LONESTAR RESOURCES LIMITED AND CONTROLLED ENTITIES …

ABN 36 058 714 408

LONESTAR RESOURCES LIMITEDAND CONTROLLED ENTITIES

ANNUAL REPORT FOR THE 12 MONTHS ENDED 31 DECEMBER 2013

(all amounts in this report US$ unless otherwise stated)

ON 2 JANUARY 2013, LONESTAR RESOURCES LTD (FORMERLY AMADEUS ENERGY LTD) ACQUIRED UK BASED ECOFIN ENERGYRESOURCES PLC (“EER”), THE HOLDING COMPANY FOR TEXAS BASED LONESTAR RESOURCES, INC. (“LRI”), FROM ITSCONTROLLING SHAREHOLDER ECOFIN WATER & POWER OPPORTUNITIES PLC and EER’s OTHER MINORITY INVESTORS(“LONESTAR TRANSACTION”). PURSUANT TO ACCOUNTING AND REGULATORY GUIDELINES THIS WAS A CONTROLTRANSACTION. UNDER THE ACCOUNTING GUIDELINES AS SET OUT IN IFRS/AASB 3 ‘BUSINESS COMBINATIONS’, LONESTARRESOURCES LTD, THE LEGAL ACQUIRER, IS DEEMED TO BE THE ACCOUNTING ACQUIREE OF THE GROUP AND THIS ANNUALREPORT IS PRESENTED ON THIS BASIS. ACCORDINGLY, THE COMPARATIVE INFORMATION PRESENTED HEREIN (FOR THE 12MONTHS TO 31 DECEMBER 2012) IS FOR EER, UNLESS OTHERWISE NOTED. PLEASE REFER TO THE NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS FOR ADDITIONAL INFORMATION.

Table of Contents

1 Chairman’s Le!er

3 Review of Opera"ons & Commentary on Results

6 Annual Reserves Statement

13 Corporate Governance Statement

19 Directors’ Report

38 Auditor’s Independence Declara"on

39 Consolidated Statement of Profit or Loss

40 Consolidated Statement of Financial Posi"on

41 Consolidated Statement of Changes in Equity

42 Consolidated Statement of Cash Flows

43 Notes to the Consolidated Financial Statements

70 Directors’ Declara"on

71 Independent Auditor’s Report

73 Shareholder Informa"on

74 Glossary and Disclaimer

Corporate Directory

Lonestar Resources LimitedABN 36 058 714 408

Offices:

Registered Office 31 Carrington StreetNedlands WA 6009 Telephone +61 8 6430 9856Facsimile +61 8 6430 9897www.lonestarresources.com

USA (Fort Worth) OfficeLonestar Resources Inc.509 Pecan Street, Suite 200Fort Worth, Texas 76102Telephone +1 817 921 1889Facsimile +1 817 806 5112www.lonestarresources.com

Directors

Craig Coleman Nonexecu"ve ChairmanFrank D Bracken III Managing DirectorBernard Lambilliote NonExecu"ve DirectorDr. Chris Rowland NonExecu"ve DirectorRobert Sco! Nonexecu"ve Director

Company Secretary

Mitchell Wells

Share Registry

Computershare Investor Services Pty LtdLevel 2, Reserve Bank Building45 St Georges TerracePerth, Western Australia 6000

ASX Lis"ng

Lonestar Resources Limited is listed on the AustralianSecuri"es Exchange as LNR

Annual General Mee"ng

30 May 2014 at 1.00 pm The Terrace Lounge Citadines Hotel185 St Georges Terrace Perth, Western Australia 6000

Auditors

BDO Audit (WA) Pty Ltd38 Sta"on StreetSubiaco, Western Australia 6008

Bankers

Na"onal Australia Bank1238 Hay StreetWest Perth, Western Australia 6005

Wells FargoWells Fargo Bank Plaza1000 Louisiana StreetHouston, Texas 77002 USA

Solicitors

Bellanhouse Legal6 Richardson StreetWest Perth, Western Australia 6005

CHAIRMAN’S LETTER

CHAIRMAN’S LETTERDear Shareholders

The 12 months to 31 December 2013 marked Lonestar’s first year as a merged en"ty, following comple"on of the mergerbetween Amadeus Energy Ltd and Lonestar Resources Inc. (“LRI”) on 2 January 2013 (the “Lonestar Transac"on”).

