Pathfinder Energy Pty Ltd JANUARY 2015

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STRICTLY PRIVATE AND CONFIDENTIAL

Our Thesis

• In the current low oil price environment, companies are

re-aligning their portfolios, and assets are underfunded

and/or undervalued

• We see the distressed asset sales in Australia, in

particular, as a “once in a generation” opportunity

• Pathfinder has the knowledge and networks to take

advantage of this situation with the right capital backing

• We are targeting development and production assets

plus low cost exploration options

• We have:

A world class management team in place

A pipeline of oil and gas opportunities under evaluation

A global business network and strong deal flow

4 Australian exploration permits secured at 100% WI

2 Opportunity

Acquire

Opportunities

Monetise

Opportunities

Times of

Corporate Stress

Our Objective

• We are seeking an investment group to back Pathfinder in its pursuit of distressed assets in

Australia

• Specifically, we require a funder to back Pathfinder (without obligation) to approach

potential targets and to attend asset datarooms in our region.

• In return, we offer to share our early stage assessment of the assets to our backers for

investment consideration

• If funding parties do not wish to invest, Pathfinder will seek other parties to move forward

with the opportunity

• Our goal is to get alignment (investment in Pathfinder) with the right investors under an

Area of Mutual Interest (AMI) arrangement

3 Alignment under an AMI

Overview of Pathfinder Energy Pty Ltd

• Unlisted private company, established 2011

• Current Assets:

– 4 exploration permits (100% WI) in Australian Offshore

Canning oil province

– Databases, Networks,

• Expansions and Growth Plans:

– Development and Production Opportunities

– Undervalued and stressed ASX corporate acquisitions

• Strong Oil and Gas Deal flow with Development

Opportunities ready to fund

4 Pathfinder Today

• Pathfinder Corporate Ownership

• Directors & Management

Michael Fowler (Executive Chairman)

Ian Boserio (Technical Director)

Vince Rusciano (Finance Director)

Greg Channon (Chief Executive Officer)

Stefan Kleffmann (Exploration Manager)

Michael Arnett (Non-Executive Director)

John Hartwell (Non-Executive Director)

Board and

Management

Private

Investors

ASX Listed

Company

Michael Fowler Executive Chairman B.Bus (Acc), Finsia (Fellow)

15 years oil and gas experience and 20 years financial services experience

Founding director of Nexus Energy from listing and Chairman from 2007 to 2012

As Nexus Executive Chair, together with Mr Boserio, negotiated the Crux integrated FLNG

transaction with Shell and Osaka Gas over 2 year period

Ian Boserio Technical Director B.Sc (Hons 1st) Geology & Geophysics

Director of Pathfinder Energy and Otto Energy. Previous Director of Nexus

33 years international experience in exploration and development in the oil and gas industry,

27 years in technical and management roles at Shell

Greg Channon Chief Executive Officer

B.Sc (Hons) Geology, GAICD

Geologist with 31 years of international experience

Began career in Delhi and Santos in the Cooper Basin and has worked in senior technical

and executive roles in small and large companies all over the world

Up until 2012 was CEO Upstream, Brightoil Petroleum Holdings Limited (HKSE:933)

Stefan Kleffmann

Exploration Manager

PhD Geophysics

22 years experience in the petroleum industry and related research centres

Held a variety of technical roles and has worked in executive management roles for New

Zealand Oil & Gas and Otto Energy

Pathfinder Energy Key People (1):

5 Leadership

Vince Rusciano Finance Director B.Bus, CPA, Registered Tax Agent

25 Years in Financial Services Industry

Chairman of MaxCap Group of Companies

Experienced in all aspects of Corporate Governance

Neil Shaw Chief Information Officer B.Sc (CS)

25 Years in Information Management

Worked for Shell and Chevron

John Hartwell Non Executive Director M.Com (Economics)

18 years with Australian government (trade, commodity, energy and resources)

2002 - 2010 Head of Resources Division, Department of Resources and Energy

Michael Arnett Non Executive Director Former Partner Norton Rose Australia

Over 20 years in corporate, commercial, banking and finance, mergers and acquisitions in

mining and oil and gas

NED at NRW Holdings Limited, Archipelago Metals Limited, Queensland Energy Resources

Limited

Peter Edwards

Proposed Non-Executive Director Managing Director Victor Smorgon Group (VSG)

