ANTARES ENERGY LIMITED

Level 2, 5 Ord Street Telephone: +61 8 9324 2177 West Perth WA 6005 Facsimile: +61 8 9324 1224 PO Box 690 West Perth WA 6872 5 September 2012 ASX Market Announcements Australian Securities Exchange Limited 20 Bridge Street SYDNEY NSW 2000

Company Presentation Good Oil Conference – 5 September 2012

Please find attached a presentation on Antares Energy Limited to be presented by Antares’ Managing Director and CEO, James Cruickshank, at the Good Oil Conference in Fremantle today. A copy will be available for downloading at Antares’ website at www.antaresenergy.com. Yours faithfully ANTARES ENERGY LIMITED Vicky McAppion Company Secretary

A.C.N. 009 230 835

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GoodOilConference RIU

4 – 5 September 2012

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Disclosure Statement

Good Oil Conference, 4-5 September 2012 Slide 2

This presentation may include forward-looking statements within the meaning of section 27a of the United States securities act of 1933, as amended, and section 21e of the United States securities and exchange act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Given these uncertainties, undue reliance should not be placed on forward-looking statements.

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Company Profile

Good Oil Conference, 4-5 September 2012 Slide 3

Antares is an established USA oil and gas producer §  Operational focus on the Permian Basin, West Texas, USA §  Currently producing at 2,435 BOEPD net to working interest, up >370% over the past 12 months §  Strong cash flow growth evidenced quarter by quarter §  Successful record of asset monetisation – US$200MM (gross) / $156MM (net) from 2010 sale of Eagle

Ford projects Strong Reserve Position in Permian §  1P 14.1 MMBOE, 2P 24.8 MMBOE, 3P 41.2 MMBOE, 3P Reserve Potential 70 -100 MMBOE §  Reserve update as at 30th June 2012 to be released 30th September 2012, Netherland Sewell & Assoc. §  Proven, >60 well drilling inventory on 40-ac spacing, additional 100 well locations on 20-ac spacing Core Acreage Provides Platform for Multiple Returns from Growth Assets in Same Play §  Core asset, Southern Star, now proven and held by production

§  Compelling look through value from recent transaction nearby on similar property – Brietburn USD $220MM acquisition

§  Second phase growth assets expected to be larger than proven core asset – initial results encouraging §  20 wells drilled over the past 12 months with a 100% success rate, with 50 wells now producing Well established, experienced team based in the USA §  CEO, COO, Chief Scientist and Chief Administrative Officer based in Texas, USA

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Company Snapshot

Good Oil Conference, 4-5 September 2012 Slide 4

Share Price Performance

Directors

§  James Cruickshank Executive Chairman & CEO

§  Matthew Gentry Chief Operating Officer

§  Gregory Shoemaker Chief Scientist

§  Kelli Roach General Council & Chief

Administrative Officer

§  Vicky McAppion Finance & Admin Manager

§  Mark Clohessy Non Executive Director

§  Active share buy back. Bought back 43MM shares with 7MM outstanding shares to be bought back

§  Directors hold 15.8 million shares

§  No Director has sold a share in Antares Energy (established 23 November 2004)

257,000,000

$0.40

$102,800,000

$5,000,000 (Quarter)

$40,000,000

$15,000,000

$162,800,000

7,500,000

14.1

$11.55

24.8

$6.56

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Antares Energy’s Permian Position

