Investment Proposition Aim to create shareholder value by the successful exploration and development of our high quality Cooper-Eromanga Basin assets Leading to strong growth in production, cash flows and reserves Through a focused…
Company Snapshot Purchase additional stake in PPL PEL 91 drilling program Marino 1 212, PRLA 26 & PEL 107. Canunda production test results. PEL 91 confirmed P&A Surrender of WA 352P 5 well drilling program DLS confirms no offer…
Company Snapshot Key Data Share Price 0.58 Shares on Issue 207M Market Cap 120M 52 Week High 0.86 52 Week Low 0.50 Average Daily T/O 250K Cash (31/12/10) A9.1M FY Production Revenue A9.6M 2P/2C Oil Reserves & Resources…
Comparison to Peers of Enterprise Value to 2P Reserves 6
Significant Geographical Footprint Purely Cooper Basin focused High working interests Ownership and activity focused on proven play fairways A balanced portfolio which includes: Oil and gas with liquids Production Near…
Three Pathways to Success Unconventional Wet Gas Oil Short, medium and long-term growth opportunities 8
Significant Geographical Footprint Oil Key Data Production 325 BOPD Reserves (2P) 860,000bbls Contingent 280,000bbls Resources (2C) Unrisked Prospective Western Flank = 17.0 MMbbls Resources (Best) Inland Fairway = 48.0…
Western Flank Five Well Drilling Program DLS (60%) BPT (operator 40%) Drilling set to commence April 2011 Prospects defined using 3D seismic analysis Historical success rates of 50% on 3D seismic Multiple commercial discoveries in…
Existing Oil Production Tintaburra Block DLS (11%), STO (Operator 89%) 7.1 MMBbls 2P Reserves (Gross 30 June 2010) DLS share of production = 190 BOPD 13 producing fields Chiton Load Out Facilities No drilling planned through 2011…
South West Queensland Blocks 9 applications blocks with 100% equity interest (except ATP 549 interest) 2P 5MMboe 11.6MMboe 7.1MMboe 11.3MMboe Main play fairways high-graded & initial leads & prospects defined Native Title…
Significant Geographical Footprint Wet Gas Key Data Production Nil Reserves (2P) Nil Contingent 11.5 MMboe Resources (2C) Unrisked Prospective 41.0 MMboe Resources (Best) PEL 91 60%, BPT (o) 40% PEL 106A 100% PEL 106B…
Our Wet Gas Business DLS (100%) except Beach Farm-in Area (50%) and PEL 107 (60%) 10 gas/condensate discoveries 4 discoveries declared commercial High liquids content increases profitability Major liquids discovery at Canunda…
Wet Gas Pilot Project DLS (100%) except Beach Farm-in Area (50%) and PEL 107 (60%) Near term commercial development earmarked for mid-2011 Advanced field development planning underway Development will drive significant increase…
Significant Geographical Footprint Unconventional Key Data Production Nil Reserves (2P) Nil Contingent Nil Resources (2C) Unrisked Prospective Deep CSG = 10-20 TCF Resources (Best) Shale Gas = under evaluation PEL 106A…
Cooper Basin Unconventional The Sleeping Giant Known thick accumulations of coal and shale mature source rocks Multiple unconventional play types tight gas, tight oil, shale gas & CSG Good gas indications on mudlogs obtained from…
2011 Excellent Prospects and High Activity Oil Wet Gas Unconventional 5 well drilling program - Initial development of Secure major position Targeting 3.5 to 7.5 MMbbls Middleton, Brownlow and in Cooper Shale Gas recoverable…
Possible Forward Flow of Events (News) April 2011 Q2 2011 Q3 2011 Q3 2011 Kick off PEL 91 drilling Targeted development of Grant of South West Possible coring program any drilling success in Queensland blocks in Western Cooper deep…
Delivering the Plan Weather Proofing Activities Active measures taken to reduce our exposure to weather in the future; New road built to Chiton oil facility to maintain access and production New bridge constructed by Beach over…
Snapshot of the Cooper as it was July 2010 21
Snapshot of the Cooper as it is February 2011 22
An Active Approach to Portfolio Management Sale of Circumpacific Sale of Naccowlah Sale of Gippsland to Western Petroleum Block to Permits to Commodities Inc. Bounty Oil & Gas NL Larus Energy Pty Ltd for A7.5 M for A1.15 M for A2.3…
Investment Proposition Aim to create shareholder value by the successful exploration and development of our high quality Cooper-Eromanga Basin assets Leading to strong growth in production, cash flows and reserves Through a focused…
Appendix Slides 26
Our Board & Management Jim McKerlie Chairman Jim is a Chartered Accountant with extensive experience as a Director and Chairman of private and public companies. John Whaley Chief Strategy & Brad Lingo Managing Director Development…
A Balanced Portfolio Reservoir Eng Explore Appraise / 3D Seismic Production + G&G Work Wells Develop ATP 299P - Tintaburra ATP 299P - Tintaburra ATP 299P - Tintaburra ATP 539P ATP 539P ATP 539P Oil ATP 549P ATP 549P ATP 549P…
Western Flank Oil Economics Return on investment for Cooper Basin exploration is very high Cost per well is low 2.0m for drilling + up to 2m for production facilities (100%) Low operating cost 24/bbl including transport Current…
Generic Economics on PEL91 Wells - Namur Namur Prospects Unit Low Mid High Reserve Bbl 100,000 300,000 1,000,000 Initial Production Rate Bbl/day 150 450 750 per well Opex AUD/bbl 24 24 24 Expected Well Cost AUD m 2 2 2…
Generic Economics on PEL91 Wells - Birkhead Birkhead Prospects Unit Low Mid High Reserve Bbl 300,000 7300,000 1,500,000 Initial Production Rate Bbl/day 800 800 per well 800 per well Opex AUD/bbl 24 24 24 Expected Well Cost…
Wet Gas Significant Liquids Drive Economics Wet Gas business is driven by high light oil/condensate/LPG content of discoveries Typical discovery contains 30-40 BOE light oil, condensate, LPG per mmscf of raw gas Cost per well is low…
Financial Performance Half Year Comparatives HY Dec 2010 HY Dec 2009 Change m m % Revenue from Operations 8.9 2.9 203% Net loss (5.3) (10.5) (44)% Net cash flow from operating activities 3.3 (2.6) 227% Cash balance 9.1 Debt…
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