FIN RESOURCES LIMITED — Capital/Financing Update 2010

Feb 15, 2010

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ASX Announcement February 16, 2010

Market Update Report – Monitor Energy Limited

Monitor Energy Limited (“Monitor” or “the Company”) is pleased to provide the following update on the Company’s activities in PEL 115, Cooper Basin, South Australia.

As previously announced, the PEL 115 joint venture (Operator Victoria Petroleum, “Vicpet”) plans to test the Fury‐1 discovery well. The test, however, has been delayed because of difficulties in obtaining a suitable work over rig and the abnormally wet weather over central Australia. The current tight state of the work over rig market has been exacerbated by extensive flooding in central Australia which has closed access roads, for example from Queensland to Moomba and on to the Fury well site.

The Joint Venture has continued to study options for an early development of the field. At present the most practical and cost‐effective option appears to be a tie‐back to the producing Mirage field, approximately 5 km from Fury. To assist in the evaluation of the reserves of the greater Fury area and the potential development options, Monitor recently commissioned a report from MBA, a Brisbane‐based petroleum consultancy company.

The key findings of the report are as follows:

• the Murta Formation of greater Fury‐Lightning‐Burruna culmination contains an oil column from top porosity at 1246mSS to an oil‐down‐to at 1259mSS, for a total 13m column.

• the range of volumes for Fury‐1 oil in place are as follows:

Volumetric	P10	P50	P	P90
Results	(Reference	(Basecase)	(Mean)	(Highside)
	Case)
Million Barrels	1.37	4.88	7.99	17.44

The fury recoverable volume will depend on the development strategies and economic models deployed which are currently under discussion within the joint venture.

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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The PEL 115 joint venture has already decided in principle to drill a second exploration well to prove up reserves in the greater Fury area. Because the area around Fury is located in a drier (more elevated) portion of the Basin, the JV partners are now considering bringing the drilling of this well forward, using the Century rig which drilled the Fury and Airacobra wells, and which is now in the Growler/Snatcher oilfield area in the northern Cooper Basin. A well location close to the Burunna ‐1 well (Delhi 1982) is under discussion. The well would be drilled to the Murta formation below the reservoir at a depth of around 1400 metres and in a success case, could also tested with the century rig and put on production through a tie‐back to Mirage, to which it is closer than Fury. Focused drilling of Murta Formation reservoirs represents significant savings in time and budget to the joint venture and allow increased production in a success case.

Interests in PEL 115 are:

Monitor Energy Limited: 42% Victoria Petroleum NL: 33% Lion Petroleum Pty Ltd: 25%

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

For more information please contact: Jon Roestenburg BSc, GBQ, MLM, CC David Tasker Managing Director Professional Public Relations Monitor Energy Limited Tel: +61 8 9388 0944 / +61 433 112 936 Tel: +61 8 9211 1555 Email: david.tasker@ppr.com.au Email: jon@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