The Group’s ventures include Property, Consumer Retail, Manufacturing and Agriculture

VSG has recently invested in Pathfinder, and Peter will join the Board at the next Board

Meeting

Pathfinder Key People (2):

6 Experience

Our Team

• Over 100 years of oil and gas experience across technical, commercial and financial disciplines

in Australian, Asian, US and African arenas

• In-house skillset includes:

• Proven oil and gas finders, and experienced deal makers

• Operating capability, with experience in companies such Shell, Woodside, Santos

• Global network of technical, commercial and investment relationships

• Access to specialist skills (eg Petroleum Engineering, Facilities Engineering, Legal) as required

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Geology and

Geophysics

Field Development

Economics

Operations and Project

Management

Commercial and Deal Structuring

Corporate Governance

Skills

Where has Pathfinder been successful ?

History of recognising new themes and value early:

– Frontier acreage in Offshore Canning before the Phoenix oil discovery

• Element of serendipity, ‘you need to be in the game’

– Patchawarra Trough, Cooper Basin, PEL 570 (2 deals)

– Perth Basin (insufficient funding)

– Mereenie Field (recognised value, 2nd bidder)

Based on early recognition, relationships, securing opportunity, adding value/de-risking,

then selling as soon as increased value can be realised

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Where have we struggled ?

• Funding to secure new assets and companies

Track Record

Track Record of Transactions

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2011 2015

Company

founded by

Fowler, Boserio

and Rusciano

Seeded

~A$2.0m

Deals Completed

Awarded 2

Australian

Blocks in

Offshore

Canning Basin

Significant

oil province

discovered

adjacent

Offshore

Canning

Basin blocks

by Apache

Awarded 2

further

Australian

Blocks in

Offshore

Canning

Basin (Total

now 4)

Acquired PEL

570 in

Australian

Cooper Basin

Sold PEL 570

on behalf of

NSE to Santos

Transaction

Size A$39m

On sold PEL 570 and

US Eagle Ford Assets

to New Standard

Energy. Transaction

value A$42 m

A$3.7m

Equity

Raise

EV: A$39m

2012 2013 2014

A$2.0m

Equity Raise

EV: A$25m

Pathfinder permits part of new petroleum fairway ?

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100km

Phoenix South (2014) and Roc (2015) discoveries

Interpreted Roebuck Petroleum Fairway PINA COLADA

250mmbbls Recoverable

WA-487-P

WA-479-P

WA-509-P

WA-508-P

Browse Basin

Pathfinder Roebuck Basin Permits

Pathfinder has 100% WI in four large permits offshore WA with following attributes :

• Low work commitments (2 x 3D seismic surveys). Drilling is optional

• Cover very large area (28,700 km2) in under-explored Roebuck Basin

• Proximal to exciting Lower Triassic petroleum province established by recent

discoveries of light oil (Phoenix South-1) and gas/condensate (Roc-1)

• Lie within the mapped extension of the Lower Triassic fairway along the inboard

margin of the Roebuck Basin

• Planning for 3D surveys is underway: targeting large prospect Pina Colada (250

mmbbl rec. P50) plus other leads

• 3D matured prospects should provide excellent farmout candidates

Pathfinder permits: Option on Australia’s newest oil play

New Venture Opportunities

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Companies selling assets in Asia Pacific Region

Corporate Stress and/or rationalization have seen many large companies sell significant assets

in 2015:

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Apache’s Australian Offshore assets sold to Brookfield / Macquarie PE consortium for US$ 2.1 billion

Conoco Phillips selling Natuna B for circa US$1.0 - 1.2 billion

BG Group selling 22.2% of Bongkot Gas Field for circa US$1.2 billion

Shell–BG to sell mature assets and exist some countries when merger complete. Country exits

expected to include New Zealand. Mature asset sales in Malaysia?

