n tho se h o urs t ha t c

ed – ex cept s o n tho d erso n L e e p r e fers e

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EMPIRE OIL & GAS NL

16 February 2016 The Manager Company Announcements Office Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000

COMPANY UPDATE Perth Basin domestic gas producer Empire Oil & Gas NL (“Empire”, ASX:EGO) is pleased to release an updated investor presentation following successful operational milestones over the last 3 months. The presentation outlines Empire’s compelling investment case and Empire’s near term milestones.

RECENT OPERATIONAL MILESTONES

Red Gully North-1 gas discovery of 53m net gas pay Completion of an independent assessment of Red Gully North-1 contingent resources (2C: 10.7 PJ) Increase in average daily production at Red Gully to 9.4TJ/day, beyond the current Tranche 2 gas

sales arrangement Completion of the Black Swan airborne geophysical survey interpretation, resulting in several new

leads and an enhanced understanding of the structural configuration of Empire’s Perth Basin acreage

A new operations and maintenance contract implemented during the December quarter which has already reduced operational expenditure by 13% at the Red Gully Processing Facility

Chief Executive Officer Ken Aitken said: “The last 3 months have been particularly exciting for Empire as a number of operational milestones were met and exceeded. The next 12 months provide a strong opportunity for Empire to extend its successes with upcoming production test results from Red Gully North-1 and the drilling of the Lockyer Deep / North Erregulla Deep prospect. We look forward to delivering significant value to our loyal shareholders as we focus on continued production performance from Red Gully and extending our Perth Basin production footprint in the near term.”

For further information, please contact:

Ken Aitken Chief Executive Officer Empire Oil & Gas NL Telephone: +61 8 9286 4600

A B N 5 5 0 6 3 6 1 3 7 3 0 A S X C o d e E G O G r o u n d F l o o r 2 2 9 S t i r l i n g H i g h w a y C L A R E M O N T 6 0 1 0 W E S T E R N A U S T R A L I A T e l : + 6 1 8 9 2 8 6 4 6 0 0 F a x : + 6 1 8 9 2 8 4 6 5 8 8 E m a i l : a d m i n @ e m p i r e o i l . c o m . a u W e b : w w w . e m p i r e o i l . c o m . a u

ASX RELEASE F

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ASX: EGO FEBRUARY 2016

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Agenda

‒ Investment highlights

‒ Company snapshot

‒ Board and management

‒ Strategy and vision

‒ Recent operational performance

‒ Red Gully update

‒ WA domgas market dynamics

‒ Exploration portfolio

‒ Upcoming catalysts

‒ Conclusion

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Investment highlights

Emerging gas producer with high margin domestic gas revenues and a substantial exploration portfolio

‒ High margin, CPI-linked domestic gas production and revenue streams

• Approx. 84% of total Empire revenue based on gas production under a long term 10PJ contract

‒ Strong competitive position with material exploration prospects which could deliver reserves to meet potential growth in WA domestic gas demand

• Red Gully North-1 gas discovery has the potential to increase gas reserves by c.60% and expand the Red Gully production hub

• Lockyer Deep / North Erregulla Deep represent one of the largest gas prospects remaining in the Perth Basin

‒ Owner of significant infrastructure assets

‒ Upcoming share price catalysts include Red Gully North-1 production test results and further operational improvements at Red Gully Processing Facility

‒ Shareholders are well placed to benefit from successful corporate and operational turnaround initiatives undertaken over the last 2 years

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Company snapshot

Financial information Share price (11-Feb-16) A$0.37

Number of shares1 102.4m

Market capitalisation A$37.8m

Cash (31-Dec-15) A$6.8m

Debt (31-Dec-15)2 A$14.9m

Enterprise Value A$45.9m Source: IRESS Notes: 1 Excludes 7.85m listed options (exercise price A$0.900, expiry date Apr-18) and 1.72m

unlisted employee share options on issue 2 Loan from major shareholder ERM

Top shareholders ERM Power 19.4%

Philip Garratt 6.6%

Dynamic Supplies Pty Ltd 3.0%

Robert Hutchfield 1.4%

Tom Vincent 0.9%

Board and management 8.0%

Company overview High quality exploration portfolio with the largest

acreage position in the Perth Basin

Stable production and CPI-linked gas revenue streams through secure Sales Agreements with Alcoa and BP