Slide 5

Howard Co., TX

LOCATION CURRENT

ACRES 3P NET

RESERVES EUR/WELL # WELL

LOCATIONS 1P NET

RESERVES PROJECT

3,418 170* 220 MBOE

12.7 MMBOE

21.6 MMBOE

26.0 MMBOE

2P NET RESERVES

Dawson Co., TX 14,100 350*

125 – 175 MBOE

Not Booked

Not Booked

Not Booked

Dawson Co., TX 12,400 310* 125 – 175

MBOE 1.4

MMBOE 3.2

MMBOE 16.1

MMBOE

TOTALS 29,918 800+ 125 – 220 MBOE

14.1 MMBOE

24.8 MMBOE

70 - 100 MMBOE**

NOTE: The above table is based on information which has been compiled by Antares Energy’s Chief Operating Officer, Mr. Matt Gentry, who is a full-time employee of Antares Energy. Mr. Gentry exceeds the professional qualifications of reserve estimators as set forth by the SPE/WPC/AAPG/SPEE Petroleum Resource Management System (SPE-PRMS). Mr. Gentry is qualified in accordance with ASX Listing Rule 5.11 and has consented to the form and context in which this statement appears. * Southern Star locations based on 20 acre spacing, while Big Star and Northern Star are based on 40 acre spacing. ** 3P Net Reserve Potential

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Why is Antares in the Permian Basin?

Good Oil Conference, 4-5 September 2012 Slide 6

"   Long Life, Low Risk Reserves

§  1P 14.1 MMBOE, 2P 24.8 MMBOE, 3P 42.1 MMBOE, 3P Potential 70 – 100 MMBOE §  20+ Year Reserve Base §  Current daily production of approx. 2,435 BOEPD net to working interest §  Targeting ramp up to over 5,000 BOEPD in 2015 with a dedicated drilling rig

"   Large Acreage Position §  3,418 acres in the heart of the proven Wolfberry Trend, >60 low risk development

locations on 40-ac spacing, with >100 locations on 20-ac spacing §  Over 200 MBOE per well EURs §  Substantial Phase 2 & 3 growth potential from additional 26,500 net acres §  Initial Phase 2 drilling results encouraging (Archer 16 No. 1, Debnam 22 No. 1 & Cozart

19 No. 1) "   Growth Opportunities

§  Due to fractionated ownership throughout the Midland Basin, numerous opportunities exist to add proven projects within the proven play area

§  Antares has assembled an attractive acreage position in the Permian Basin §  Multiple ways to realise value for these assets e.g. Breitburn Energy Partners recently

purchased 4,600 acres (1P 9.5MMBOE, 2,100 BOEPD) adjacent to Southern Star for US$220MM

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Antares – Proven, Successful Record of Creating Value for Shareholders Sale of Yellow Rose and Bluebonnet

Good Oil Conference, 4-5 September 2012 Slide 7

§  Antares Energy and its operating partner, San Isidro Development Company, sold 100% of its leasehold interest in the Eagle Ford shale to Chesapeake Energy Corporation for US$200MM

§  Antares’ proportionate share of the proceeds was US$156.2MM §  The price per acre metric achieved was $8,628/acre §  The transaction closed on 15 December 2010 §  Proceeds from the transaction are now being reinvested into the Permian Basin

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2007 2008 2009 2010

Enter partnership with SIDC to explore Yellow

Rose

Acquired 72 sq mi 3D seismic

Processed 3D seismic data

Preliminary seismic interpretation

Acquire 8,200 acre lease position

Refine geological and geophysical models

Increase Yellow Rose leasehold and acquire

Bluebonnet

Drill additional wells

$200 MM sale to Chesapeake

Drill initial Yellow Rose well

Permian Basin current position within repeatable business model

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Antares – Achieving High Rates of Growth

Slide 8

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Gross Daily Production Southern Star, Northern Star & Big Star

Oil

Gas

BOE

Antares 1st Permian Completion 186 BOPD (397 BOEPD)

~ 20 Producing Wells

Antares 25th Permian Completion 1,200 BOPD (2,400 BOEPD)

~ 45 Producing Wells

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The Permian Basin

Good Oil Conference, 4-5 September 2012 Slide 9

Delaware Basin Central Basin

Platform

Midland Basin Eastern Shelf W E

Antares’ Targeted Intervals

Permian Basin Structural Setting

Approx. location of Southern Star

Approx. location of Big Star

Approx. location of Northern Star

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Permian Basin - Midland Basin Resource Plays