Total selling 37.5% WI in Maharajah Lela gas field, Brunei

Santos seeking offers for all its assets. Known to be focussed on selling NWS, Cooper and Victoria

Offshore

Origin to sell A$800m assets including Cooper Basin and Perth Basin

More than $US200 billion worth of oil and natural gas assets are for sale globally

Assets where Pathfinder has an edge:

We see opportunities with “once in a generation” significance:

1. Santos Asset sales

Size: A$100 million up to $1.5 billion

Timing: Now

Pathfinder Edge: CEO worked in Santos for 15 years; Chairman has

strong personal relationships into senior management; Technical

Director has managed many of the offshore assets as part of other

JV’s

2. Origin Assets

Size: $100-$300 million

Timing: From Dec 2015

Pathfinder Edge: CEO has worked assets as JV partner; Exploration

Manager worked in JVs, Chairman has strong working relationship

with divestment team

3. Shell New Zealand

Size: $500 million +

Timing: 2016

Pathfinder Edge: CEO lived and worked in NZ for Fletcher Challenge

Energy and Shell, Technical Director had 27 Year career in Shell

including NZ. Exploration Manager lived and worked in NZ

14 Clear Advantage

Pathfinder is also aware

of several “off-market”

opportunities currently

available

Management Team

Detailed Individual Profiles

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Michael Fowler B.Bus (Acc). FINSIA (Fellow)

Executive Chairman

Michael Fowler holds a Bachelor of Business Degree, Major in Accounting, and is a Fellow of FINSIA (Financial Services Institute of

Australasia). He is a founding partner and the Executive Chairman of Pathfinder Energy and works closely with the executive

team in managing existing assets and securing new opportunities. His leadership and extensive business networks have enabled

Pathfinder to successfully source and finalise a number of valuable commercial transactions.

Michael has some 27 years business experience, spanning initially in the accounting field and later branching out to investment

banking and funds management.

In 1999, Michael started the Treasury Group of Companies, an Australian Smorgon family enterprise that grew to have circa A$1.15

billion of funds under management and was taken over by an ASX200 financial services company in early 2005.

Further, in 2006 Michael and his fellow business partner Vincent Rusciano started the MaxCap Group, which is recognised in the

finance sector as an Industry Leader of Commercial Real Estate Debt. Turnover in 2014 exceeded $1b.

Michael initially became exposed to the energy sector in the late 1990’s when he was a director of a private investment bank

which managed and provided advice on substantial equity portfolios which included various local and internationally listed energy

companies.

He later started his career in the energy sector in 2000 when he was responsible for raising capital with various seed

shareholders including himself, the Smorgon and Hannon families and Bob Hosking (the founder of Karoon Gas Limited), to start a

public company called Nexus Energy Limited. Michael was a founding director of Nexus when it started as a junior explorer market

capitalisation of circa A$10m and later the company grew to a market capitalisation of greater than A$1b. Michael was Chair

between the years 2007 to 2012. After he and the Board of Nexus successfully negotiated the Crux field transaction with Shell

Development Australia, valued back then at circa A$500m, he retired from Nexus and passed over the Chair role to Don Volte the

previous CEO of Woodside Petroleum Limited and head of Seven Group Holdings Limited which later acquired Nexus.

Michael is based in Melbourne, Australia.

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Ian Boserio BSc (Hons 1st Class) Geology and Geophysics

Technical Director

Ian is a Founding Shareholder and Technical Director in Pathfinder. He leads asset and company evaluations for new business along with

Greg Channon and runs the exploration programs in Pathfinder’s permits with Stefan Kleffmann. Ian is heavily involved in any deal

negotiations and associated agreements. On the Pathfinder Board, Ian is a primary driver of strategy and business proposals.

Ian has extensive knowledge of the oil and gas business after 27 years in exploration and management roles with Shell International,

followed by the last 5 years as Owner/Director of Pathfinder Energy and Non-Executive Director at Nexus Energy and Otto Energy.

During his career with Shell, Ian worked in Australia, New Zealand, North Sea, Middle East, India, and Indonesia. He started in technical roles

and moved into various management roles in exploration, appraisal and new business. On the boards of Nexus (Nov 2009 – Oct 2012) and

Otto Aug 2010 – present), Ian has provided technical and commercial expertise and stood in as CEO.

In his last Shell Australia job, Ian played had a leading role in Shell’s regional LNG growth. He led the transformation of the Exploration team

from 2 staff on ‘care and maintenance’ into one of Shell’s largest exploration businesses. Between late 2004 and 2008 the team gained 15

new permits, drilled 10 - 20 wells pa (half operated) and ran a budget of $300million pa. They delivered 1.0 billion boe Shell-share and

created a risked prospect portfolio of another 1.5 billion boe. The exploration success rate in the period was 60%.

