#1Investor presentation – March 2019 VINTAGE ENERGY#2VINTAGE ENERGY Disclaimer This presentation has been prepared by Vintage Energy Limited (Vintage or the "Company"), with the purpose of providing general information about the Company. This presentation contains certain statements which may constitute "forward- looking statements”. Such statements are only predictions and involve inherent risks and uncertainties. Actual results and performance are likely to differ materially from those expressed or implied in any forward-looking statements. To the maximum extent permitted by applicable laws, Vintage and its directors, agents, officers or employees make no representation and can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation. This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company's prospects and should not be considered specific advice or a recommendation to invest in securities. It should not be relied upon as a complete and accurate representation of any matters that a potential investor should consider in evaluating Vintage. The Company accepts no responsibility to update any person regarding the information contained in this presentation. This presentation may not be reproduced or redistributed to any other person. This is a private communication and was not intended for public circulation or publication or for the use of any third party without the approval of the Company. All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated. Competent Persons Statement The hydrocarbon resource estimates in this report have been compiled by Neil Gibbins, Managing Director, Vintage Energy Limited. Mr. Gibbins has over 35 years of experience in petroleum geology and is a member of the Society of Petroleum Engineers. Mr. Gibbins consents to the inclusion of the information in this report relating to hydrocarbon Contingent and Prospective Resources in the form and context in which it appears. The Contingent and Prospective Resource estimates contained in this report are in accordance with the standard definitions set out by the Society of Petroleum Engineers, Petroleum Resource Management System. 2#3Vintage Energy overview • Current energy crisis in Australia Foundation for the formation of Vintage Energy • Successful IPO • - Strong weighting of institutional investors (domestic and international) Quality acreage position acquired expeditiously - Drill ready prospects with a clear pathway to development if successful Geraldton Bonaparte Basin Port Headland - Actively pursuing portfolio growth Perth Bunbury Darwin VINTAGE ENERGY QLD Townsville NT Mount Isa Galilee Basin Gladstone Alice Springs WA Ballera Wallumbilla Moomba Brisbane SA Kalgoorlie NSW Whyalla Adelaide Sydney Canberra Melbourne • Lean corporate structure SHARE REGISTER BREAKDOWN Gas pipeline Oil pipeline Otway Basin Vintage interest permit TAS Hobart VE19-002 Institutional - 18% 26% Australia Institutional - International Net cash/(debt)1 Retail 28% 28% Board and management* $28.6 million Market capitalisation² $44.0 million Shares on issue² 266.5 million* *Includes 45.3 million shares in escrow 1. As at 31 December 2018 2. As at 15 March 2019 Born from an energy crisis and now positioned for success 3#4Growth focused energy company East coast energy market Gas focus with oil potential Market accessibility LNG Bonaparte Basin Port Headland Darwin NT QLD Mount Isa Townsville Galile Bas Glac Alice Springs WA Moomba SA Kalgoorlie Whyalla NSW 'erthe Adelaide Sydne Canberra Melbourne Gas pipeline Oil pipeline Otway Basin Vintage interest permit TAS Hobart VINTAGE ENERGY Lean, innovative and agile Gas and energy shortage on the east coast Pricing driven by supply factors Onshore basins with marketable gas potential Permits close to industrial, commercial and retail markets Oil potential to add value and diversity Value creation Small, quality team provides rigour without layers of corporate sign-off Proven exploration success driven by outstanding technical capability 4#5Achievements Galilee Basin To date.... ✓ Albany-1 drilled and flowed gas at 230 Mscfd ✓ 2C contingent resource of 23 PJ (net) booked Koburra 2D seismic completed • • . Otway Basin ✓ PACE Grant awarded to drill Nangwarry-1 • optionality Bonaparte ✓ 100% equity position providing Basin Corporate ✓ Listed 17 September 2018 Oversubscribed $30 million IPO @ 20 cps • · • VINTAGE ENERGY To come.... Two well drilling program to commence in April 2019 Fracture stimulation program Potential for two more