FIN RESOURCES LIMITED — Capital/Financing Update 2012

Jan 10, 2012

11 January 2012

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Manager of Company Announcements ASX Limited Level 8 Exchange Plaza 2 The Esplanade PERTH WA 6000

By E‐Lodgement

PROJECT UPDATE – SEABISCUIT PROJECT, TEXAS

The Board of Orca Energy Limited (ASX: OGY) (“Orca” the “Company”) is pleased to provide the following update with respect to the Seabiscuit Oil & Gas project in Matagorda County, Texas.

The Company has been advised by the Operator that drilling preparations have commenced and that the well is scheduled to spud in mid‐February. Final budgets have been submitted to the joint venture partners and Orca will be committed to a budgeted figure of US$1.9m to earn its 20% interest in the project. The Arnold‐Kain #1 Well will be drilled to 17,500 ft. and will test the Seabiscuit trap that is estimated to contain prospective resources of more than 300 billion cubic feet of natural gas (Bcf) and 3 million barrels of oil (MMbo) or condensate (mid case). Depending on reservoir thickness and column, Seabiscuit could contain prospective resources more than 1 trillion cubic feet of natural gas (Tcf) and 10 million barrels of oil (MMbo) or condensate (high case).

BOARD & MANAGEMENT

Mr Greg Bandy EXECUTIVE DIRECTOR

Mr Jason Bontempo NON‐EXECUTIVE DIRECTOR

Mr Jeremy King NON‐EXECUTIVE DIRECTOR

Ms Rebecca Sandford Ms Shannon Robinson JOINT COMPANY SECRETARY

REGISTERED OFFICE Ground Floor 1 Havelock Street West Perth WA 6005

POSTAL ADDRESS PO Box 1440 West Perth WA 6872

CONTACT DETAILS

Tel: +61 8 9488 5220 Fax: +61 8 9324 2400

The targeted objectives at Seabiscuit are the same age as those found productive in Old Ocean Field (4.9 Tcf) approximately 53km northeast of the prospect, and East Bay City Field (500 Bcf) approximately 43km to the northeast. The latest discovery along trend at the Silverspoon Field , located approximately 24km northeast of Seabiscuit, came on line at over 18 MMcfd and has produced 9.9 Bcf and 100,000 barrels of oil in just over 2 years. Silverspoon is still producing at roughly 6.5 MMcfd and has approximately 100 additional feet of pay section behind pipe, which will potentially deliver more gas and condensate.

Orca’s major partner and operator of the Seabiscuit Project is Dan A. Hughes Co., a prominent, independent petroleum exploration and production company with a 43‐year record of success in discovering and producing hydrocarbons. Under the direction of Mr. Dan Hughes, with his 56 years of geological experience, and Dan Hughes Jr., with 27 years of experience, the company develops, drills, and operates oil and gas properties throughout Texas, Louisiana, Mississippi, Arkansas and the Rocky Mountains of the United States. Hughes has also made significant discoveries and is currently operating numerous international properties in Colombia, South America. Hughes holds a 50% working interest in the Seabiscuit Project. Other US companies and their management hold the remaining 30% working interest.

WEBSITE

www.orcaenergy.com.au

SHARE REGISTRY

Advanced Share Registry 150 Stirling Highway Nedlands WA 6009

ASX CODE OGY

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Texas Gulf Coast Regional Geologic Map with Oil & Gas Fields

For and on behalf of the Board

Greg Bandy Executive Director

Competent Person Statement

This report was prepared by Mr. Mark A. Patterson. Mr. Patterson is a member of the American Association of Petroleum Geologists, the Society of Exploration Geophysicists, and the Council of Energy Advisors. With over 30 years of oil and gas experience, Mr. Patterson and his exploration teams are credited with the discovery of more than 500 Bcf of natural gas and over 100 million barrels of oil. Estimates as to recoverable hydrocarbon volumes contained in this report are based upon certain assumptions. Accordingly, actual results will differ, and may differ significantly and materially, from those presented.

Ground Floor, 1 Havelock Street, West Perth WA 6005 | Tel: +61 8 9488 5220 | Fax: +61 8 9324 2400 | www.orcaenergy.com.au ABN 25 009 121 644