associated
Petroleum Production
Licence,
if
granted
post
drilling,
in
the
event
of
an
oil
discovery.
If
the
second
farmin well
is
not
drilled,
MHL
retains
its
earned
interest
in
the
Fury
Prospect
only.

PEL
115
has
two
drill-­‐ready
prospects,
Fury
(1.5
million
barrels
recoverable
in
the Jurassic
and
22.79BCF
in
the
Permian
with
additional
oil
potential)
and
Airacobra
(1.28m
bbls recoverable
in
the
Jurassic).

Signed:

Jon
W
Roestenburg
BSc,
GBQ,
MLM,
CC

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Managing
Director

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