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HELIX RESOURCES LIMITED Capital/Financing Update 2002

Dec 22, 2002

Capital/Financing Update

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HELIX RESOURCES LIMITED A.C.N. 009 138 738 Incorporated in Western Australia

23 December 2002

Companies Announcement Office Via Electronic Lodgement

Helix Resources Limited advises that eligible shareholders have lodged acceptances for a total of 7,470,919 new options.

In addition, the Directors have allocated 5,389,391 options to eligible applicants as a result of the shortfall applications.

The remainder of the allocation of the shortfall of 3,981,510 options will be finalised by the Directors prior to 18 March 2003.

Yours sincerely

RICCARDO VITTINO COMPANY SECRETARY