ΙΠB IPB Petroleum Limited

(ABN 52 137 387 350)

IPB Petroleum Limited (ABN 52 137 387 350) 23 Small Street, Hampton, Victoria 3188 Australia

Ph: 613 9598 0188 Fax 613 9598 0199 www.ipbpet.com.au

  

IPB PETROLEUM LIMITED (ASX Code: IPB) 

 20 November 2013 

  

CHAIRMAN’S ADDRESS AND MANAGING DIRECTOR’S PRESENTATION ANNUAL GENERAL MEETING 20th NOVEMBER 2013 

  Please find following the Chairman’s Address and Managing Director’s Presentation delivered at the IPB Petroleum Limited 2013 Annual General Meeting held today.     John Osborne Company Secretary   For Further Information Contact: 

Brendan Brown – Managing Director  +61 3 9598 0188 or admin@ipbpet.com.au   

About IPB Petroleum Limited 

IPB Petroleum Limited (“IPB”) (ABN 52 137 387 350), an Australian oil and gas exploration company that aims to achieve superior returns for its shareholders through early entry, exploration, and if successful development and production from its oil and gas assets. IPB was admitted to the official list of ASX Limited (“ASX”) in May 2013. 

IPB has an interest in two petroleum exploration permits (“Permits”) located in the Browse Basin, offshore North West Australia, being Permits WA‐424‐P and WA‐471‐P.  Further detail of IPB, the Permits and its exploration plans may be found in the IPB Prospectus dated 1 March 2013.  A copy of the Prospectus is available on the company’s website www.ipbpet.com.au . 

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IΠB IPB Petroleum

  

IPB Petroleum Limited (ABN 52 137 387 350) 23 Small Street, Hampton, Victoria 3188 Australia

P: +61 3 9598 0188 F: +61 3 9598 0199 W: www.ipbpet.com.au

20 November 2013 ASX ANNOUNCEMENT (ASX CODE: IPB)

Chairman’s AGM Address Ladies and Gentlemen, I am pleased to be here with you today for the 2013 IPB Petroleum Annual General Meeting. Being the first meeting of IPB Petroleum Shareholders since listing on ASX in April this year, I would like to take this opportunity to recognize and congratulate all at IPB, on a remarkable four years in the development of your company. During this period IPB has grown from a small private concern to a listed public company that has established a substantial acreage position along what it believes to be the oil prone southern margin of the world class Browse Basin - offshore North Western Australia. During the last twelve months IPB has achieved many important milestones. Perhaps the most noteworthy is the farmout to CalEnergy. CalEnergy will earn an interest in the WA-424-P permit in exchange for the drilling of the Pryderi oil exploration well. This well, if successful, could transform IPB from a small exploration company to a future development and production company with the opportunity for growth to keep itself occupied for decades to come. Although the past year has seen substantial success at IPB, it has however not been without its expected challenges. The Company’s decision to maximize the free float of its shares at listing, did allow a small number of larger seed investors to realize substantial profit in selling their holdings. This had the unfortunate consequential impact on the market in the Company’s shares until mid-September. More recently delays to our projected environmental approval milestones have delayed the drilling of our first exploration well at Pryderi until 2014. Despite delays, the prize on offer at Pryderi remains as exciting as ever. IPB has positioned itself to take maximum advantage of success from its first exploration well at Pryderi, which combined with its other complementary business strategies, aims to deliver an exciting and potentially very rewarding year ahead for shareholders.

Finally I would like to thank you our shareholders for your continued interest and support. I will now commence the formal business of this meeting.

Shane Tanner Non- Executive Chairman

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ΙΠB IPB Petroleum (ASX Code : IPB) www.ipbpet.com.au

Managing Directors Presentation AGM 20 November 2013

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http://www.ipbpet.com.au

Company Overview

This presentation has been prepared by IPB Petroleum Limited (IPB) and is provided on the following basis.

This presentation does not constitute or form part of any offer or invitation to purchase or subscribe for any securities in IPB or an invitation or inducement to

engage in investment activity. All persons should consider seeking appropriate professional advice in reviewing the presentation and IPB.

No representation or warranty, express or implied, is made by IPB or any of its directors, officers, employees, advisers, related bodies corporate or any other

person as to the accuracy, reliability, relevance or completeness of the material contained in this presentation and nothing contained in this presentation is, or

may be relied on, as a promise, representation or warranty, whether as to the past or future.