100% owner of significant infrastructure assets

Competitive position as an established domestic gas producer to meet potential future supply shortfall

Volumetric assessment of Red Gully North-1 underway

Emerging explorer and producer with secure, CPI-linked gas revenues

Share price performance

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Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16

Volume EGO share price S&P/ASX 300 Energy Index (rebased)

Share price (A$) Volume traded (m)

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Board and management

Antonino (Tony) Ianello – Chairman 30+ years of experience in banking and energy Previously Managing Director of Western Power Corporation Currently Non-Executive Chairman of D’Orsogna Ltd and a Director ERM

Power Limited (ASX: EPW) Stuart Brown – Non-Executive Director 30+ years experience at the technical, managerial and board levels Previous Vice-President Strategic Planning at Woodside (ASX: WPL) Current Director of Cue Energy (ASX: CUE) Philip Garratt – Non-Executive Director 30+ years of senior management experience in the oil and gas industry Previous Chief Executive Officer of IDM International

Thomas Vincent – Non-Executive Director Highly experienced lawyer and investment banker with experience in

Australia and the UK Previously worked for Deutsche Bank as Vice President of Credit Trading

Empire has assembled a highly experienced Board and management team with specific experience in unlocking shareholder value from the Perth Basin

Significant operational knowledge of the Perth Basin will allow Empire to optimise the performance of the Red Gully project and also new discoveries over our 10,311km2 Perth Basin tenement holding

Management Board

Ken Aitken – CEO 30+ years E&P technical and executive experience Extensive knowledge of WA’s energy industry including 7 years as

Manager of Origin’s Perth Basin Assets Part of the team that discovered and developed the Redback field Previously held senior roles with Origin, Mitsui and Apache

Milton Schmedje – Exploration Manager 30+ years experience with ASX-listed E&P Companies including Ampolex,

Origin, AWE and Tap Oil Includes 15 years operating experience in Australian onshore Permian-

Jurassic petroleum basins

John Mastrocinque – Operations and Engineering Manager 25+ years industry experience with Australian and international

operators and FPSO providers Significant operations, engineering and project management experience

Rachel Rees – Chief Financial Officer and Company Secretary 25+ years of senior financial experience across multiple sectors Chartered Accountant with commercial, strategic and risk management,

corporate governance and financial management experience

Agile and entrepreneurial Board and management team with a strong track record of Perth Basin exploration and development success

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Current focus is to build reserves around the Red

Gully hub to expand or extend existing production

facility

─ Red Gully North flow testing in March/April 2016

─ Independent volumetric assessment of Red Gully North is underway

Corporate opportunities are being actively

considered in order to expand Perth Basin

production

Ultimate strategy is to expand production with

another hub through acquisition or from drilling

multiple material high impact exploration targets

Board and management are focused on transforming Empire from a producing small-cap to a producing mid-cap within 5 years

Strategy and vision

Near term strategic focus Empire’s long term value creation strategy

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Empire is one of the leading hydrocarbon producers in the Perth Basin and is the largest acreage holder in the region

Empire portfolio overview

Production (conventional gas and condensate)

Exploration

Red Gully: – Produces both conventional gas and – condensate

– 84% of revenues under a CPI-linked – long term gas contract – Operating close to capacity of – 10TJ/day gas and 300bbl/day conds – 10PJ gas sales contracted to Alcoa – under the “Tranche 2” agreement – 100% ownership of Red Gully gas and condensate processing plant

Lockyer Deep/ – Major gas prospect located 15km / North Erregulla – from AWE’s Waitsia gas discovery Deep: – Aiming to be drilled in FY 16/17

Raven: – New oil play down dip of the – Cataby-1 oil discovery – Recently matured to prospect status

Red Gully North: – Situated only 4km from Red Gully – Intersected 53m net gas pay (2016) – RISC assessed 2C resources of 10.7PJ1

