HELIX RESOURCES LIMITED — Capital/Financing Update 2004

Mar 18, 2004

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IT SHOULD BE READ IN ITS ENTIRETY. IF YOU ARE IN DOUBT AS TO WHAT ACTION TO TAKE YOU SHOULD CONSULT YOUR STOCKBROKER, ACCOUNTANT OR OTHER PROFESSIONAL ADVISER WITHOUT DELAY.

HELIX RESOURCES LIMITED

ABN: 27 009 138 738

REGISTERED OFFICE: Level 3, 24 Kings Park Road, West Perth, Western Australia 6005 SHARE REGISTRY: Advanced Share Registry, Level 7, 200 Adelaide Terrace, Perth, Western Australia 6000

ENTITLEMENT AND ACCEPTANCE FORM

NON-RENOUNCEABLE RIGHTS ISSUE OF APPROXIMATELY 18.979.827 NEW SHARES AND 9.489.827 NEW OPTIONS ON THE BASIS OF ONE NEW SHARE FOR EVERY THREE SHARES HELD AT AN ISSUE PRICE OF 25 CENTS PER NEW SHARE (WITH EACH TWO NEW SHARES HAVING AN ATTACHING ONE FREE NEW OPTION TO SUBSCRIBE FOR A FURTHER SHARE AT 25 CENTS EXERCISABLE NO LATER THAN 30 NOVEMBER 2005)

HIN/SRN

Form Number

Shares Held at 30 March 2004

Entitlement to New Shares on 1:3 basis

Entitlement to free New Options on 1:2 basis

Amount Payable at 25 cents per share for Full Entitlement

NON-RENOUNCEABLE ISSUE CLOSING 5.00 PM WESTERN STANDARD TIME ON 22 APRIL 2004

To the Directors, Helix Resources Limited

I/We do hereby accept: $(1)$

PLEASE COMPLETE

TOTAL NUMBER OF SHARES YCEPTED	AMOUNT ENCLOSED. (AT 25 CENTs PER SHARE)	CONTACT TELEPHONE NUMBER

of my/our entitlement to subscribe for the above mentioned Shares

CHEQUE DETAILS	9 . . DRAWER .	. . 1 BANK The comment of the com- .	. BRANCH	$\cdots$ AMOUNT . 1

$(1)$ I/We hereby authorise you to place my/our name(s) on the register of option holders in respect of the number of Share and Options issued to me/us.

• I/We agree to be bound by the Constitution of the Company. $(2)$
• I/We acknowledge that the return of this form with the required remittance will constitute acceptance of the Shares and Options without $(3)$ communication of such acceptance to me/us.
• $(4)$ I/We enclose my/our cheque payable to HELIX RESOURCES LIMITED for the amount shown above being payment at the rate of 25 cents per share.
• THIS FORM DOES NOT REQUIRE SIGNATURE UNLESS YOU WISH TO ADVISE CHANGE OF ADDRESS: If your address is different $(5)$ to that shown above and you are an Issuer Sponsored holder, please advise new details below. Broker sponsored holders must direct their change of address to the sponsoring broker.

In the event that I/We receive this Application Form I/We declare that I/We have received the Prospectus personally, or a print out of it, $(6)$ accompanied by or attached to the Application Form prior to applying for Shares and Options. I/We acknowledge that the Corporations Act 2001 prohibits any person from passing on to another person the Application Form unless it is attached to or accompanied by the complete or unaltered copy of this Prospectus.

* Signature(s): This advice is to be signed by the holder of the securities. All joint holders must sign. A Company advice is to be signed by two authorised officers, stating their position, as per the Company's Constitution or Replaceable Rules. If Sole Director/Secretary, please state this when signing. If signed under Power of Attorney, a Certified Copy of the relevant Power of Attorney document must be exhibited to the Registry. The Attorney declares that he/she has had no notice of revocation of the Power of Attorney.

NEW ADDRESS	SIGNATURE *

THE ACCEPTANCE FORM WITH PAYMENT IN FULL MUST BE RECEIVED BY THE SHARE REGISTRY NO LATER THAN 5.00 PM WESTERN STANDARD TIME ON 22 APRIL 2004. THIS FORM WILL NOT BE VALID IF ANOTHER NAME IS SUBSTITUTED FOR THE NAME PRINTED ON THE FORM.

INSTRUCTIONS FOR HANDLING ENTITLEMENT AND ACCEPTANCE FORM

PLEASE READ THESE INSTRUCTIONS CAREFULLY. YOUR ENTITLEMENT IN THIS ISSUE IS VALUABLE.

1. If you wish to take up your entitlement in full

If you are taking up your entitlement in full, please complete this form overleaf, attach your cheque made payable to "Helix Resources" Limited" for the amount payable in Australian currency as stated overleaf and forward it so as to reach Advanced Share Registry Services, PO Box 6283, East Perth, Western Australia 6892 or Level 7, 200 Adelaide Terrace, East Perth Western Australia, 6004, by no later than 5.00 pm Perth time on 22 April 2004. No take up of Shares and Options may be made in excess of the number to which vou are entitled as set out overleaf.

If you wish to take up your entitlement in part $2.$

If you wish to take up part of your entitlement attach your cheque made payable to "Helix Resources Limited" for the amount payable in Australian currency and forward it so as to reach Advanced Share Registry Services, PO Box 6283, East Perth, Western Australia 6892 or Level 7, 200 Adelaide Terrace, East Perth Western Australia, 6004, by no later than 5.00 pm Perth time on 22 April 2004. No take up of Shares and Options may be made in excess of the number to which you are entitled as set out overleaf.

$3₁$ Payment

Payment must be made in Australian currency and cheques should be made payable to "Helix Resources Limited" and crossed "Not Negotiable". Receipts for payments will not be issued.

$\overline{4}$ . Entitlement not taken up

If you decide not to take up all or part entitlements to Shares and Options these will lapse and form part of the pool of Shares and Options in the Shortfall.

THE ISSUE CLOSES 5.00 PM W.S.T 22 APRIL 2004

ENQUIRIES

Any enquiries regarding this form should be directed to the Company's share registry:

Street Address	Advanced Share Registry Services Pty Ltd Level 7, 200 Adelaide terrace East Perth WA 6004
Postal Address	PO Box 6283
	East Perth WA 6892
Phone	$(08)$ 9221 7288
Facsimile	(08) 9221 7869