Annual General Meeting PresentationDavid Casey, Managing Director

9th November 2015 1

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DisclaimerImportant Notice This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer,

invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. Shareholders should not rely on this presentation. This presentation does not take into account any person's particular investment

objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

The information set out in this presentation does not purport to be all inclusive or to contain all the information which its recipients may require in order to make an informed assessment of Petrel. You should conduct your own investigations and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

To the fullest extent permitted by law, the Company does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Petrel. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements.

Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Petrel does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

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Petrel’s Progress Last 12 MonthsUruguay Prospective Resource of up to 464 MMBBL of oil and 1,583 BCF of gas net to Petrel Analysis confirms scale of hydrocarbon play and suggests 62% oil and 38% gas 20 conventional leads identified with significant additional upside potential Drill ready Prospect’s identified Ongoing seismic interpretation and modelling has significantly enhanced

understanding of geology and structural development of basin Feedback from counterparties has enabled a more tailored and focused appraisal

programme to be developed to specifically address key issues raised during partner process

Spain Modern core analysis resulted in improved confidence in an Unrisked Prospective

Resource of up to 992 BCF of gas net to Petrel Continued approvals process for Tesorillo-1 well during 2015 Due to delays requested suspension from Spanish authorities until approval to drill

Tesorilla-1 appraisal well is granted

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Significant technical progress despite industry wide headwinds

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Prospective Resources…conservative?

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Tesorillo *^43.35% Net to Petrel

ProspectiveResource^

BCF

Original Gas In Place^

BCF

Low Estimate (P90) * 95 318

Best Estimate (P50) 360 720

High Estimate (P10)* 992 1418

The estimates of net volumes provided in this statement were derived from estimates of gross volumes for each prospect determined by Mr Dan Walker, a full time employee of Netherland, Sewell and Associates Inc., Dallas, Texas, USA, on 5 May 2015, in accordance with Petroleum Resources Management System guidelines. Mr Dan Walker is a Licensed Petroleum Geologist, a qualified person as defined under the ASX Listing Rule 5.41 and has consented to the use of the gross resource figures in this announcement.

Salto & Piedra Sola Concessions*^51% Net to Petrel (Conventional only)

Prospective Resource^# Original Oil & Gas In PlaceOil (MMBBL) Gas (BCF) Oil (MMBBL) Gas (BCF)

Low Estimate (P90) * 75 293 285 456

Best Estimate (P50) 206 751 719 1161

High Estimate (P10)* 464 1583 1475 2412

The estimates of net volumes provided in this statement were derived from estimates of gross volumes for each prospect and lead determined by Mr Phil Hodgson, a full time employee of Netherland, Sewell and Associates Inc., Dallas, Texas, USA, on 14 May 2015, in accordance with Petroleum Resources Management System guidelines. Mr Phil Hodgson is a Licensed Petroleum Geologist in the State of Texas, a qualified person as defined under the ASX Listing Rule 5.41 and has consented to the use of the gross resource figures in this announcement.

*The estimated quantities of petroleum that may potentially be recovered by the application of a 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.^Prospective Resource assessments are estimated using probabilistic methods in accordance with PRMS standards. Oil and gas Reserves and Contingent Resources cannot be estimated under SPE-PRMS Guidelines with currently available data.# Volumes above are based on arithmetic summation and are not adjusted for risk of discovery or risk of development. Arithmetic sums of unrisked prospective resources beyond the prospect and lead levels are not reflective of volumes that can be expected to be recovered and are therefore not included in Netherland, Sewell & Associates, Inc.'s certification. Because of the geologic risk associated with each prospect and lead, meaningful totals beyond these levels can be defined only by summing risked prospective resources. Such risk is often significant. Petrel is not aware of any new information or data that materially affects the assumptions and technical parameters underpinning the estimates of reserves and contingent resources and the relevant market announcements referenced continue to apply and have not materially changed.

