FIN RESOURCES LIMITED — Interim / Quarterly Report 2012

Apr 30, 2012

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30 April 2012

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

By E-Lodgement

BOARD & MANAGEMENT

Mr Greg Bandy EXECUTIVE DIRECTOR

Mr Jason Bontempo NON-EXECUTIVE DIRECTOR

Mr Jeremy King NON-EXECUTIVE DIRECTOR

Quarterly Activities Report and Appendix 5B for the Period Ending 31 March 2012

Mr Denis Patten NON-EXECUTIVE DIRECTOR

Mr Arthur Pitts ALTERNATE DIRECTOR

Highlights

• Farm-out of 22% interest in PEL 115 to Senex Energy Limited to expedite unconventional gas exploration program in Cooper Basin

Ms Rebecca Sandford Ms Shannon Robinson JOINT COMPANY SECRETARY

• Strategic placement to Senex Energy Limited raising approximately $4 million

• Appointment of Senex Energy Chairman as Non-Executive Director of Orca

Cooper Basin

Orca Energy has an interest in two quality licences in the onshore Cooper Basin, which is a prolific onshore producer of oil and gas with significant unconventional (shale) gas potential.

PEL 115 (OGY 20%)

During the quarter the Company entered into an agreement to farm-out 22% of its Cooper Basin block, PEL 115, to joint venture partner and operator, Senex Energy Limited (ASX: SXY).

Pursuant to the farm-out agreement, Orca will be free carried in respect of its remaining 20% for a dedicated unconventional gas exploration well to be drilled later this year. The drilling of the well is scheduled for the second half of 2012 to follow Senex’s three planned wells in its 100% owned block, PEL 516, where drilling is currently underway and preliminary results have been encouraging (see below). The free carry will include coring in the four target zones and casing and at least two fracture stimulations.

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

WEBSITE

www.orcaenergy.com.au

SHARE REGISTRY Advanced Share Registry 150 Stirling Highway Nedlands WA 6009

ASX CODE OGY

The location of PEL 115 is significantly strategic as it is adjacent to the Cooper Basin “unconventional gas fairway” and surrounded by PEL 516 (Figure 1) where Senex has previously reported an independently estimated net gas-in-place resource of over 100 Tcf.

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Figure 1: Unconventional Gas Interests in the Southern Cooper Basin

Quoting from Senex Energy’s ASX Announcement on 11 April 2012, “ Significant gas shows and the presence of liquids-rich gas during drilling and coring of the Sasanof-1 exploration well in South Australian permit PEL 516 are among several indicators that suggest the southern Cooper Basin could host a world-class unconventional gas resource according to Operator Senex Energy Limited (Senex).”

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

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PEL 110 (OGY 20%)

The PEL 110 project is located north of the Keleary and Telopea oil fields and west of the James oil field. PEL 110 holds 7 leads and prospects identified in the Birkhead Formation, with good stratigraphic similarities to nearby discoveries along the margin. PEL 110 is considered to be in a valuable position on the western flank of the South Australian Cooper Basin and is majority owned by Senex Energy who holds a 60% interest in the block.

A work program and budget for the 2013 financial year is currently being reviewed by the Joint Venture and Orca expects to be able to update the market in the near term.

Seabiscuit (Matagorda) Project

During the quarter, Orca was advised by its JV partner and operator, Dan A. Hughes Company, that the drilling of the Seabiscuit Project in East Texas has been postponed until later in the year due to poor weather conditions. Whilst this is obviously disappointing, it is prudent given the unnecessary operational risk that any drilling during the quarter could encounter. As a result of this delay, the AFE and subsequent cash call has been withdrawn.

Corporate

During the quarter and in addition to the PEL 115 farm-out agreement, Orca entered into a subscription agreement with Senex Energy Limited to raise approximately $4 million. Pursuant to the agreement, Senex subscribed for 115,000,000 shares at $0.035 per share to acquire a 19.99% interest in Orca.

Commenting on the farm-in and capital raising at the time, Managing Director Greg Bandy said: “ We are delighted to enter into these two agreements with Senex at this exciting time. There is an enormous amount of interest in the Cooper Basin at present and specifically in unconventional (shale) gas. With Senex’s significant acreage and experience in the Cooper, it makes sense for us to form a closer relationship at this time. We look forward to keeping the market informed as we get closer to drilling again in the Cooper Basin .”

Following completion of the Placement, the Board appointed Mr Denis Patten as a non-executive director and Mr Arthur Pitts as his alternate director.

For and on behalf of the Board

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Greg Bandy Executive Director

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

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

ORCA ENERGY LIMITED

ABN 25 009 121 644	Quarter ended (“current quarter”)
25 009 121 644	31 March 2012

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) administration (d) production 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows	Current quarter $A’000	Year to date (9 months) $A’000
	(153) (123) 30 -	(184) (597) 45 13
	(246)	(723)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) project acquisition (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	- 24	(1,219) 146
	24	(1,073)
	(222)	(1,796)

• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(222)	(1,796)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other Cost of Issue Net financing cash flows	4,025 (286)	6,025 (418)
	3,739	5,607
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	3,517 645	3,811 351
	4,162	4,162

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		49
		Nil
1.25	Explanation necessaryfor an understandingof the transactions
	Payments of Directors Fees and Remuneration 49 Payments to Director Related Companies Nil

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

Nil

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Nil

• See chapter 19 for defined terms.

Appendix 5B Page 2

17/12/2010

Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements

	Amount available		Amount used
	$A’000		$A’000
		Nil
		Nil

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	100
	150
Total	250

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.

• 5.1 Cash on hand and at bank

5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details) Total: cash at end of quarter (item 1.22)

	Current quarter		Previous quarter
	$A’000		$A’000
		4,162		645
		4,162		645

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
	PEL 115	Farm-out of 22% interest subject to Farm-out Agreement	42%	20%

• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

6.2	Interests in mining
	tenements acquired or
	increased

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note3) (cents)	Amount paid up per security (see note3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions	Nil
	Nil
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	575,033,775	437,533,775
	115,000,000	-	$0.035
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	Nil
	Nil
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter	3,875,000 500,000		Exercise Price $0.26 $0.16	Expiry Date 31 Dec 12 3 Dec 14
	Nil	Nil		Nil
	Nil	Nil

• See chapter 19 for defined terms.

Appendix 5B Page 4

17/12/2010

Appendix 5B Mining exploration entity quarterly report

7.10 Expired during quarter	Nil	Nil
7.11 Debentures (totals only)	Nil	Nil
7.12 Unsecured notes(totals only)	Nil

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

• 2 This statement does give a true and fair view of the matters disclosed.

30 April 2012 Sign here: ............................................................ Date: ............................ (Directo ~~r/Company secretary)~~ Greg Bandy Print name: .........................................................

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 5