Empire Energy Investment Opportunity

Global Operations Asset Location and Acreage Mid-Con (Kansas / Oklahoma) ~16,000 acres USA Appalachia (New York/Pennsylvania) ~275,000 acres Northern Territory ~14.5m acres AUSTRALIA USA Conventional Oil & Gas > 13.7 mmboe 2P reserves4 ~1,200 boe per day USA Potential NY Shale5 NT Shale Exploration & Appraisal >14.5m acres >13,000 Pj eq Prospective Resource P(50)1 > 500 mmboe Prospective Resource potential5 EMPIRE energy Commentary Australia Very large footprint in a world class emerging petroleum shale play in Northern Territory Over 14.5m acres including the Beetaloo sub-Basin and McArthur Basin 100% working interest and operatorship in all tenements Independent Prospective Resource Estimate P(50) >13,000Pj eq¹ • Shales in the basin up to 3km thick USA Strategically located near pipeline infrastructure Strong market dynamics - tight East Coast gas and LNG markets Santos and Origin on track to drill fracked horizontal appraisal wells in adjacent tenements in 2019 390 barrels oil per day net and ~5 mmcf gas per day net production Forecasted FY19 EBITDAX of US$4m - US$5m Positive stable cash flow with over 2,000 long life oil & gas wells PDP reserves² 1P reserves³ NPV10 US$34m NPV10 US$55m NPV10 US$59m 2P reserves4 Debt facility with Macquarie Bank US$25.7m drawn balance Maturity February 2022 Sales process underway for part or all of the US assets with proposals under consideration 1: Prospective Resource P(50) - unrisked, is the estimated quantities of petroleum that may potentially be recovered by the application of future development project(s) 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 - see slide 21 2: PDP reserves - Proved Developed Producing Reserves. See Appendix "US Reserves and Resources" on slide 22 3: 1P reserves - Total Proved Reserves. See Appendix "US Reserves and Resources" on slide 22 4: 2P reserves - Total Proved plus Probable Reserves. See Appendix "US Reserves and Resources" on slide 22 5: NY Shale acreage currently subject to NY State regulations which do not allow high volume hydraulic fracturing of shale reservoirs 4

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