Portfolio overview Perth Basin acreage

Notes: 1 RISC Independent Resources Evaluation Report February 2016

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Red Gully (RG) production reserves Exploration Corporate/finance

Achievements over the last 12 months

2 years without a Lost Time Incident (LTI) at RG plant

RG production optimised and plant uptime at 98%

30% reduction in RG operation costs in FY15

Two reserve upgrades of Red Gully B Sand since ERM transaction

─ 1P gas reserves up 78.2%

─ 2P gas reserves up 64%

─ 1P condensate reserves up 32.2%

─ 2P condensate reserves up 17.3%

Perth Basin tenements now in good standing with DMP

Manageable drilling commitments

Completed Black Swan survey on time and budget

Portfolio rationalised :

─ Exited from Carnarvon

─ Farm-out South Perth

─ Increased exposure/focus on North Perth Basin

Red Gully North-1 completed with 53m net gas pay intersected

Matured 3 high impact prospects for drilling 16/17

Built highly experienced Perth Basin team

Acquired 100% interest in RG plant

Recapitalisation complete via A$15.7m capital raising – April 2015

Business delivered maiden profit in FY15

Red Gully gas plant paid off

Alcoa GSA Tranche 1 obligation fulfilled. Tranche 2 commenced ahead of schedule – now receiving 100% of gas and condensate revenue

Significant achievements have been made in the last 12 months in 3 focus areas

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Gas Produced Condensate Produced

Red Gully – Production and infrastructure

100% ownership of Red Gully gas and condensate processing plant located 150km north of Perth which is close to end-users and exploration assets

─ Plant is currently capable of processing 10TJ/d of gas and 400bbl/d of condensate

─ Plant operating efficiently with best in class uptime

─ 100% ownership of the pipeline infrastructure connecting Red Gully and the major Dampier-Bunbury pipeline

─ Spur pipeline runs for 2.8km from Red Gully to connect to the Dampier-Bunbury pipeline

Room for plant expansion / LPG opportunity subject to project economic viability

Empire’s owns 100% of its processing infrastructure and has successfully operated the plant with best in class uptime Infrastructure overview Historical monthly average production FY14 & FY15

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Gas contracts Counterparty Terms

Tranche 1 gas (completed)

─ 5PJ for a total of A$25m in revenue (pre-paid) ─ Price increase reflecting removal of pre-payment risk

Tranche 2 gas ─ Up to 8TJ/d of gas at undisclosed price for a total of 10 PJ

─ Commenced production in 3Q15

Uncontracted gas ─ Seeking counterparty for long term contracts ─ 2PJ of gas available at 2-3 TJ/day

Condensate ─ Provider of c.300 bpd of condensate ─ Condensate is processed and trucked to the Kwinana BP refinery

Red Gully – secure CPI-linked gas revenue streams

De-risked revenue stream through fixed price Gas Sales Agreements (“GSA”)

Fixed price agreements, with any changes linked to CPI

Additional sales beyond Tranche 2 underway, currently producing 9.4TJ/d

Certainty of bringing product to market

─ Empire is the owner of processing infrastructure (plant and spur pipeline)

─ Key customer has a 20 year access agreement to use the Dampier-Bunbury pipeline

Customers are large listed multinational companies with investment grade ratings and low credit risk

Empire has a secure gas sales agreement with Alcoa and a condensate agreement with BP

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Reserves 1P 2P 3P

Gas PJ 12.3 17.8 21.5

Condensate MSTB 379.6 554.5 676.1

Gas mmboe 2.1 3.1 3.7

Condensate mmboe 0.3 0.5 0.6

Total mmboe 2.4 3.6 4.3

Resources 1C 2C 3C

Gas PJ 13.3 21.4 32.0

Condensate MSTB 296.1 510.0 812.9

Gas mmboe 2.3 3.7 5.5

Condensate mmboe 0.3 0.5 0.7

Total mmboe 2.2 3.6 5.7

Reserves to support production growth

Empire has 1P reserves that exceed current contract requirements

Empire has c. 12PJ of 1P Reserves and c. 18PJ of 2P Reserves

Reservoir life of approximately 8 years based on 2P Reserves with significant extension based on successful test on RGN-1