On the pre-development side Ian’s team managed appraisal of all Shell’s operated and non-operated fields in Australia. Several of these

moved through FID, including the world’s first Floating LNG at Prelude, operated by Shell. Ian’s exploration team of 50 (60% local recruits)

was widely acknowledged as one of the best performing exploration groups in Shell. Nobody left the team despite hot labour market.

When Australian Exploration Manager at Woodside Energy late 1998 – mid 2004, Ian managed 30 staff, ran a JV budget of $200m, and was

operator of 30 permits. His team made several discoveries in the Carnarvon and Otway basins, captured the important Pluto permit and

conducted farmins.

In Indonesia Ian was Shell’s General Manager EP from mid May 1995 – late 1998. Under Ian’s management, Shell re-established operations,

drilling two offshore wells. In striving to develop the 0.5 Tcf Kepodang gas field and supply gas to the Semarang power station, Ian had to

manage many vested interests.

Apart from technical skills, Shell training has provided Ian with experience in business planning, assurance processes and company

governance. He has a track record of leadership, strategic thinking, building high quality teams, forming valuable exploration portfolios and

finding oil and gas - demonstrated in several roles in different companies/cultures. Ian has a ‘nose for value’ and a flair for managing

subsurface and commercial risk. Ian enjoys working in partnerships and collaborative environments.

Ian’s aspiration is to work with capable, respected people and grow an Oil and Gas business and have “skin in the game”.

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Greg Channon BSc(Hons) Geology and Geophysics

Chief Executive Officer

Greg Channon is a geologist with 31 years of global oil and gas experience in a great variety of technical and leadership roles. Greg is

the Chief Executive Officer of Pathfinder, and has been in with company since early 2014. Greg manages the day to day business of

Pathfinder as well as leading our New Business function and guiding our exploration programs together with Ian Boserio (Technical

Director) and Stefan Kleffmann (Exploration Manager).

During his career, Greg has worked with a range of E&P companies, including Santos, Fletcher Challenge Energy, Shell, Swift Energy

and BrightOil. He has lived and worked in Australia, New Zealand, USA, Hong Kong, China and Africa.

Greg started his career as a Wellsite and Operations Geologist in Delhi Petroleum in 1984. He worked in the Cooper Basin at a time

when Santos and Delhi were running up to 12 rigs, and participated in over 10 wildcat discoveries. This “hands on” experience

provides a strong grounding in onshore and offshore drilling and operations.

In 1987, Greg joined Santos as an Explorationist, making the first discovery of oil in the Triassic sediments of the Cooper Basin and is

the author of current definition of the Triassic stratigraphy in the Basin. Over the next 13 years with Santos, Greg under took various

exploration, planning, economics and new ventures roles. He was a Team Leader for offshore Australia and had a leading role in

Santos’ International New Ventures and New Business Groups. During this time he made a number of oil and gas discoveries in the

Cooper Basin and Timor Sea, including the Elang, Kakatua and Bayu Undan fields.

In 2000, he moved to New Zealand with Fletcher Challenge Energy and later became the Exploration Portfolio Manager for Shell in

New Zealand. Whilst in New Zealand he also worked for Swift Energy as their Manger of Geology, successfully undertaking a 6 well

appraisal and development of the Kauri gas field in the Taranaki Basin.

By 2005, Greg had returned to Australia and taken up the role of CEO for the unconventional gas start-up company Alto Energy. He

secured and developed a portfolio of shale gas assets in the Appalachia region of the USA. In 2006 he joined Salinas Energy as

General Manager, undertaking a heavy oil development in California, USA.

In 2009, Greg moved to Hong Kong and joined Brightoil Petroleum Holdings Limited as the Upstream CEO. The company had just

listed on the Hong Kong Securities Exchange and over the next 3 years, grew the company from a market capitalization of just US$

200 million to a multi-billion dollar diversified oil and gas company. Upon returning to Australia in 2012, Greg consulted with a

number of small start-up’s, both in Australia and Canada before joining Pathfinder.

During his career, Greg has gained a vast range of diverse oil and gas expertise, including exploration, operations, development,

production, economics and commercial negotiations and IPO start-ups. He has sat on the Board of Directors of companies listed on

the ASX, TSX and HKSE. This combined with his global business experience make him a valuable member of the Pathfinder team.

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Vincent Rusciano Bachelor of Business (Accounting)

Finance Director

Vince Rusciano is a Founding Shareholder and Founding Director of Pathfinder Energy Pty Ltd (Pathfinder).