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The road to success

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URUGUAY

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Oil Confirmed

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Permian and Devonian source rocks and very high quality sandstone reservoirs represent significant conventional and unconventional reservoir targets

Uruguay Corehole Achar E-1; Oil leaching from Devonian sandstones just below Cordobes Shales (306-315m)

Permeability = 20.5 darcies Permeability = 30.9 darcies

Corehole results confirm existence of an active petroleum system

Multiple world class mature source rocks identified

Free oil identified across majority of PiedraSola block

Significant conventional reservoir potential

Excellent porosity and permeabilitymeasured from sandstone core samples. Porosities commonly greater than 20% withmeasured permeability in the Darcy(1000md) range in some samplesF

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…and Gas?

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Recent amplitude versus offset analysis (AVO) particularly at the top of structural highs as seen here may represent the presence of gas-filled sandstone reservoirs

Where there’s gas there’s oil… This prospect alone has over 700BCF of

OGIP potential

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Seismic Upside…Gas & Oil

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Seismic has confirmed potential of resource scope and scale

Identified multiple new large conventional targets, significantly, many at relatively shallow depths

NSAI certified resources estimates of up to 910 MMBBL oil and 3.1TCF gas in place

Currently 20 conventional leads (one prospect) with estimates of up to 700MMBBL OOIP and over 900BCF OGIP for individual structures

Seismic has identified a deeper pre-Devonian sedimentary sequence which could contain additional hydrocarbon potential

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…more you look…more you find…

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Ongoing analysis and interpretation continues to identify significant upside

Ongoing analysis of seismic data continues to enhance our knowledge of the geological and structural evolution of this basin

Recently identified very large structures provide significant TCF upside potential not covered in previous scope of work undertaken by NSAI

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Is there a market? Uruguay currently imports 40,000 bopd

into La Teja Refinery in Montevideo

Uruguay LNG imports on hold

Uruguay, Argentina and Brazil have gas deficits Uruguay’s new Punta del Tigre power plant

on outskirts of Montevideo will consume ~0.14 bcf/day

Buenos Aires consumes ~1.4 bcf/day (and up to 5x in winter peaks)

South Brazil consumes ~3.5 bcf/day (50% imported)

Access to pipeline Ready access into South American pipeline

network Minimal land access and topographic issues

Very attractive oil & gas marketing opportunities

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Uruguay…the journey thus far

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In a short space of time, oil generation has been confirmed and possible targets identified

Salto

Potential Resource Targets Partner

Ideal operating environment with local and regional oil & gas markets

Petrel acquires concessions in Uruguay

MT survey carried out -confirms northwest rift basin

Enabled refinement of corehole programme

Corehole programme confirms oil generation and active petroleum system

Evidence of free oil in coreholes more than 100km apart

Results support seismic acquisition programme

Seismic programme successfully completed

Numerous structural leads identified, ranging from 2 – 241 MMBBL

AVO’s increase propsectivity

NSAI have independently certified an unrisked Prospective resource in the Salto and Piedra Sola concessions of up to 910 MMBBL oil and 3.1TCF gas (464 MMBBL of oil and 1,583 BCF of gas net to Petrel)

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SPAIN

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Spain…awaiting approvals

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Joint Venture is currently seeking a suspension of activities until approval is granted for the Tesorillo - 1 well

Salto

Acquisition Potential Resource Partner

Well site located 3km from 40” gas pipeline with excess capacity

Access to high priced European gas prices

Prospective resource of up to 2.3TCF (Petrel 1TCF) certified by Netherland, Sewell & Associates, Inc. (NSAI)

New core analysis using modern techniques has confirmed up to 212m of net pay

Testing also confirmed excessive reservoir damage in original well as likely cause of inhibited gas flow

Detailed formation evaluation indicates upwards of 500m of net pay

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Year Ahead…Uruguay Continue analysis of seismic data to refine modelling of geological and

structural evolution of newly confirmed Salto Graben Refine work programme and high grade existing targets to optimise results

in tough fiscal environment Finalise permitting for 2016 work programme Undertake corehole and appraisal drilling Re-engage with potential partners on back of tailored appraisal programmeSpain Work with Spanish authorities regarding approval to drill Tesorillo-1

appraisal well and follow up with interested counterparties

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Exciting 12 months ahead on the back of relatively inexpensive drilling programme

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The road to success

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THANK YOU

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