Reserves and resources1,2,3,4

Notes: 1. Red Gully and Gingin West Reserves at 1 July 2015 2. Contingent resources updated for Red Gully North-1 as at 4 February 2016 3. PJ to mmboe converted at 0.17194, MSTB to mmboe converted at 0.0009 4. See disclaimer for full notes

Current supply arrangements

Reserves and resources underwrite current contracts, as well as providing a strong platform for growth

Gas and condensate reserves growth

July 2015 compared with Oct 2014 RISC Reports (Red Gully B, 100% basis)

17%

32%

64%

78%

2P condensate reserves

1P condenstate reserves

2P gas reserves

1P gas reserves

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WA domgas market is transitioning to new supply sources and opportunities are arising for Empire

New WA domgas supply is priced significantly higher than historical supply, due to cost base

WA domgas supply capacity, at high prices, remains uncommitted

Strong competitive position

Long term WA domgas supply transition Empire’s WA domgas price expectations

WA domgas market experiencing short term volatility

Long term demand fundamentals of WA domgas market remain largely unchanged

IMOWA forecast ‘new domgas contract prices (ex-plant)’ are matching Empire’s expectations

WA domgas demand (TJ/day) WA domgas forward curve (A$/GJ)1

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2015 2016 2017 2018 2019Fwd Curve Range (Min) Fwd Curve Range (Max)Price Forecast (IMOWA)

Note 1. New term gas contracts ex-plant)

Empire’s strong competitive position is supported by favourable long term WA domgas market dynamics

Source: From IMO report (NIEIR forecasts 2016 to 2025)

900

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2012 2014 2016 2018 2020 2022 2024

Actual Base (December 2015)High (December 2015) Base (December 2014)High (December 2014)

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Unrivalled exploration portfolio

Red Gully North-1 drilling completed in late 2015

─ Intersected 53m net gas pay

─ 10.7TJ contingent resources (2C) defined

─ Testing to commence in March or April 2016

Successful completion and testing could result in a significant increase to production with capacity expansion or extension of plant life.

Significant contingent and prospective Resources, which are all located within 4km of the Red Gully Processing Plant

Location of the Perth basin

Perth basin acreage holders (gross km2)

Empire has a dominant position in the Perth basin, with over 45% of exploration acreage

The Perth Basin is experiencing a renaissance and Empire is positioned to capitalise on its growth as the largest acreage holder in the basin Exploration overview

10,311

2,405

2,371

1,598 1420

1,129

1,012 1,335

Empire AWE Transerv Key Whicher Dynasty Origin Other

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Unrivalled quality Perth Basin prospects

Lockyer Deep/North Erregulla Deep prospect strengthened by recent AWE discovery of 2P+2C of 484 bcf in adjacent field

Waitsia (adjacent to Lockyer Deep/North Erregulla Deep): “Has the potential to be the largest onshore conventional gas discovery in Western Australia in the last 50 years” — AWE

Location of prospects

Prospect Location Commentary

Red Gully North (Discovery Dec 2015)

EP 389 Situated only 4kms from Red Gully Processing Facility RISC assessed 2C contingent gas resources of 10.7PJ1

Lockyer Deep/ North Erregulla Deep

EP 368 Significant gas prospect adjacent to AWE’s Waitsia gas discovery Planned for FY16/17 subject to funding

Raven EP 432 New oil play down dip of the Cataby-1 oil discovery Recently matured to prospect status

Portfolio overview

Empire has a focused pipeline of high quality exploration prospects

Notes: 1 RISC Independent Resources Evaluation Report February 2016

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Black Swan survey results are very encouraging for Empire’s future exploration activities, giving Empire a more complete structural view over its acreage

Black Swan survey results

Survey results Black Swan geophysical survey overview

International geophysical contractor CGG successfully completed the Black Swan airborne geophysical survey interpretation in January 2016

─ Acquired the data using a 1km line spacing

─ Work identified several structural highs and new leads

New leads have been identified in three of Empire’s 100% owned exploration tenements

─ EP 454: Highs identified on the western side of the Yarra Yarra Terrace

─ EP 432: Very large northsouth trending structural high identified. Potential for large Permian gas plays