The Lonestar Transac"on has been transforma"onal for the Company. EBITDAX increased to $53.1m this period from $9.8min the previous period.* Net revenue from ordinary ac"vi"es for the period was $79.4m versus $26.9m in the previousperiod and net profit a%er tax was $30.1m versus a net loss of $5.5m in the previous period.

Oil and gas produc"on averaged 3,020 boepd for the period, a material increase over the 783 boepd averaged during the 6months to 31 December 2012 by the Company. The material increase was predominantly due to the Eagle Ford shale assetsthat were brought into the Group through the Lonestar Transac"on. Drilling and explora"on ac"vity increased with 10 wellsdrilled in the Eagle Ford shale during the period, more than doubling the Company’s Eagle Ford shale well count.

Proved reserves increased markedly during the period and at 31 December 2013 (and pro forma the acquisi"ons announcedon 24 February 2014) the Company had proved reserves of 25.6 mmboe with a PV10 of $566.4m. Probable reserves alsoincreased and at 31 December your Company held Proved and Probable reserves of 36.0 mmboe with a PV10 of $678.1m.**

As part of the Lonestar Transac"on, the Company acquired an experienced management team with proven track recordsbased in Fort Worth led by Managing Director, Mr. Frank D Bracken, III. Mr. Bracken has a wealth of experience in thissector and a strong track record of acquiring and mone"zing assets. This was demonstrated over the period by the successfulcomple"on of several value enhancing transac"ons.

These transac"ons included the acquisi"on in the first quarter of an addi"onal 47% working interest in the Company’s BeallRanch asset in the Eagle Ford shale. Wells drilled on this asset have achieved internal rates of return of approximately 100%.In the second quarter the Company completed a series of transac"ons that increased its working interests in the Beall Ranchand Gonzo proper"es in the Eagle Ford shale, and it divested proper"es in the nonecore gas produc"ve Barne! shale.

In the third quarter the Company closed a series of acquisi"ons which increased the Company’s Eagle Ford shale posi"onby a further 3,468 net acres and by the end of the year the Company held 9,923 net acres in the Eagle Ford shale represen"ngan increase of 96% year on year. In addi"on to these acquisi"ons your management team has con"nued to op"mizeproduc"on across all its operated conven"onal and unconven"onal assets.

Of note is that post period, in March 2014, the Company completed a series of material acquisi"ons pursuant to which anaddi"onal 13,156 net acres were acquired in the Eagle Ford shale. These acquisi"ons increased proved reserves by 41% andnet acreage in the Eagle Ford shale by 130%, to 23,079 net acres. Importantly the acquisi"ons increased the Company’s EagleFord drilling inventory to 7 years, with total netengineered Eagle Ford drilling loca"ons increasing from 53 to 131.

Throughout the year the Company’s borrowings under its Wells Fargoled senior and subordinate credit facili"es increased,commensurate with the increase in produc"on and reserves during the year. At 31 December 2013 the Company had netlongterm debt of $109m.

page 1Lonestar Resources Limited & Controlled En!!es

“Proved reserves increased markedly during the period andat 31 December 2013 (and pro forma the acquisi"onsannounced on 24 February 2014) the Company had provedreserves of 25.6 mmboe with a PV10 of $566.4m.” Craig Coleman, Chairman, Lonestar Resources Ltd

More recently, in April 2014, the Company announced the successful comple"on of $220m of Senior Unsecured Notes. Theproceeds of these notes has been used to repay the Wells Fargo led facili"es and for general corporate purposes. The Notes,which are priced at 8.75%, provide the Company with available liquidity of $136.5m and have facilitated an increase in thedrilling program to 21 net wells per year in the crude oil window of the Eagle Ford shale.