wells Rig contract Continue to refine play types Well testing Farm-down discussions . Active pursuit of portfolio growth Active first six months with an exciting drilling campaign imminent 5#6Assets Charters Towers Bowen Hughenden ATP 743 Koburra Koburra-1 GALILEE Albany-1 ATP 744 Carmichael-1 ATP 1015 Moranbah Lake Galilee-1) ATP 1015 Aramac Clermont Longreach Emerald Blackall Barcaldine BASIN Mackay 12 Petroleum well Gas pipeline Proposed gas pipeline -Possible gas export route Proposed Jemena pipeline. SESA Pipeline Hasolgrove-2 Haselgrova-3 ST1 VIC 0 50 100 150 km Penola Trough Penola PEP 171 Katnook Gas Plant Bus Swamp-1 Salamander-1-- Nangwarry-1-1 PEL 155 -Gordon-1 Rockhampton Genaire-1 Biloela 3 Gladstone VEIRA Vasa Mount Gambler SEPS Pipeline Petroleurwell Proposed well Gas pipeline Gas field Vintage interest perm SEA Gas Pipeline Skull-1 KEEP INLET SUB-BASIN VINTAGE ENERGY Petroleum woll Gas field Cullen-1 Seismic survey Vintage interest peri Keep River-1 EP 126 Weaber-1, 3, 4, 5 Weaber-2, 2A Pincombe-1 Spirit Hill-1 WA N 40 km HALLS CREEK FAULT SHEA 20 40 km Rever Galilee Basin 15% equity, moving to 30% - Albany-1 drilled, flowed gas at 230 Mscfd -Koburra 2D completed - Albany-2, Albany-1/ST1 to be drilled - Net (15%) 2C contingent resource booked (1C - 8 PJ, 2C 23 PJ, 3C - 63 PJ) - Potential routes to market Otway Basin PEL 155 - 50% equity - Nangwarry-1 to be drilled - Net prospective resource of 28.5 bcf PEP 171 - 25% initial equity (potential for 50%) - Geophysical re-interp, P&L evaluation, seismic plan Bonaparte Basin - 100% equity - Proven petroleum system Multiple play types - Hydrocarbon shows at Cullen-1 (2014) - Potential routes to market - Optionality re partners and funding of forward programs Quality acreage position acquired expeditiously 6#7Galilee Basin - Market opportunities ● Adjacent to proposed mines and coal seam gas projects • Accessible to Gladstone and hubs powering local industry and cities • Recent approaches regarding a potential pipeline connections to existing infrastructure • LNG shortfalls provide upside potential • Additional leads and prospects within a working petroleum system • Carmichael-1 gas discovery appraised with Albany-1; further appraisal with Albany-1/ST1 and -2 Key investment criteria met: gas focused with oil potential; close access to necessary infrastructure; and ability to fast track commercialisation Appraise in quick time Near term exploration potential Power to nearby mines Market opportunities LNG project shortfalls Ideally located with infrastructure optionality and exploration upside VINTAGE ENERGY Industrial gas supply Pipeline infrastructure options 7#8Galilee Basin - ATPs 743, 744, 1015 ("Deeps") • Vintage 15% (earning up to 30%), Comet Ridge 85% and operator • Stage 2 underway - Vintage to fund 50% of $10 million program to earn additional 15% Revert to equity interest post initial JV spend of $10 million • Koburra seismic program completed - 336 km 2D seismic acquired - - - 619 km of existing 2D to be reprocessed Data ready for interpretation in Q4 FY19 Gross cost of $4.3 million (net $2.1 million) Enhanced leads and prospects in Q1 2019 Potential for additional structures with large gas accumulations *During 2015, SRK Consulting (Australia) Pty Ltd, ('SRK'), conducted a technical analysis of the available Carmichael Field seismic and well data for Comet Ridge. Estimates are in accordance with the Petroleum Resources Management System (SPE, 2007) and Guidelines for Application of the PRMS (SPE, 2011). No Reserves were estimated. Probabilistic methods were used. Sales gas recovery and shrinkage have been applied to the Contingent Resource estimation. The losses include those from the field use, as well as fuel and flare gas. SRK has also been provided with the well data from Albany-1 and is of the view the well results are consistent with their estimates of contingent resources. Refer explanatory notes for detail. 