NOOSA MINING AND EXPLORATION CONFERENCE PRESENTATION

IΠB IPB Petroleum ASX Code: IPB 17 July 2014 ASX ANNOUNCEMENT NOOSA MINING AND EXPLORATION CONFERENCE PRESENTATION Please find enclosed the following presentation given at the Noosa Mining and Exploration Conference today by IPB Petroleum. Lee Anne Harris Company Secretary For Further information contact Brendan Brown, Managing Director +61 3 9598 0188 or admin@ipbpet.com.au. IMPORTANT NOTICE: 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. Prospective Resources are estimated quantities of petroleum that may be potentially recovered by the application of future development project(s) that relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration and appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. All resources quantities contained in this report 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 gas 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. 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

ΙΠB IPB Petroleum (ASX Code : IPB) www.ipbpet.com.au BROWSE FLNG Proposed Development 15.5 TCF Gas 417 MMbbls Condensate PRELUDE FLNG Under Development 2-3 TCF Gas 130 MMbbls Condensate ICHTHYS LNG Under Development 12.8 TCF Gas 527 MMbbls Condensate (IPB 100%*) (IPB 100%) Pryderi-1 (IPB 75%*) Noosa Mining and Exploration Conference: July 2014 * Refer CalEnergy Farmout Slide 11

Important Notice 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. Prospective Resources are estimated quantities of petroleum that may be potentially recovered by the application of future development project(s) that relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration and appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. 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. 2

Carnarvon Basin Large Gas/Condensate Fields Deeper part of basins 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). 3D IS KEY Carnarvon & Browse Basins 3

IPB Petroleum Key Points: Attractive Economics Large Success Based Upside Strategic Browse Basin Position (14,000 sqkm) Offshore NW Australia Shallow water (~ 80m) Shallow Target Reservoirs (~ 700m) Potential new Oil Fairway Large Prospective Resource (net IPB) Best Estimate 619 MMbbls of oil - Independent assessment (ISIS) High Potential Value Up to $32.4 million of Funding available from CalEnergy (wholly Owned by Berkshire Hathaway Energy) 2 stage Farm-in WA-424-P - IPB residual interest 40% Pryderi exploration well (spud October 2014) IPB free carried Pryderi NPV10 $765 m (100%) IPB diluted share $306m + 27 additional Prospects/Leads in 2 permits Market Cap $32 million @$0.29 15 July Lower Exploration Risk Proven Oil discovered at Gwydion in WA-424-P - charge, with commercialisation potential 3D seismic is key - unlock potential/play (Direct Hydrocarbon Response-DHI) Substantial legacy 2D DHI s readily observable Experienced Team & Board - Offshore NW Australia Pryderi 45% chance of oil discovery 4

Experienced Board Bruce G McKay BSc (Hons), FAICD, FIEAust Chairman Brodrick Wray B.E. (Chem) SPE Non-Executive Director Geoffrey King BSc (Hons) Non-Executive Director Brendan Brown BSc, BE(Hons), MBA(Melb), F Fin Managing Director 23 years experience in exploration, operation and executive management in Australia and overseas (AWE / ExxonMobil) Fellow of the Australian Institute of Company Directors and Engineers Australia Honorary Life Member of the Australian Petroleum Production and Exploration Association and was Chairman between 1991-92. A member of the American Association of Petroleum Geologists and the Petroleum Exploration Society of Australia. Graduated from Adelaide University and has worked for more than 28 years in engineering, commercial, executive management and consulting roles in the Energy Industry. Spent 5 years in a variety of commercial management roles in the electricity industry during the privatisation of the South Australian Electricity business before rejoining Santos in 2001 in gas marketing and undertook a number of different commercial roles, including Manager of LNG marketing during the evolution of Santos substantial LNG business Since 2012 he has pursued a variety of personal interests including consulting to the oil and gas industry. 30 years experience in oil and gas industry, commenced career with Esso Australia Numerous management and senior exploration positions with BHP Petroleum, directly involved in the Macedon Pyrenees, Montara, Argus and Gwydion discoveries Substantial experience in Australia, in particular offshore Western Australia, SE Asia and United States. Established IPB Petroleum in early 2009 and has 25 years experience in the Oil and Gas and Finance industries Commenced career as an engineer with BHP Petroleum - heavily involved in the Jabiru, Challis and Skua projects and operations, and Griffin oil field developments Previously an analyst and corporate advisor with ANZ Investment Bank Was General Manager of finance and business development with Nexus Energy (2006- mid 2008) - responsible for substantial financing, secured by the company and the negotiation and maintenance of its key commercial agreements and relationships. Philip Smith BSc Physics(Hons), Msc Geophysics, Grad Dip App Fin & Inv Technical Director Has over 30 years experience working as an exploration geoscientist Previously worked in London with Phillips Petroleum and Kufpec and in Australia with Woodside Petroleum and BHP Petroleum During his 15 year tenure with BHP Petroleum he held senior technical and managerial roles in offshore basins around Australia and was involved in oil and gas discoveries at Elang, Laminaria, Maple and Argus Most recently with Nexus Energy where he was responsible for building the exploration portfolio and was involved in the Longtom and Crux appraisal and development projects.