Good Oil Conference, 4-5 September 2012 Slide 10

Basin Overview

§  Continual rig count growth (Currently 200+ rigs active in vertical Wolfberry play)

§  Drilling Permits at historic high

§  Play expanding from western concentration to east and north

§  Higher IP’s and EUR’s in previously underexploited areas

§  Completion “recipes” continually improving in the industry

§  High quality, expanding oil and gas infrastructure in place

§  US$1.5-2.5MM vertical well costs, exploit multi-thousand ft hydrocarbon column unique in resource plays

§  Wolfberry covers over 6,000 sq. mi

§  Reserve accreditors accepting larger proved areas and de-risking 40 acre reserves

§  Deeper reserves potential and 20 acre spacing exploitation is accelerating and inevitable

§  Horizontal development in select intervals (Mississippian, Cline, Wolfcamp, etc.) continues

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Evolution of the “Wolfberry”

Good Oil Conference, 4-5 September 2012 Slide 11

Clearfork

Upper Spraberry

Lower Spraberry

Dean

Upper Wolfcamp

Strawn

Atoka

Mississippian

Woodford

Limestone Pay

Non-Organic Shale Non-Pay

Sandstone Pay

Organic Rich Shale Pay

6,000 ft

8,000 ft

10,000 ft

1950 – 70s 1980 – 90s 2010+s 2000s 2005 - 10s

Fracture Stimulation Stage

After Pioneer Natural Resources

Lower Wolfcamp

Increasing EUR

with greater

depths & frac stages

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Wolfberry Operations

Good Oil Conference, 4-5 September 2012 Slide 12

§  Drilling: Ø  14-20 days to drill and complete a 10,300 ft -12,500ft

vertical well Ø  Typical well costs in the order of US$1.9-2.2MM

completed

•  Completion: Ø  2 days for fracture stimulation of 8 to 12 stages Ø  Total treatment cost is approximately $550,000

•  Production: Ø  1-3 months - oil production gradually increases until

it reaches its peak initial production rate. Ø Peak initial production rates will typically range

between 75 – 150 BOEPD in the Wolfberry with exceptional wells achieving 300+ BOEPD

Robinson Rig No. 5 drilling ahead at the Big Star project area – Stuart 12 No. 1

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Southern Star

Good Oil Conference, 4-5 September 2012 Slide 13

"   Near term milestone of >2,500 BOEPD gross to be achieved shortly

"   At a cost of US$1.9MM to drill and complete, Southern Star wells achieve payout in less than a year

"   Reserve update imminent – September 30th NSAI " Breitburn Energy Partners recently purchased 4,600

acres (1P 9.5MMBOE, 2,100 BOEPD) adjacent to Southern Star for US$220MM

SUMMARY OPPORTUNITY "   4,240 gross (3,418 net) acres "   40+ wells in production "   1P Net Reserves of 12.7 MMBOE (40 ac spacing) "   2P Net Reserves of 21.6 MMBOE "   3P Net Reserves of 26.0 MMBOE (20 ac spacing) "   Current Gross Production – 2,300 BOEPD (1,200 BOPD & 6,600

MCFPD). "   10,300 ft. wells: Spraberry, Dean, Wolfcamp, Cline, Strawn,

Mississippian & Woodford "   All land Held by Production (HBP) in 2012

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Southern Star Type Curve

Good Oil Conference, 4-5 September 2012 Slide 14

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Antares' Southern Star Type Curve vs. Pioneer Spraberry Type Curves*

PIONEER 110 MBOE

PIONEER 140 MBOE

SOUTHERN STAR 220 MBOE

TYPE CURVE PARAMETERS Di = 99.5% Qi = 132 bopd B = 1.8 GOR = 4,000 scf/bo Terminal decline = 4% Terminal rate = 4 bopd