─ EP 389: Large structural leads have been interpreted in a fairway in northern EP 389, northwest of RGPF

Empire plans to accelerate infill 2D seismic programs to mature the identified leads to prospect status for future drilling

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Red Gully overview

Four high quality exploration prospects

3D seismic coverage

Close proximity to existing facilities

Low cost development potential

Red Gully North (Previously Gingin Updip) Updip of existing Gingin-1 discovery

Exploration well drilled in Nov – Dec 2015

Plant expansion could increase production to 15TJ/d

2016 RISC assessment of contingent (2C) resources – 10.7PJ gas, 125Mbbl condensate1

Black Swan survey Black Swan Airborne geophysical survey identified

encouraging structural leads north of Red Gully that will be matured with infill 2D seismic

2D seismic planned for the summer of 2017/2018

Gingin East, Bootine Deep and Wannamal prospects provide further exploration upside

Red Gully – Exploration overview

Red Gully project location

Red Gully is Empire’s flagship production and exploration asset

Notes: 1 RISC Independent Resources Evaluation Report February 2016

Proposed national parks

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Red Gully North-1 is 100% owned by Empire and located c.4km north of the Red Gully Processing Facility

─ Allows fast tie-back and commercialisation

Initial Red Gully North-1 drilling results were released on 29 December 2015

─ 53m net gas pay delivered

─ Volume in line with pre-drill expectations

─ Drilling completed on time and within budget

─ Minor gas pay zones discovered beneath the 53m net gas pay interval

Gas column located in Jurassic age Cattamarra coal measures in the C and D sandstone levels

─ These measures were the primary objective of the well at depths of 3,725m and 4,074m

─ Average porosity in the two main sandstone levels were 10% and 9% respectively

Results have been independently confirmed by Saros

Well operations were finalised with 7” casing and cemented at a total depth of 4,392m

Red Gully North-1: Drilling results

Drilling results

Red Gully North-1 well-site

Red Gully North-1 location

Red Gully North Contingent Resources1

Red Gully North-1 results released on 29 December 2015 successfully delivered 53m net gas pay, exceeding pre-drill expectations

Resources 1C 2C 3C C sand PJ (gas) 2.4 3.4 4.9

Mbbl (conds) 26 39 65

D sand PJ (gas) 3.8 7.3 11.8

Mbbl (conds) 30 86 144

Total PJ (gas) 6.2 10.7 16.7

Mbbl (conds) 56 125 209

Notes: 1 RISC Independent Resources Evaluation Report February 2016

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Red Gully North-1: Forward work program

Indicative timeline

Q1 2016 Q2 2016 Q3 2016 Q4 2016

A production completion has been pre-ordered and is expected to commence in March or April 2016

─ The existing drill rig has been substituted by a less expensive, specialised workover rig

─ Completion has been designed to isolate and test each zone for enhanced understanding of the gas pay zones

─ Focus will be to determine gas deliverability, condensate levels and recover gas and condensate samples

Forward work program

The Red Gully North-1 production testing expected to commence in March or April 2016

Red Gully North-1

Other projects Reserves review

Complete and test

Lockyer Deep / North Erregulla Deep drilling

RISC resource assessment

Approvals and potential development and tie-in

Gas marketing

Plans for completion and testing

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Red Gully 1 (B-Sand)

Red Gully North

Assumed exploration success

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Red Gully North

Notes: 1 Production rates are contingent on success and determination of discovered volumes 2 Assumes conversion of contingent resources to reserves. RISC Independent Resources Evaluation Report February 2016

Red Gully Processing Facility forecast gas production (TJ/d)

Red Gully – production hub potential

A potential Red Gully plant expansion could increase the current production rate to approximately 15TJ/d

Increase plant throughput to 10TJ/d (Jan-17)

─ Potential tie in Red Gully North Balance flow from wells c. 5TJ/d each

─ Provides well redundancy and opportunity to acquire pressure data from Red Gully North to assess volumes and possible expansion

Increase plant throughput to 10TJ/d (Jan-17)