3D Result Pryderi Prospect Pr (Oil discovery) : 45% (ISIS) Prospective resource : (78, 32, 12) MMbbls oil (P10, P50, P90) Spud date mid October 2014 (~12 day well) Well Free carried - CalEnergy NPV10 100% ($765m) IPB 40% diluted interest 6

Pryderi-1 Channel System 2D Seismic Pryderi-1 7

Pryderi-1 Channel System 3D Seismic Amplitude extraction at Top Gwydion gas reservoir level Shut offs Pryderi-1 8

2D Data - Amplitude Anomalies Gwydion-1, drilled 1995 Oil discovery 5 MMBBL P50 Contingent Resource in M.australis age reservoir Cornea Oil Field Discovered 1997 Pryderi-1 To be drilled October 2014 Oil Migration Pathway Gwydion-1 Pryderi-1 Cornea Oil Field WA-485-P Prospective Resource (P10, P50, P90) (235,157, 108) MMbbls oil Pryderi Prospect Prospective Resource (P10, P50, P90) (78, 32, 12) MMbbls oil WA-424-P Prospective Resource (P10, P50, P90) (373, 271, 204) MMbbls oil

Farmout to CalEnergy IPB has Farmout agreement with CalEnergy Resources (Australia) Ltd ( "CE") CE is 100% owned by Berkshire Hathaway Energy 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 neighbouring 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. 10

Pryderi-1 Drill Rig Secured Recent Timeline Q4 2013 Environmental Approval received 16 Dec 2013 (NOPSEMA) Q1 2014 Completed Geophysical site survey Jan 2014 Long Lead Items ordered Appointed AGR as Well Service Operations Manager Commenced final rig negotiations Q2 2014 Floating Drill rig Stena Clyde under tow Well is short duration 11-14 days Shallow objective (oil) ~ 680m MD well Full Logs, evaluate potential resource Possible mini DST in event of success (not full DST) - then Plug and Abandon Testing prospect and play Source: Nicolas Reid Stena Rig contracted Completing other prepartory well activities Best estimate of spud date mid October 2014 Following PTTEP and Sinopec (Timor Sea) IPB estimated cost $15-20m (fully carried) 11

Well Schematic, Time Depth Pryderi-1 Sea level (MSL) Water Depth ~80m Sea bed 30 x 20 Conductor @ 130m MSL 13-3/8 to 415m MSL Cement plug Drill open hole to target 12-1/4 ~660m MSL Target Zone 603m MSL Cement plug 12

Pryderi (WA-424-P) Indicative Development Model & Economics MID CASE: 40 MMbbls Recoverable - 10 years Development drilling jack-up Dry Trees 2 well head platforms (Stag field concept) 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 (Revenue $2 million per day) IPB share 40% Power & control umbilical not shown for simplicity Production Oil off-loaded to shuttle tanker Water Injection Wellhead Platforms Assumes 2018 start-up 100% Project $ $ per bbl CAPEX USD DoD $607 million $15.17 OPEX USD (per annum) $91 million $13.08 NPV 10 (AUD) $765 million $18.3 PRYDERI Oil Price $102 (2014 real) (tapis) After deduction of NXS 3-4% (Sales Receipts less PRRT) AUD/USD $0.95 - $0.85 flat after 4 years Based on 2 third party independent design concepts, and IPB analysis Potential tie in Gwydion, Mathonwy, 27 other M.australis leads in 2 permits identified 13

Valuation Considerations Market Capitalisation @ A$0.29 = $32 m, with $3.6m in cash (30 March) EV = $28.4 m Unrisked Best Estimate Prospective Resources of 619 MMBBLS Oil net to IPB after CalEnergy initial stage 1 farm-in The Value to IPB estimated (assuming residual 40% interest) = $306m, + 11 other M.australis leads at the same level in WA- 424-P alone + 16 in WA-485-P. Pryderi Well with Full Carry, Implied Market Cap of 6.2 cents a barrel at the Best Estimate 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 ~ US$15m est. Implied value IPBs permits of approximately 3x US$15m = US$45m [Pryderi Free carried by CalEnergy] Success at Pryderi assuming 40 MMbbls recoverable resource has estimated NPV10 of $765m (100%) or unit NPV of an estimated A$18.30 / BBL POS 45% (ISIS) Ultimate Task - is to convert through exploration and appraisal some of IPB s Best Estimate Prospective Resources (Currently at 619 MMBBLS oil) to Reserves and thereby increase the implied value per barrel from 5.3 cents toward the unit NPV s available through successful development. * Refer to CalEnergy Farmout Agreement on slide 11 14

Indicative Work Program (current assets) 15

Summary and Strategy Very Large Oil Resource 619 MMbbls of oil Best Estimate Prospective Resource level Shallow Depths October 2014 drilling activity e.g. Pryderi-1 Potential NPV10 40 MMBBLS ~ $765m (100%) (fully funded by CalEnergy Farmout) - IPB diluted interest 40% ($306m NPV) 27 Other follow up Prospects and Leads 2 Permits Highly qualified Board & Management Team Market Capitalisation at 29c, 15 July 2014: $32m Strategy Early entry with high equity strategic position Manage downside risk - Gwydion Mathonwy (GMG ) Potential commercialisation ~ 5 MMbbls Contingent, and 2 MMbbls Prospective, Oil Resources (P50) 100% New Ventures (Underway) Early part of E&P life-cycle very high reward, but with a plan to manage risks Operate only up to FID / Introduce Value Add Partners 16