Vince has brought his 30 years plus experience in structured finance and accounting to take on the role of Finance Director. Vince is

accountable for the financial functions and risk management operations of the company. He is responsible for developing financial

and tax strategies, managing the capital and budgeting processes, managing the accounting, human resources, legal and tax,

functions. In addition he ensures that the company follows best practices at all times. As a board member he is directly involved in

the creation and implementation of Pathfinders strategic business plan.

Vince has over 30 years’ experience in the Financial Services Industry. He began working with Deloittes and then moved into Funds

Management working for Heine Management Limited.

In 1999 Heine Management Limited was sold to ING and Vince was instrumental in securing the Commercial Real Estate Debt

Division of Heine Management Limited. This business was rebadged and became known as The Treasury Group of Companies

(Treasury). Vince was a founding shareholder and Director. In 2005 Treasury was acquired by City Pacific Limited (an ASX Top 200

listed company at the time). On acquisition, Treasury held funds/assets under management amounting to approximately $1.15 billion

In 2006 post the sale of The Treasury Group of Companies Vince became a Founding Shareholder and Founding Director of MaxCap

Group of companies. Vince is the current Chairman of MaxCap Group. Under his leadership MaxCap has become the exclusive

investment manager of a number of Institutional and Private Funds. Max Cap is recognised in the finance sector as an Industry

Leader of Commercial Real Estate Debt.

Vince’s skillset includes funds management, property development, corporate finance, accounting, tax and law. The integration of

these skills is brought to bear in his current role of Finance Director for Pathfinder.

Vince’s goal is to work with like-minded people who are respected within the Industry. His goal is to ensure that the business is built

on sound business values which include trust, commitment and governance.

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Stefan Kleffman (PhD)

Exploration Manager

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Stefan is Exploration Manager for Pathfinder Energy and, in close cooperation with Pathfinder’s Technical Director, Ian Boserio, leads

the company’s technical exploration programme for operated permits. Stefan is instrumental in performing all geophysical

evaluations of Pathfinder’s operated assets and new venture opportunities.

Stefan is a PhD-educated geophysicist with 22 years’ experience in the petroleum industry at technical and management levels.

Prior to joining Pathfinder Energy in 2011, Stefan held executive positions in exploration at Otto Energy and New Zealand Oil and Gas

and, in 2010, he established his own consultancy business. Stefan has also held leading technical roles in international consultancy

firms Troy-Ikoda and RPS where he was responsible for business development and management of numerous asset and

prospectivity evaluations for a variety of clients.

As Exploration Manager at Otto Energy, Stefan managed a global exploration portfolio that included several seismic surveys and the

drilling of ten onshore exploration wells in Italy, Argentina and Turkey. This led to several small gas discoveries in the Edirne Basin,

Turkey that were subsequently developed. Stefan also oversaw seismic exploration activities in Otto’s operated high-risk, deep-

water exploration acreage in offshore Philippines, which resulted in a farmout to BHP Billiton. When Otto became operator of the

Galoc oil field in the Philippines, Stefan was the key consulting geophysicist and led the subsurface evaluation that resulted in

drilling of two successful horizontal wells as part of a second-phase oil field development.

While at New Zealand Oil and Gas, Stefan built and led a small team of staff and consultants that saw the company through its

transformation from an explorer to a producer as part of the joint-venture partnership of the Tui oil field development. Also, as

non-operating partner in the Kupe Joint Venture, Stefan proposed drilling of the Momoho-1 exploration well, which proved up

valuable additional reserves for the Kupe gas and condensate field development.

In 2010, Stefan made use of his extensive experience in petroleum exploration/development and asset management to establish his

own consultancy business. The subsequent diversity of roles has enabled him to expand his working knowledge of a range of

exploration areas, both national and international, and widen his experience in business development and collaboration.

Stefan is a hands-on manager and brings a pragmatic, level-headed and no-nonsense approach to the needs and challenges of

petroleum exploration. This leads to technically sound, measured and appropriately risked decisions in the Pathfinder team.

Disclaimer

This presentation is prepared and provided by Pathfinder Energy Pty Ltd (ABN 13 126 966 541 Pathfinder) on a confidential basis for use only by the Recipient, and should not

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be incomplete or inaccurate. Actual results achieved may vary from the projections and the variations may be material. Forecasts are based on a number of assumptions

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based on current market conditions.

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