Looking ahead, your Company is well capitalized to con"nue its strategy of profitably developing its 23,079 net acres in thecrude oil window of the Eagle Ford shale, while expanding its leasehold posi"on in the play. The Eagle Ford shale is one ofthe world’s most profitable unconven"onal hydrocarbon plays and the Company’s strategy is to focus on growth in thisplay.

Your Company has enjoyed a remarkable period of growth and the strong opera"ng and financial results are a testamentto the quality of management and the validity of the Board’s strategy of focusing on the higher returns of the Eagle Ford play.It is also pleasing to see the results posi"vely manifested in share price apprecia"on. On behalf of the Board and shareholdersI thank management for their efforts throughout the year.

Your Company has a busy year ahead of it with up to 21 Eagle Ford wells scheduled for drilling. The Company has recentlyannounced EBITDAX guidance for 2014 of $105125m, a significant increase on the $53m achieved in 2013. We look forwardto repor"ng further growth and posi"ve results in 2014.

Thank you for your con"nued support.

CRAIG COLEMANChairman, Lonestar Resources, Ltd.

* Under accoun"ng and regulatory guidelines the Lonestar Transac"on was a control transac"on (reverse merger) andaccordingly the compara"ve informa"on in this le!er and in the Consolidated Financial Statements is to the holding companyof LRI, unless otherwise noted. Please refer to the notes to the financial statements for further informa"on.

** Please refer to the detailed reserves informa"on and tables included in this Annual Report and to the associated reservesdisclosures.

page 2 Lonestar Resources Limited & Controlled En!!es

CHAIRMAN’S LETTER

REVIEW OF OPERATIONS AND COMMENTARY ON RESULTS

REVIEW OF OPERATIONS AND COMMENTARY ON RESULTSThe compara"ves in this sec"on are to the Company’s results as reported in the prior corresponding period.

Highlights for the Year to 31 December 2013:• Average daily produc"on of 3,020 BOEPD• 10 wells drilled and completed in the Eagle Ford Shale more than doubling the Eagle Ford well count• 9,923 net acres in the Eagle Ford Shale at the end of the period, an increase of 96% during the year• Net revenue from ordinary ac"vi"es of $79 million, an increase of 195% over 2012 • EBITDAX of $53 million and NPAT of $31 million, an increase of 439% and 667% over 2012• Cash at bank of $6.7 million and net longterm debt of $109 million at end of the period • Undrawn liquidity availability of $51 million at the end of the period

Commentary on Results – Opera"onal:The Group’s net produc"on for the twelve months ended 31 December 2013 averaged 3,020 BOE per day, and wascomprised of 2,024 barrels of oil per day, 268 barrels of NGL’s per day, and 4,368 Mcf of natural gas per day.

The Group’s net produc"on from its Eagle Ford Shale assets averaged 2,057 BOE per day during the twelve months ended31 December 2013, and was comprised of 1,476 barrels of oil per day, 265 barrels of NGL’s per day, and 1,897 Mcf of naturalgas per day.

Lonestar placed 10 new Eagle Ford Shale wells on stream during the period, more than doubling its Eagle Ford Shale wellcount. In addi"on, the combina"on of increased working interests at Beall Ranch combined with new produc"on at Ashertonwas responsible for higher produc"on in the Eagle Ford Shale.

The Group ended the year with 9,923 net acres in the Eagle Ford Shale play, an increase of 96% during the year. At the endof the year, Lonestar was con"nuing its pursuit of addi"onal costeffec"ve, accre"ve acquisi"ons towards its goal ofestablishing a 20,000 net acre posi"on in the Eagle Ford Shale. See the ‘subsequent events’ sec"on in the Director’s Reportfor informa"on on addi"onal acreage acquisi"ons that occurred post period.