Except for statutory liability which cannot be excluded, each of IPB, its directors, officers, employees and advisers expressly disclaims any responsibility for the

accuracy or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage

which may be suffered by any person as a consequence, either directly or indirectly, of the use of any information in this presentation or any error or omission

there from. IPB accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other

information made available to a person nor any obligation to furnish the person with any further information.

This presentation contains certain statements which may constitute "forward-looking statements". Such statements are only predictions and are subject to

inherent risks and uncertainties which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or

projected in any forward-looking statements. Any forward looking statements speak only as at the date of this presentation and are based on current expectations

and belief. No representation or warranty, express or implied, is made by IPB that the material contained in this presentation will be achieved or prove to be

correct.

Unless otherwise stated information, opinions and conclusions contained within this presentation has been provided by IPB Petroleum Limited and may not

necessarily represent those of our other joint venture partners.

RESOURCES:

The resources evaluation of petroleum permits is subject to uncertainty because it involves judgments on many parameters that cannot be precisely assessed

and which may change as new information becomes available.

All resources quantities contained in this presentation have been independently estimated by ISIS Petroleum Consultants Pty Ltd (ISIS) for and on behalf of IPB

Petroleum Ltd . Further the resources quantities contained within this presentation have been prepared in full compliance and adherence to The Society of

Petroleum Engineers Guidelines for the application of the Petroleum Resources Management System (SPE-PRMS). The qualification of the ISIS persons who

prepared the resources estimates for and on behalf of IPB Petroleum Ltd and contained within this presentation are as follows : Dr Douglas Gillies holds a BSc

and a PhD in Geology. He is a member of the Society of Petroleum Engineers (SPE) and has over 25 years’ experience in the petroleum industry in Europe,

USA, FSU, Middle East, Asia and Australia; Mr Richard Carter holds a BAppSc (Geophysics), and a Graduate Diploma in Applied Physics (Geophysics). He has

18 years experience in petroleum exploration and development and a further 6 years as a full time independent investor in the Australian oil and has industry. He

worked as a Senior Geophysicist with BHP Petroleum for 14 years; Mr Werner Ribul holds a MSc in Petroleum Engineering. He has over 24 years of petroleum

and reservoir engineering experience with specific focus on recovery optimisation opportunities, reserves determination and classification. Dr. Enrique Carballido

is the Chief Operating Officer of ISIS. He holds a Bachelors degree in Geological Engineering, and a Ph.D. in Geology. He has over 20 years of exploration,

appraisal and development experience in the petroleum industry in the, USA, FSU, Asia and Australia, including 17 years with Shell. For further information,

including assumptions, limitations and qualifications relating to the estimation of resources contained within this presentation, please refer to the Independent

Technical Expert’s Report by ISIS in IPB’s Prospectus dated 1 March 2013, and IPB’s ASX Release “IPB gains additional prospective resources from WA-485-P”

dated 27 May 2013 available on the Company website www.ipbpet.com.au.

Important Notice

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Economics:

• Large Browse Basin Position (14,000 sqkm)

Offshore NW Australia

• Shallow water (~ 80m)

• Shallow Target Reservoirs ( ~ 700m)

• Potential new Oil Fairway

• Large Mean Prospective Resource:

• 672 MMbbls of oil (IPB net) ISIS

• Up to $32.4 million of Funding available from

CalEnergy (2 stage Farmin - IPB down to 40%)

• Pryderi exploration well - IPB free carried

• Pryderi NPV10 $680m (100%)

• Market Cap $38.5 million ($0.39 /share) 19 Nov.

3

IPB Petroleum (ASX: IPB)

Exploration Risk:

• Proven Oil at Gwydion WA-424-P with 3D

• 3D seismic is key (Direct Hydrocarbon Response)