─ Potential tie in Red Gully North

Expand plant to 15TJ/d (Jan-18)

Potential tie in of exploration success (Jun-19)

Extension case1

Red Gully: B-Sand 2P: 17.4PJ D-Sand 2P: 0.1PJ (current production profile)

RGN-1: 2C : 10.7 PJ2

Exploration success +15 PJ

Expansion case1

Jan-25 Abandonment at 2MMscf/d (~2.3TJ/d)

Sep-26 Abandonment at

2MMscf/d (~2.3TJ/d)

Red Gully: B-Sand 2P: 17.4PJ D-Sand 2P: 0.1PJ (current production profile)

RGN-1: 2C : 10.7 PJ2

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Lies along trend from the recent Waitsia discovery by AWE Limited (ASX: AWE)

─ This discovery was perhaps the most significant since Dongara field in the 1960’s

Trend is proved oil bearing through the historic North Erregulla-1 and Lockyer-1 wells at the Dongara Sandstone level

─ Deeper stratigraphic levels were not drilled and remain untested

Drilling currently scheduled for FY16/17

─ Medium risk high impact well targeting the Kingia/High Cliff play

─ Targets high case of 256 bcf

─ Immediate follow-up potential at North Erregulla

Currently finalising funding alternatives including potential farm-in partners

Lockyer Deep / North Erregulla Deep prospect

Location of Lockyer Deep / North Erregulla Deep Lockyer Deep / North Erregulla Deep (EP 368)

Lockyer Deep / North Erregulla Deep is a high impact, high volume target located along trend to AWE’s recent Waitsia discovery

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Targeting Jurassic sands down-dip of known oil (Cataby-1)

Discovery target of 12 million barrels (mid/best case)

Drilling currently anticipated for 2017

─ Medium risk high impact well

─ Drilling will test a large fault block adjacent to a Jurassic source kitchen

─ Success has the potential to open up a new Jurassic oil play

Currently finalising funding alternatives including potential farm-in partners

Raven prospect

Location of Raven Raven-1 (EP 432)

Target with high oil potential which will test a large separate structure down dip of the Cataby-1 oil discovery

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Growth opportunities

Increase throughput at Red

Gully

Pursue corporate acquisitions

opportunistically

Drill material oil & gas exploration

prospects Sell uncontracted gas volume of

2TJ/day

Revenue

Time

Increase gas marketing to reach processing capacity of 10TJ/d

(Currently ramped up to 9.4TJ/day)

Increase plant processing capacity to 15TJ/d (subject to RGN-1 economics)

Increase Perth Basin production and accelerate multi-hub facility production

Another discovery would be transformational

Opens potential for second production hub within 2-3 years

1 2

3 4

Clear and significant upside to current operations including increasing contracted volumes

Volumes to be produced through existing plant

Potential to be funded through organic cash flows from existing plant and debt facility

Variety of funding structures including debt, equity and tolling/gas prepayment structures

Majority of funding likely to come from farm-in partners

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Key financials (A$) FY2014 FY2015 Change (yoy)

Revenue $12.4m $19.1m +54%

Gross profit $4.0m $6.9m +73%

EBITDAX $2.7m $10.0m +270%

NPAT ($2.3m) $7.6 nm1

EPS (cps) (0.036) 0.108 nm1

Net assets (at 30-June) $36.6 $63.1 +72%

Cash balance (at 30-June) $1.9m $11.5m +505%

Strong FY15 financial results were the result of successful corporate turnaround initiatives and increased efficiencies

FY15 financial performance

Operating costs reduced by 30% as a result of continuing efficiency improvements and an increase in plant uptime (to an average of over 96%)

Completion of the ERM transaction secured Empire’s 100% ownership of the Red Gully Processing Facility (up from 76.39%)

Increase in average daily gas production to 7.9TJ/day (from 5.1TJ/day in FY14)

Empire is now generating significant cash flows from an efficient production facility, providing a firm foundation for an exciting year of exploration and growth ahead

Note: 1. Not meaningful

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Upcoming share price catalysts

GSA In discussions – Discussions continue with other potential buyers of surplus gas