SOUTHERN STAR ANNUAL EFFECTIVE DECLINE

1st Year 73% 2nd Year 30% 3rd Year 19% 4th Year 14% 5th Year 11%

6th Year 9% 7th Year 8% 8th Year 7% 9th Year 6% 10th Year 6%

* From Pioneer’s August 2011 Investor Presentation

Completion thru Full Wolfcamp

Completion thru Partial Wolfcamp

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Southern Star: Forward Looking Summary

Good Oil Conference, 4-5 September 2012 Slide 15

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2012E 2013E 2014E 2015E 2012E 2013E 2014E 2015E

Gross Targeted Operating Revenue Gross Targeted Cash Flow

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Gross Targeted Daily Production NOTES: Gross operating revenue is exclusive of well costs while gross estimated cash flow is inclusive of well costs. Both are inclusive of royalties, operating costs and severance tax.

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Northern Star

Good Oil Conference, 4-5 September 2012 Slide 16

"   12,400 gross (12,400 net) acres "   12,500’ wells: Clear Fork, Spraberry, Dean, Wolfcamp,

Cline, Strawn, Mississippian, Woodford & Devonian "   300+ drilling locations on 40 acre spacing "   Ongoing lease extension program in place to extend

primary lease terms through 2015

" Newbrough No. 1 currently being remediated for shallow water flow. Production logs confirmed the presence of shallow zone contributing water.

" Cozart 19 No. 1 to be fracture stimulated in 3Q "   Ongoing processing of Cozart cores "   Tremendous level of permitting and drilling activity "   Offset horizontal well results to be known in the short

term

SUMMARY OPPORTUNITY

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Big Star

Good Oil Conference, 4-5 September 2012 Slide 17

SUMMARY "   18,786 gross (14,100 net) acres "   11,200’ wells: Clear Fork, Spraberry, Dean,

Wolfcamp, Cline, Strawn, Mississippian & Woodford "   350 drilling locations on 40 acre spacing "   Currently evaluating initial well results "   No reserves are currently associated with Big Star "   Additional science well(s) to be drilled

OPPORTUNITY "   Large contiguous position in emerging horizontal

play fairway. "   SM Energy successfully drilling Mississippian

horizontals to the east "   Industry Wolfcamp shale activity to west and south "   Evaluating shallow, vertical well development F

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Summary

Good Oil Conference, 4-5 September 2012 Slide 18

" Antares is a well established oil and gas producer

"   Operational focus on the Permian Basin, West Texas, USA

"   Attractive position in the Permian Basin of approximately 35,500 gross (30,000 net) acres

"   Experienced management team, located in the US

"   Currently producing at 2,435 BOEPD, up 370% over the past 12 months

"   1P Net Permian Reserves of 14.1 MMBOE

"   2P Net Permian Reserves of 24.8 MMBOE

"   3P Net Permian Reserves of 41.2 MMBOE

"   3P Net Reserve Potential of 70 – 100 MMBOE

"   20 wells drilled over the past 12 months with a 100% success rate, with 50 wells now producing

"   High growth profile through quickly de-risking large Permian acreage position

"   Continuous drilling planned at core Southern Star project

"   Targeting gross production of 5,000 BOEPD by end of 2015CY

"   Active share buy back. Bought back 43MM shares with 7MM outstanding shares to be bought back.

At the successful conclusion of share buy back there will be 250MM shares on issue.

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Antares Energy

Good Oil Conference, 4-5 September 2012 Slide 19

§  Proven successful management

§  Proven, profitable, repeatable business model

§  Proven acreage position

§  Proven development plan

§  Proven operators

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Contact Information

Good Oil Conference, 4-5 September 2012 Slide 20

Antares Energy Limited 2nd Floor, 5 Ord Street West Perth, Western Australia 6005 + (61 8) 9324 2177 mail@antaresenergy.com www.antaresenergy.com

For further information contact: James Cruickshank Chairman & CEO + (61) (0) 488 222 122 or + (1) 214 762 2222

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