• Substantial 2D – DHI’s observable

• Experienced Team - Offshore NW Australia

• Pryderi rated 45% chance of being an oil discovery

ATTRACTIVE ECONOMICS - LARGE

SUCCESS BASED UPSIDE

LOWERING EXPLORATION RISK

HIGH POTENTIAL VALUE

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Company Overview

WESTERNAUSTRALIA

See Inset A

See Inset B

Fletcher

Iago

Scafell

Sage

Echo/Yodel

Rankin

WickhamDampier

Exmouth

Karratha

Roebourne

Wanaea

Egret

Wandoo

Woollybutt

Legendre

Stybarrow

Hermes

Oryx

Corowa

Leatherback

Amulet

Blencathra

Chamois

Exeter

Griffin

Laverda

Lambert

Skiddaw

Coniston

Crosby

Mutineer

Tusk

Cossack

Harrison

Hurricane

South Pepper

Dixon

Ridley

Talisman

Eskdale

NorthHerald

Eaglehawk

Antler

Io/Jansz

Scarborough

Gorgon

Eurytion

Perseus

Pluto

Spar

Goodwyn

Maenad

Wheatstone

Geryon

Angel

Iago

OrthrusJulimar

Chrysaor

Keast/Dockrell

Pyrenees/Macedon

Maitland

Caribou

East Spar

Dionysus

John Brookes

Tubridgi

NorthRankin

West Tryal Rocks

Corvus

Errol

Urania

Brunello

Lady Nora

WilcoxBrulimar

Tidepole

Elk

Sculptor

Reindeer

Chinook/Scindian

Gaea

Enfield

Nasutus

Montague

Saffron

Stickle

Vincent/Van GoghBleaberry West

Pemberton

Ravensworth

Stag

Centaur

Ajax

Clio

Vinck

Topaz

Thebe

Okapi

Lauda

Morrel

Saturn

Rosily

Rivoli

Pepper

Nimrod

Antiope

Mardie

Gorgon

Carnie

Bowers

Boojum BennetBandar

Venture

Zeewulf

Thringa

Phantom

Outtrim

Myanore

Martell

Hampton

Glencoe

Falcone

Chandon

Briseis

Zeepaard

Gungurru

Forestier

Eendracht

Resolution

Nimblefoot

Immortelle

Cape Range

Rough Range

Parrot Hill

Altostratus

Sirius

Kentish Knock

Jupiter

Dampier Storage

Mulyery

Haycock

RosemaryCherring

0 100 kmNT

QLD

NSW

TAS

VIC

WA

SA

09-4205-2

Gas pipeline

Scheduled area boundary(OPGGSA 2006)

Gas pipeline (proposed)

Oil pipeline

Floating production storage andoffloading vessel

Floating production storage and offloading vessel (under construction)

Abandoned field

Conventional gas platform

Gas accumulation

Oil accumulation

Oil and gas accumulation

Oil subsea tieback

Gas subsea tieback

Gas field

Oil field

See Inset C

Cycad

Josephine

Bob

Flag

Peck

Pasco

Dugong

Hermite

Windsor

Orpheus

Highgrove

Narvik

Campbell

Rose

Linda

Sinbad

Lee

Bambra East

Kultarr

Baker

Monty

Barrow Island

Wonnich

Bambra

Gipsy

West Cycad

Onshore gas production

Onshore oil production

Tripod

Monopod/Minipod

Mini platform

LNG storage tanks

Oil storage tanks

Subsea oil well

Subsea gas well

Subsea oil & gas well

Subsea completion

Elder

WA

Crest

Dillson

Saladin

Roller

Chervil

Taunton

Australind

Yammaderry

Coaster

Cowle

Cadell

Skate

SouthChervil

Basil

Cyrano

Santa Cruz

Saladin A, B, C

Airlie Island

Thevenard Island

Onslow

Inset A

Inset B

Figure 2. Oil and gas accumulations, production infrastructure and pipelines in the Northern Carnarvon Basin.

Conventional oil platformMontgomery

Gobi

Jane

Denver

Ginger

MohaveAlbert

Artreus

Rosette

Alkimos

NorthMarra

Harriet

Simpson

Tanami

Victoria

Pedirka

South Plato

Agincourt

Gudrun

Double IslandLittle Sandy

Monet

Hoover

North Alkimos

North Pedirka

Gibson

Inset C

0 10 km

0 10 km

0 2.5 kmField outlines are provided by GPinfo, anEncom Petroleum Information Pty Ltdproduct. Field outlines in GPinfo are

sourced, where possible, from theoperators of the fields only. Outlines areupdated at irregular intervals but with atleast one major update per year.

115°00' 115°15'

21°30'

115°45'115°30'

20°30'

20°45'

115°35'

20°40'

115°30'

117°116°115°114°113°

20°

21°

22°

Large Gas/Condensate

Fields

Deeper part of basins

Carnarvon Basin

Browse Basin

Approx 1.6 billion bbls oil produced from

oil fields along southern margin of

Carnarvon Basin. Oil trapped in well

defined structures.