TRANCHE 2 Gas sales underway

– Tranche 2 sales from GSA with Alcoa underway – Currently generating revenue with P&L impact in FY16

– Production testing commencing in March or April 2016 RED GULLY NORTH-1 Testing in 1Q16

– Further news relating to potential supply constraints post 2020 DOMGAS PRICES Ongoing

Near term operational, corporate and macro news flows will provide a number of share price catalysts

– Active assessment of corporate growth opportunities – ERM debt re-financing CORPORATE

FARM-OUT TO FUND 2016/17 EXPLORATION

– Lockyer Deep / North Erregulla Deep high impact large volume gas and oil potential

– Raven with large oil potential For

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Conclusion – Investment highlights

‒ High margin, CPI-linked domestic onshore gas producer with 84% of revenue linked to gas under long term contract

‒ Strong competitive position with material exploration prospects which could deliver reserves to meet potential growth in WA domestic gas demand

Red Gully North-1 gas discovery has the potential to increase gas reserves by c.60% and expand the Red Gully production hub

Lockyer Deep / North Erregulla Deep represent one of the largest gas exploration prospects remaining in the Perth Basin

‒ Owner of significant infrastructure assets

‒ Upcoming share price catalysts include Red Gully North-1 production test results and further operational improvements at Red Gully Processing Facility

‒ Shareholders are well placed to benefit from successful corporate and operational turnaround initiatives undertaken over the last 2 years

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26 ASX: EGO

Disclaimer

This presentation has been prepared by Empire Oil and Gas NL (“EGO”) for general information purposes only. This presentation may contain certain forward-looking statements which have not been based solely on historical facts but rather on EGO’s current expectations about future events and a number of assumptions which are subject to significant uncertainties and contingencies, many of which are outside the control of EGO and its Directors, Officers and Advisers. Due care and attention has been taken in the preparation of this presentation.

However, the information contained in this presentation (other than as specifically stated) has not been independently verified for EGO or its Directors and Officers, nor has it been audited. Accordingly, the Company does not warrant or represent that the information contained in this presentation is accurate or complete. To the fullest extent permitted by law, no liability, however arising, will be accepted by EGO or its Directors, Officers or Advisers, for the fairness, accuracy or completeness of the information contained in the presentation. The Company is not under any obligation to update the information contained in this presentation.

Information on the Reserves and Resources in this release relating to the L18, L19 and EP389 assets is based on an independent review and audit conducted by RISC Operations Pty Ltd (RISC), a leading oil and gas industry advisory firm. RISC is independent with respect to Empire Oil & Gas NL in accordance with the Valmin Code, ASX listing rules and ASIC requirements. The review and audit was carried out in accordance with the SPE Reserves Auditing Standards and the SPE-PRMS guidelines under the supervision of Mr. Geoffrey J Barker, a Partner of RISC. Mr. Barker is a member of the SPE and his qualifications include a Master of Engineering Science (Petroleum Engineering) from Sydney University and more than 30 years of relevant experience. Mr. Barker meets the requirements of qualified petroleum reserve and resource evaluator in accordance with ASX listing rules and consents to the inclusion of this information in this report which fairly represents the information and supporting documentation reviewed.

Notes to Reserve and Resource table Red Gully and Gingin West Reserves as of RISC 1 July 2015 Independent Reserve Evaluation report. Contingent resources updated for Red Gully North-1 as at 4 February 2016. Red Gully comprises the B and D sand reserves discovered by the Red Gully-1 well. Gingin West comprises the D sand reserves discovered by Gingin West-1

well. Red Gully, Gingin West, and Gingin East contingent resources at 1 July 2015. Red Gully comprises the B and D sand resources discovered by the Red Gully-1 well. Gingin West comprises the D sand resources discovered by the Gingin

West-1 well. Gingin East comprises the resources discovered by the Gingin-2 well. Additions beyond the field level have all been made arithmetically, as a result RISC cautions that 1P and 1C aggregate quantities may be very conservative

and the 3P and 3C aggregate quantities may be very optimistic due to portfolio affects. Probabilistic and deterministic evaluation methods have been used (in accordance with ASX listing rule 5.28).

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