70 60 50 40 30 20 10 0 Petroleum well ATP 743 ATP 1015 ATP 744 Carmichael-1 Albany-1 0 Proposed well ATP 1015 0 Lead and prospect Koburra 2D seismic survey Existing seismic survey Vintage interest permit ATP 1015 50 km Albany-2 Lake Galilee-1 VINTAGE ENERGY 1C, 2C and 3C contingent resources* VE19-001 Net 1C Net 2C Net 3C Expanded 2D seismic survey due to increased prospectivity following Albany-1 success 8 00#9Galilee Basin - potential four well campaign Ensign 932 rig to arrive early/mid April - Fit for purpose rig with increased horsepower Drilling pad build commenced Targeting the large 61 km² conventional Albany gas structure - - Successful gas flow at Albany-1 of 230,000 scfd Only 13 metres of target zone intersected. (approximately 10%) Albany-1/ST1 to drill all of original target zone Substantial coring program planned • Albany-2 to appraise the scale of the Albany Field • Fracture stimulation of both wells Option for a further two wells Albany-1 gas flow with no fracture stimulation; target zones to be tested completely as part of new well campaign 932 Successful gas flows at Albany-1 to be further appraised VINTAGE ENERGY 9#10VINTAGE ENERGY Otway Basin - PEL 155 and PEP 171 PEL 155 (SA) • Vintage 50%, Otway Energy 50% (subsidiary of Rawson Oil & Gas¹) and operator ⚫ $4.95 million SA Govt PACE Gas Grant Nangwarry-1 expected to be drilled in FY19 Adjacent to Haselgrove discovery • Site preparation commenced Nangwarry-1 Prospective Resource² - 28.5 Bcf (Net), 57 Bcf (Gross) best estimate • Victorian airborne geophysical survey extended over PEL 155 (PEP 171 covered) Nangwarry-1 is a drill ready prospect close to infrastructure in a proven commercial gas province 1. Lakes Oil N.L. is finalising takeover of Rawson Oil & Gas 2. Estimates are in accordance with the Petroleum Resources Management System (SPE, 2007) and Guidelines for Application of the PRMS (SPE, 2011). Probabilistic methods were used. Sales gas recovery and shrinkage have been applied to the Prospective Resource estimation. The losses include those from the field use, as well as fuel and flare gas. Volumes have shrinkage applied to correct for estimated inerts and liquid dropout. Refer explanatory notes for detail. SESA Pipeline Haselgrove-2 Haselgrove-3 ST1 SA VIC 0 Petroleum well Proposed well Penola Trough Penola PEP 171 Bus Swamp-1 Gordon-1 Katnook Gas Plant Salamander-1 Nangwarry-1 Mount Gambier PEP 171 (VIC) PEL 155 Glenaire-1 SEPS Pipeline 0 20 Gas pipeline Gas field Vintage interest permit SEA Gas Pipeline • Vintage 25% (via a carry through moratorium), Cooper Energy 75% and operator 40 km VE18-054 - Additional 25% by funding 65% of 100 km² 3D seismic program (~$1.8 million net). • Formal farm-in agreement executed Focused on the Penola Trough, which has produced ~70 PJ of gas to date 10 10#11Otway Basin - PEL 155 • Ready to drill prospect at Nangwarry-1 Well location covered by 3D seismic and within pine plantation On trend with Otway Basin, Penola Trough fields 3-way dip, fault sealed closure, high chance of gas charge Analogous to Haselgrove-3/ST-1, Katnook, Ladbroke Grove Top Pretty Hill Fm/ Sawpit Sst Primary Targets Target Depths Total Depth Closure Prospective Resource* (P50 Recoverable) :~3,000 metres/4,100 metres MDRT : 4,350 metres :~2.4km² 35.2 Bcf (Top Pretty Hill) 21.8 Bcf (Sawpit Sst) Katnook, Haselgrove and Ladbroke Grove PEL 494 * Proposed Nangwarry-1 ° Ladbroke Grove Field Katnook Field PEL 155 Salamander-1 Ladbroke Grove-1 Katnook-1 Haselgrove-3/ST-1 EUMERELLA FORMATION Katnook and Windermere Sandstone LAIRA FORMATION Pretty Hill Sandstone Sawpit Shale Sawpit Sandstone VINTAGE ENERGY SA VIC Wynn Haselgrove Field Haselgrove-3/ST-1 Nangwarry Prospect Gas pipeline PEL 155 gas prospects SPEL 155 leads 0 2.5 5 km Gas field PEL 155 VE18-003 Source Rock Gas pool Lateral gas migration pathway Gas prospect-Vertical gas migration pathway Independently certified in accordance with SPE-PRMS guidelines PRETTY HILL FORMATION VE18-02 • Katnook gas plant ~10km to north-west • Haselgrove 3/ST-1 discovery ~8km north Ready to drill prospect, close to infrastructure in proven commercial gas province 11#12Bonaparte Basin - EP 126 Vintage 100% • Low cost entry Large 6,700 km² permit • Gas flows from onshore Bonaparte wells - Onshore is an underexplored frontier region Four petroleum exploration wells drilled in EP 126 • Potential to supply gas locally to industrial users Optionality in terms of partnering to fund forward programs One or more tests of Cullen-1 - Possible infill seismic and drilling Timor Sea BONAPARTE Black Tip Gas Pipeline Keep Inlet Sub-basin VINTAGE ENERGY Northern Territory Cullen-1 EP 126 BASIN Wyndham Ord River Gas pipeline Baines River (Western Vintage interest permit Australia Other permit 0 25 50 km VE18-030 Hydrocarbon shows in Cullen-1; cased and suspended and available to flow test Higher risk and high reward permit in a proven petroleum system 12 12#13Bonaparte Basin - EP 126 Multiple play types Conventional carbonate and clastic reservoirs • Good hydrocarbon shows in Cullen-1 (2014) Fractured carbonate gas play defined (Ningbing Limestone/Langfield Group) Oil shows in shallower Weaber Group Top Weaber Group Potential Oil Play Up-Dip of shows in Cullen-1, towards Basin Margins in structural/stratigraphic traps Cullen-1 Late Carboniferous Kulshill Group Milligans Formation. CORE 1 (overpressured marine shale) R Early Carboniferous ? hydrothermal dolomitisation zone (unproven) ICORE Langfield Group R (interbedded limestone R R and shale) Late Devonian Ningbing Group (fractured tight platform carbonate) Late Devonian Cockatoo Group (synrift) Source Wrench fault zone ("negative flower structure") R Reservoir © Cap rock VINTAGE ENERGY Age (Ma) Period Epoch | Stage Onshore Offshore 340- Carb Mississippian Tanmurra Formation Kingfisher Shale Visean Burvill Fm Utting Calcarenite Yow Creek Formation Weaber Group O 350- T Milligans Formation Waggon Creek facies Tournaisian Inversion Unconformity Tournais od 360 370 380 Devonian Late Fammenian Frasmian Burt Range Fm Ningbing Limestone Kamilili Fm -Zimmermann Sst Septimus Lst Langfield Enga Sst Group Bonaparte Formation Ningbing Group Cockatoo VE18-012 Group ● Oil show Gas flow Gas show Shale gas play original target Fractured carbonate gas play seen in Cullen-1 VE18-005 'Reference: Petroleum geology and potential of the onshore Northern Territory, 2014. Report 22. TJ Munson, Northern Territory Geological Survey Potential for both oil and gas production with industry and infrastructure nearby 13#14Strategy for sustainable growth VINTAGE ENERGY 1. Operational, 2. 3. 4. Asset commercial focus acquisitions Corporate opportunities Balanced 5. Portfolio portfolio optimisation and farm-ins 1. In-house operational and commercial expertise with a highly successful track record 2. Evaluation of multiple asset acquisitions / farm-in opportunities within Australia 3. Watching brief on a number of corporate opportunities 4. Asset portfolio with short/long-term oil and gas growth opportunities 5. Risk apportioned capital allocation to maximise returns for shareholders Constant watching brief on corporate, asset acquisition and farm-in opportunities 14#15Timeline - FY19 Q1 2018 Albany-1 Albany-1 flow test Successful IPO Completed JV approved Contract under review Q2 Q3 Airborne geophysical survey 2019 Q4 VINTAGE ENERGY Galilee 2D seismic Albany-2, Albany-1/ST1 Nangwarry-1 An active and productive start; Galilee Basin drilling imminent with further leads and prospects to be identified from Koburra 2D seismic data and reinterpretation of existing data 15#16Sources and uses of funds - 2019 2019 VINTAGE ENERGY 30 30 28.6 $ million 25 25 20 20 15 10 10 5 0 0.8 1.2 1.3 8.6 0.6 3.6 1.4 0.9 14 1.4 Actual 2H FY19 1H FY20+ Estimate 8.8 Cash at 31/12/18 2D seismic* Other capex 2 wells Frac, testing Admin 3 wells Admin 3D seismic Other capex Headroom • Galilee Basin - Stage 2 - - Vintage to fund 50% of first $10 million to earn a further 15% equity Expenditure beyond $10 million pro rated at JV equity share (Vintage 30%, Comet Ridge 70%) Estimated cost (net) for Albany-2 and Albany-1/ST1 $4.1 million • Otway Basin - Estimated Nangwarry-1 cost (net) $4.5 million *Total 2D Koburra seismic net cost of $2.1 million, $1.3 million expended in 1H FY19 + 1H FY20 projects and expenditure subject to corporate and JV approvals Multiple potential re-rating events; drilling in the Albany Field imminent 16#17VINTAGE ENERGY 9. Summary • The time is right to take advantage of energy market dynamics . Quality acreage position acquired expeditiously Drill ready prospects with a clear pathway to development if successful • Continue to acquire, explore and develop gas focused assets, with oil potential, principally within Australia Maintain a watching brief on corporate opportunities • Lean corporate structure that leverages innovation to expedite opportunities • Substantial news flow anticipated throughout 2019 • A values based culture with a clear focus on benefitting all stakeholders ad connection to Eastern Australi We have the team on board, with a proven history of success in the oil and gas industry. We will be innovative, agile and effective in delivering value to all our stakeholders Intent on ensuring the best outcomes for all stakeholders 17#18VINTAGE ENERGY Explanatory notes Prospective and Contingent Resources: With respect to Prospective Resource estimates contained in this report, estimated quantities of petroleum that may potentially be recovered by the application of future development projects relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Reserves and resources are reported in accordance with the definitions of reserves, contingent resources and prospective resources and guidelines set out in the Petroleum Resources Management System (PRMS) approved by the Board of the Society of Petroleum Engineers in 2007. Reserves Evaluators: RISC Advisory Pty Ltd - Nangwarry Prospect Prospective Resource Assessment RISC is an independent oil and gas advisory firm. All of the RISC staff engaged in this assessment are professionally qualified engineers, geoscientists or analysts, each with many years of relevant experience and most have in excess of 20 years. RISC was founded in 1994 to provide independent advice to companies associated with the oil and gas industry. Today the company has approximately 40 highly experienced professional staff at offices in Perth, Brisbane, Jakarta and London. RISC has completed over 2,000 assignments in 70+ countries for nearly 500 clients. Services cover the entire range of the oil and gas business lifecycle and include: . • • • Oil and gas asset valuations, expert advice to banks for debt or equity finance; Exploration/portfolio management; . Field development studies and operations planning; Reserves assessment and certification, peer reviews; Gas market advice; Independent Expert/Expert Witness; Strategy and corporate planning. 18#19VINTAGE ENERGY Explanatory notes The preparation of the assessment was supervised by Mr. Ian Cockerill, RISC Head of Geoscience. Mr. Cockerill has 20 years' experience in the upstream hydrocarbon industry with Hunt Oil, Apache Energy and RISC. He is a member of the American Association of Petroleum Geologists, the Geological Society of London and the Petroleum Exploration Society of Australia. He has extensive experience with mature and greenfield oil, gas, gas-condensate and unconventional developments in North America, Europe, Africa, Middle East, South East Asia and Australasia. Mr. Cockerill holds an MSc in Basin Evolution and Dynamics from Royal Holloway College, University of London, 1999 as well as a BSc in Geological Sciences (First (Hons)) from Leeds University, 1996. Mr. Cockerill is a qualified petroleum reserves and resources evaluator (QPPRE) as defined by ASX listing rules. - SRK Consulting (Australasia) Pty Ltd – Carmichael Structure Contingent Resource Assessment SRK is an independent, international group providing specialised consultancy services, with expertise in petroleum studies and petroleum related projects. In Australia SRK have offices in Brisbane, Melbourne, Newcastle, Perth and Sydney and globally in over 40 countries. SRK has completed petroleum reserve and resource assessments for many clients in Australia and internationally. The Contingent Resource for the Carmichael Structure referred to in this report is derived from an independent report by Dr Bruce McConachie, an Associate Principal Consultant with SRK Consulting (Australasia) Pty Ltd, an independent petroleum reserve and resource evaluation company. He has disclosed to Vintage, the full nature of the relationship between himself and SRK, including any issues that could be perceived by investors as a conflict of interest. Dr McConachie is a geologist with extensive experience in economic resource evaluation and exploration. He is a member of the American Association of Petroleum Geologists, Society of Petroleum Engineers and Australasian Institute of Mining and Metallurgy. His career spans over 30 years and includes production, development and exploration experience in petroleum, coal, bauxite and various industrial minerals, covering petroleum exploration programs, joint venture management, farm-in and farm-out deals, onshore and offshore operations, field evaluation and development, oil and gas production and economic assessment, with relevant experience assessing petroleum resource under PRMS code (2007). The Contingent Resources information for the Carmichael Structure in this report has been issued with the prior written consent of Dr McConachie in the form and context in which it appears. His qualifications and experience meet the requirements to act as a Competent Person to report petroleum reserves in accordance with the Society of Petroleum Engineers ("SPE") 2007 Petroleum Resource Management System ("PRMS") Guidelines as well as the 2011 Guidelines for Application of the PRMS approved by the SPE. 19#20VINTAGE ENERGY For information [email protected] www.vintageenergy.com.au