Southern margin Browse Basin of similar area.

Relatively underexplored but with oil

discoveries at Cornea and Gwydion. Relies on

3D seismic to identify stratigraphic trapping

mechanisms (limited structures).

Carnarvon/Browse Basins

3D IS KEY

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2009 Company

established

2010 Sept-10 Acquire

WA-424-P

Nov-10 Raise A$6m

2011 Apr-11

200km2 3D seismic

Dec-11 Processing of

3D seismic

2012 Apr-12

Interpretation of 3D seismic

May-12 Acquired

WA-471-P

Jun-12 Raise A$2.5m

Sept-12 Farmout to CalEnergy

2013 Apr-13

Listed on ASX raising $2.9m

May-13 Acquired

WA-485-P

Permit studies & planning Pryderi well

2014 ~Q1 2014 Pryderi-1 Drilling

New Ventures/

Farmouts

Potential Pryderi

Appraisal Well

Planned 3D seismic

Activities

IPB’s Activity Timelines F

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3D Result – Pryderi Prospect (WA-424-P)

Pryderi

Mean Prospective Resources

40 MMbbls

POS: 45% (ISIS)

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WA-424-P

Outline of 3D data

Identified additional prospectivity

from 2D seismic interpretation

Amplitude Anomalies from 2D Data

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Company Overview

ΙΠB Strictly Confidential IPB Petroleum Ltd 8

M.australis Amplitude Anomalies from 2D Data F

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Company Overview

ΙΠB Strictly Confidential IPB Petroleum Ltd 9

Amplitude extraction at

Top Gwydion gas reservoir level

Shut offs

Pryderi-1 Channel System F

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WA-424-P

Mean unrisked prospective

recoverable resource

40 MMbbls oil

Mean unrisked prospective

recoverable resource

282 MMbbls oil

Amplitude Anomalies from 2D Data

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WA-471-P WA-485-P

WA-424-P

Pryderi Prospect

Mean unrisked prospective recoverable

resource 40 MMbbls oil

WA-424-P

Mean unrisked prospective recoverable

resource 282 MMbbls oil

WA-485-P

Mean unrisked prospective recoverable

resource 166 MMbbls oil

Independent

Assessment (ISIS)

Permit WA-485-P Extension of Pryderi Play F

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WA-471-P WA-485-P

WA-424-P

Pryderi Prospect to be drilled in ~Q4 2013

Mean unrisked prospective recoverable

resource 40 MMbbls oil

WA-424-P

Total M.australis Mean unrisked

Prospective Recoverable Resource

322 Mbbls oil

WA-424-P

Permit – WA-485-P Extension of Pryderi Play

WA-485-P

Total M.australis Mean unrisked

Prospective Recoverable Resource

166 Mbbls oil

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IPB Prospects and Leads Map (WA-424-P)

Diversity within the large IPB permits (substantial 2D data)

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CONTINGENT RESOURCES (Oil - Million Barrels ) Net to IPB Chance of Success (Risk: Pg)

Sub Commercial Discovered PIIP Contingent Resources %of Total P90 P50 P10 Mean P90 P50 P10 Mean

0.4%

1.00 Gwydion 4 5 6 5 1 2 3 2

PROSPECTIVE RESOURCES (Oil Million Barrels) - Net to IPB

Undiscovered PIIP Prospective Resources (unrisked )

Mathonwy Prospect 1.4 1.8 2.3 1.8 0.5 0.8 1.2 0.8 0.2% 0.72

Pryderi 3D Prospect 23 56 131 70 9 24 59 30 5.9% 0.45

2D Pryderi Channel Leads P90 P50 P10 Mean P90 P50 P10 Mean

High Case 496 704 1019 738 217 315 467 332 0.15 Low Case 162 199 239 200 70 89 111 90 0.40 Mid Case 344 455 610 469 153 203 280 212 41.4% 0.23

Arianrhod 3D Stratigraphic Lead 8 19 45 24 3 8 20 11 2.1% 0.24

"Mordred" Structural Leads 82 106 136 108 35 47 64 48 9.5% 0.20

Tristram OIL CASE (On Block)* 223 433 818 487 85 179 362 207 40.6% 0.04 * 80% of the lead lies in WA 424-P SUBTOTAL 508

TOTAL PORTFOLIO (contingent + prospective resouces)