The Group’s net produc"on from its Barne! Shale assets averaged 204 BOE per day during the six months ended 30 June2013, and was comprised of 1,224 Mcf of natural gas per day. 100% of the Barne! Shale produc"on was natural gas. TheGroup sold its Barne! assets effec"ve 1 May 2013, and it did not contribute to the fullyear results from 1 May to 31December 2013.

The Group’s net produc"on from its Conven"onal assets averaged 759 BOE per day during the twelve months ended 31December 2013, and was comprised of 547 barrels of oil per day, 3 barrels of NGL’s per day and 1,248 Mcf of natural gasper day. Approximately 73% of the Company’s Conven"onal produc"on was from liquid hydrocarbons.

Commentary on Results – Financial:The Group’s net revenue from ordinary ac"vi"es for the twelve months ended 31 December 2013 was $79 million versus$27 million recorded during the twelve months ended 31 December 2012. Revenue growth was a func"on of an increasein produc"on and average realized wellhead prices, owing largely to a higher percentage of the Group’s produc"on mixcoming from crude oil. Another factor contribu"ng to the 2013 revenue growth was the conven"onal assets, which werenot owned during 2012 and an addi"onal 10 net new unconven"onal wells brought on stream during the year ended 31December 2013.

The Group reported profit a%er tax of $30.6 million for the twelve months ended 31 December 2013, compared to a loss of$5.5 million for the twelve months ended 31 December 2012. The significant change is principally a!ributable to the increasein revenue noted in the preceding paragraph, fair value gain on acquisi"on of $27.7 million and an income tax benefit of $4.9million. These increases were offset by a loss on sale of oil and gas property of $17.1 million.

EBITDAX for the period was $53m, which was principally driven by the significant increase in net revenues as describedabove.



Deple"on and deprecia"on expense for the period was $28.2 million, or $25.66 per BOE compared to $20.05 per BOEreported in the previous period. The Deple"on and Deprecia"on expense increased this repor"ng period due to increasedproduc"on from the Eagle Ford Shale proper"es which are depleted at higher rates to the Conven"onal proper"es. Deple"onis calculated using the units of produc"on method, which involves dividing the carrying value of the assets by the es"matedProved reserves and applying this deple"on rate to the produc"on reported during the period. Deprecia"on of propertyplant and equipment is calculated on a declining basis so as to write down the net cost of each asset over its useful life, whichranges from 5 to 25 years.

General and Administra"on costs were $7.5 million compared with an amount of $5.1 million for the 12 months to 31December 2012. The increased costs were the result of higher head count, necessitated by growth in the Group.

Finance expenses for the period totalled $3.7 million. The increased finance costs in this repor"ng period were due to thematerial increase in borrowings under the Group’s credit facili"es. The Group’s net borrowings at the end of the period fromits two credit facili"es were $109 million. Please refer to the Corporate Commentary below for addi"onal informa"on onthe Group’s borrowing arrangements and liquidity.

Hedge expense for the period totalled $1.8 million. Lonestar con"nues to be an ac"ve par"cipant in the commodityderiva"ves market as a tool to manage commodity price risk, create higher certainty of returns on capital expenditures, andmaximize its borrowing available under its credit facili"es. As of December 31, 2013, the following deriva"ve transac"onswere outstanding:

