SABRE RESOURCES LIMITED — Capital/Financing Update 2006

Nov 27, 2006

Appendix 3B

New issue announcement. application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

SABRE RESOURCES LIMITED

ABN

$\mathbf{3}$

$\overline{4}$

expiry

+convertible

conversion)

68 003 043 570

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\mathbf{1}$ ⁺Class of ⁺securities issued or to be issued

Options

600,000

Number of ⁺securities issued or to $\overline{2}$ be issued (if known) or maximum number which may be issued

Principal terms of the ⁺securities Options exercisable at 15 cents per (eg, if options, exercise price and option on or before 30 November 2008. date; if partly paid *securities, the amount outstanding

One option is convertible to one fully paid share on payment of the exercise price on or before the expiry date.

Do the *securities rank equally in all respects from the date of allotment with an existing ⁺class of quoted options. *securities?

the

If the additional securities do not rank equally, please state:

and due dates for payment; if

conversion price and dates for

securities.

• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

No. The options form a separate class of

⁺ See chapter 19 for defined terms.

5	Issue price or consideration			Nil
6.	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)			Issued to employees and consultants
7	Dates of entering +securities into uncertificated holdings or despatch of certificates	27 November 2006
		Number		+ Class
8	Number and + class of аH quoted on ASX + securities (including the securities in clause 2 if applicable)	28,434,851		Fully Paid Ordinary
		Number	+ Class
9	telass t οf΄ Number and all *securities not quoted on ASX (including the securities in clause 2 if applicable)	23,000,000	2012	Unguoted options exercisable at 10 cents and expiring 31 December
		600,000	2008	Unguoted options exercisable at 15 cents and expiring 30 November
$\mathbf{10}$	Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)			Dividend policy not yet implemented

Part 2 - Bonus issue or pro rata issue

Н	holder approval security ls. required?
12 °	Is the issue renounceable or non- renounceable?
13	Ratio in which the "securities will be offered
$\vert 4$	+ Class of + securities to which the offer relates
15	+ Record date to determine entitlements

16	Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?
17	Policy for deciding entitlements in relation to fractions
18	Names of countries in which the entity has *security holders who will not be sent new issue documents Note: Security holders must be told how their entitiements are to be dealt with. Cross reference: rule 7.7.
19.	Closing date for receipt of acceptances or renunciations
20.	Names of any underwriters
21	Amount of any underwriting fee or commission
22	Names of any brokers to the issue
23	Fee or commission payable to the broker to the issue
24	any handling of fee Amount brokers who lodge payable to acceptances or renunciations on behalf of *security holders
25	contingent If. the issue is. on "security holders" approval, the. date of the meeting
26	Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled
27	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders
28	Date rights trading will begin (if applicable)
29	Date rights trading will end (if applicable)
30	How do + security holders sell their entitlements in full through a

	broker?
31	How do + security holders sell part of their entitlements through a broker and accept for the balance?
32	How do + security holders dispose of their entitlements (except by sale through a broker)?
33	+ Despatch date
Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

34 Type of securities (tick one)

$(b)$

• Securities described in Part 1 $(a)$
• All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a) Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

-35	If the "securities are "equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders
-36	If the $\pm$ securities are $\pm$ equity securities, a distribution schedule of the additional $\pm$ securities setting out the number of holders in the categories $1 - 1,000$ $1,001 - 5,000$ $5,001 - 10,000$ $10,001 - 100,000$ 100,001 and over

37

A copy of any trust deed for the additional +securities

Entities that have ticked box 34(b)

38 Number of securities for which ⁺quotation is sought

Class of ⁺securities for which 39 quotation is sought

40 Do the ⁺securities rank equally in all respects from the date of allotment with an existing ⁺class of quoted *securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
• 41 Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

on conversion of another security, clearly identify that other security)

42 Number and ⁺class of all ⁺securities quoted on ASX (including the securities in clause 38)

ř.
	Number	$\,^{\circ}\mathrm{Class}$

Quotation agreement

• $\mathbbm{1}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the "securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those "securities should not be granted "quotation.
• An offer of the "securities for sale within 12 months after their issue will not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under

⁺ See chapter 19 for defined terms.

sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.

• If we are a trust, we warrant that no person has the right to return the $\bullet$ *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the "securities be quoted.
• $\overline{3}$ We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the 'securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: Lodged electronically Date: 28 November 2006 Norman Grafton Company Secretary

www.www.www.www.