In Place Recoverable (unrisked) P90 P50 P10 Mean P90 P50 P10 Mean

High Case 1049 1391 1887 1433 452 611 848 631

Low Case 621 850 1241 895 263 368 554 389

Mid Case 835 1120 1564 1164 357 489 701 510

WA-424-P Resources: Net to IPB Independent Technical Experts Report (ISIS) – Prospectus March 2013

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P ROS P E CT IVE RESOURCES (Oil - Million Barrels) (Unrisked)

Undiscovered PIIP Prospective Resources P90 P50 P10 Mean P90 P50 P10 Mean

M.Australis play 247 350 513 369 108 157 235 166

IPB Resources continued

ISIS Independent Review (May 2013) : WA-485-P M.australis play resources

Combined Mean Prospective Resources

WA-424-P & WA-485-P Net to IPB (Unrisked Recoverable) :

= 672 MMBBLS oil net to IPB

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Leads and Plays:

• The 2D seismic data in the block highlights the

potential for stratigraphic traps at deeper levels

to the Pryderi Prospect

• Oil-prone source rocks have been identified

further to the north, such that WA-471-P is

believed to be located along the oil migration

pathway for the oil discovered at Gwydion

• Amplitude anomalies within

structural/stratigraphic closures are observed

similar to – Gwydion/Caspar plays

• Substantial number of additional alternative

plays Eg potential: Brewster sand plays.

• Work program and technical case involves the

acquisition of 3D seismic to work up future

drillable prospects.

• No Resources attributed to this permit at this

stage.

Permit WA-471-P Strategic with additional play opportunities

Oil Migration

Path

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• IPB has Farmout agreement with CalEnergy Resources (Australia) Ltd ( "CE")

• CE is 100% owned by Mid American Energy Holdings Company

CE has upstream hydrocarbon assets in Australia, UK, and Poland

• Key details of the Farmout are that CE:

• Will fund 100% of the cost of drilling the Pryderi Prospect exploration well in our WA-424-P permit

(IPB estimates to cost around $15m) to earn a 25% interest in the whole Permit. (Except a 60%

interest in the Permit’s current Gwydion Discovery and the neighboring Mathonwy/Gilfaithwy structures ("GMG") Area.) CE has become the operator of WA-424-P.

• Have an option for 3 months after drilling the Pryderi well to increase their interest in the balance of

the WA-424-P permit to 60% by spending further funds as they determine on exploration, appraisal

and or development activities up to an amount = ($32.4m – less the cost of the Pryderi well)

• Have the option to participate at a 25% interest in our WA-471-P permit which can be exercised for

nominal cost within 3 months of the date of the Pryderi well being drilled. IPB will remain operator of

this permit

Farmout to CalEnergy F

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Amplitude extraction at top Gwydion gas reservoir level

Pryderi Prospect and GMG Area F

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Pryderi (WA-424-P) Indicative Development Model and Economics

• CASE: 40 MMbbls Recoverable

• Development drilling – jack-up

• Dry Trees – 2 well head platforms

• Processing/Export FPSO – leased

• Lift Electrical Submersible Pumps

• 8 production wells (dry) (5MMbbls

recoverable per well)

• 4 Water Injection wells (dry)

• Peak Production 20,000 bbls/day

• Oil Price $95 real (tapis)

• After deduction of NXS 3-4%

(Sales Receipts less PRRT)

• AUD/USD $0.95 - $0.85 flat after 3

years

• Each $10 increase in oil Price

increases NPV10 by $165 million

• Based on third party independent

design concepts, IPB analysis

$ $ per bbl

CAPEX (USD) $587 million $14.68

OPEX (per annum) (USD) $84 million $12.11

NPV 10 (AUD) $680 million $17

Oil off-loaded to shuttle tanker

Wellhead Platforms

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• Market Capitalisation @ A$0.39 = $38.5 m, with $1.97 m in cash (30 Sep) EV = $36.5 m

• Unrisked Mean Contingent and Prospective Recoverable Resources of over 670 MMBBLS Oil

net to IPB after CalEnergy initial stage 1 farm-in

• Implied Market Cap of 5.7 cents a barrel at the Mean Prospective recoverable (unrisked) oil

resource level

• CalEnergy Farmout* (first phase) : WA-424-P ~ drill Pryderi Well for 25% WA-424-P [ but 60%

