Slide 1



Presentation to Shareholders Annual General Meeting


Brisbane, 17 November 2015


1.Revised strategy


2.Namibia


3.Italy - Southern Adriatic


2


  • AIM and ASX listed,


  • Well funded - Cash ~ US$ 12 million


  • Experienced management team and Board


  • Assets offshore Namibia - recent extension of licence with lesser work commitment


  • Application in Adriatic offshore Italy


  • Seeking to grow in line with revised strategy


    - Board will be highly selective as to opportunities


    3


  • Oil prices more than halved since mid - 2014


  • Continued failure in frontier basin exploration in Africa and worldwide


  • Farmout success rate low in Africa and generally


  • Virtually zero access to capital for frontier exploration


  • International Oil Companies continue to cut back on exploration


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