GMG] plus option 25% WA-471-P for drilling Pryderi ~$15m est. Implied value IPBs permits of

approximately 3x $15m = $45m [ Pryderi Free carried by CalEnergy]

• Success at Pryderi – assuming 40 MMbbls mean recoverable resource – has estimated NPV10

of $680m (100%) or unit NPV of an estimated $17 / BBL

• The Value to IPB estimated (assuming residual 40% interest) = $272m, + 11 other M.australis

leads at the same level in WA-424-P alone + 13 in WA-485-P

• Ultimate Task - is to convert through exploration and appraisal some of IPB’s Mean

Prospective Resources (Currently at 672 MMBBLS oil) to Reserves and thereby increase the

implied value per barrel from 5.7 cents toward the unit NPV’s available through successful

development.

* Refer to CalEnergy Farmout Agreement on slide 17

Valuation Considerations F

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Pryderi -1 Update

• Pryderi-1 Environmental Plan expected to be re-submitted before end November

• Guidelines allow for NOPSEMA to respond within 4 weeks

• If EP accepted Operator to then sign Rig Contract (2 potential rigs available)

• Rig Contractual negotiations are underway, and expected to mature in preparation for

target EP approval during December.

• Operator has applied to NOPSEMA for a advance of EP “partial approval” for the

necessary pre-drill geophysical site survey.

• If partial approval received Operator expects to:

• commit and acquire geophysical site survey sometime between December and February

• Order Long Lead items ( and rental items) such as wellheads etc.

• Subject to EP approval and rig availability the WA-424-P Joint Venture has targeted 1st

Quarter 2014 to be drill ready to drill the Pryderi-1 well

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Indicative Work Program (current assets)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Primary Permit Terms

WA-424-P Term End Year 2 and 3

Well Planning - Drilling & Environmental Approvals

Drill Pryderi-1 Well 12-15 days

Seismic Moratorium (Whale Migration)

WA-471-P Term End Year 1 Year 2 Year 3

WA-485-P Term End Award Year 1 Year 2

IPB Indicative Future Work Program Options

Contingent Plan

LEGEND

IPO

Firm Work Commitments

Contingent Plans

Primary Term Permit Year End

Well Planning WA-485-P

Drill Commitment Well WA-485-P

Acquire 3D Seismic data over 2D M.australis leads

Drill Appraisal Well Pryderi-2

Process 3D Seismic data over 2D M. australis leads

Drill Commitment Well WA-471-P

Studies

Reprocess & interpret 900km of 2D Seismic

Acquire 3D Seismic in WA-485-P

Process WA-485-P Seismic

Potential Farmout of WA-485-P

Initial Public Offer (IPO)

Studies

Acquire Seismic in WA-471-P

Process WA-471-P Seismic

Potential Farmout of WA-471-P

Well Planning WA-471-P

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• Early entry with high equity and a risk management plan

• Early part of E&P life-cycle very high reward, but aim to manage risks

• Usually with different insight/idea/application of new technology, e.g. 3D

• Aim for strategic position e.g. WA-424-P, WA-471-P and WA-485-P (Browse

Basin potential new oil fairway_

• IPB’s strategy is to operate only up to FID:

• Operatorship has value to IPB up to FID

• Seek value add partnerships/JV’s

• Opportunistic

• Ongoing:

• New Ventures/New Permits / early entry/ minimise dilution

• Optimise future funding mix with alternative dillution : asset, company, JV,

etc.

Long Term Strategy F

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• IPB is an Australian conventional oil explorer – Browse Basin

• Relatively shallow water c ~ 80m, shallow reservoir depth ~ 700m– allows for low cost

drilling and development (eg Pryderi 1 estimated cost ~$15 million)

• Very Large Oil Resource – 672 MMbbls of oil - mean Prospective Resource level in WA-

424-P and WA-485-P ( Net IPB share) ISIS

• Near term drilling activity e.g. Pryderi-1 – Potential NPV10 40 MMBBLS ~ $680m (100%)

(fully funded by CalEnergy Farmout) - IPB diluted interest 40%

• Shorter Term Activities – newsflow:

• Activities such as Exploration Drilling,

• Potential future Appraisal /Eval.

• Other Farmouts, Alternate Play development,

• Other Govt. Bid Rounds / New Ventures etc.

• Highly qualified Management & Board

• Market Capitalisation at 39 cps 19 Nov 2013 = $38.5 m

Conclusion – Key Points F

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