Instrument Total Volume Se#lement Period Fixed Price $

Oil – WTI Fixed Price Swap 292,000 BBL January – December 2014 93.90Oil – WTI Fixed Price Swap 132,900 BBL January – December 2014 90.70Oil – LLS Fixed Price Swap 133,700 BBL January – December 2014 97.00Oil – WTI Fixed Price Swap 27,200 BBL January – March 2014 98.50Oil – WTI Fixed Price Swap 34,400 BBL April – December 2014 94.00Oil – WTI Fixed Price Swap 244,200 BBL January – December 2015 87.00Oil – WTI Fixed Price Swap 35,460 BBL January – March 2015 92.10Oil – WTI Fixed Price Swap 32,942 BBL April – June 2015 90.40Oil – WTI Fixed Price Swap 32,016 BBL July – September 2015 88.87Oil – WTI Fixed Price Swap 29,992 BBL October – December 2015 87.80Oil – WTI Fixed Price Swap 205,000 BBL January – December 2016 84.45

Commentary on Results – Corporate:(i) Proper"es Acquired or Divested during the period:

Beall Ranch (Eagle Ford Shale): On 14 March 2013 the Group completed the acquisi"on of an addi"onal 46.7% workinginterest in its Beall Ranch Project for approximately $58.4 million. Following that, in June 2013 the Group acquired anaddi"onal 2.0% working interest in its Beall Ranch Project for approximately $5.5 million.

Pirate Project (Eagle Ford Shale): In the third quarter of 2013, the Group consummated a series of transac"ons through whicha total of 3,486 net leasehold acres were acquired in southwestern Wilson County, Texas. This leasehold posi"on iscomprised of two blocks. The total cash outlay required to capture the leasehold was $3.0 million. Addi"onal considera"onwill be paid by Lonestar in the form of carried working interests and overriding royalty interests. On average Lonestarexpects to hold a 98.4% working interest, while all 3,525 gross acres are subject to a 25% royalty interest. In the 4th quarterof 2013 the Company spudded two wells on the Pirate acreage.

Gonzo Project (Eagle Ford Shale): In the third quarter of 2013, the Group acquired an addi"onal 623 net acres in and adjacentto its Gonzo Project for approximately $0.5 million. This expanded the Group’s total leasehold in the project by 23% to3,365 net acres.

Woodland Estates (Barne! Shale): In June 2013, the Group sold its interest in its Woodland Estates property in the Barne!Shale for a total sale price of $10 million. The effec"ve date of the sale was 1 May 2013. The loss on the sale approximated$17.1 million. Please refer to the Company’s ASX announcement on 17 June 2013 for further informa"on. The sale of theseBarne! Shale assets was part of the Company’s strategy of increasing its focus on the Eagle Ford Shale.

NonStrategic Asset Ra"onaliza"on (Conven"onal Assets): In August 2013 the Group sold its working interest in nonoperated producing assets for approximately $1.7 million. The loss on the sale approximated $29,000. The sale of these nonstrategic assets was part of the Company’s strategy of increasing its focus on the Eagle Ford Shale.



(ii) Reserve Upgrades:

During the period the Company announced two reserve upgrades, on 4 February 2013 and 14 August 2013. These upgradeswere the result of drilling completed on the Company’s projects as well as property acquisi"ons completed. The Group’sreserves posi"on at 31 December 2013 was announced on 18 February 2014 and then restated on 24 February 2014 toinclude the material Eagle Ford Shale acquisi"ons announced on that date. Please refer to the Annual Reserves Statementin this Annual Report for details of the Company’s reserves posi"on at 31 December 2013, including a statement of reservespro forma the Eagle Ford Shale acquisi"ons made post period (announced on 24 February 2014).

(iii) Borrowing Arrangements & Liquidity:

At the end of the period the Group had net debt of $109 million and undrawn availability under the Group’s credit facili"esof $51 million.

In March 2013, Lonestar Resources America, Inc. (“LRAI”) entered into a $400 million syndicated credit facility agreement(revolving credit facility) with Wells Fargo Bank (as Administra"ve Agent). The ini"al borrowing base was set at $105 millionbut it was subsequently revised up to $125 million. The borrowing base is redetermined semiannually based on the creditagreement. The revolving credit facility matures on 14 March, 2018. As of 31 December 2013, $99 million was borrowedunder the revolving credit facility.

The revolving credit facility may be used for loans and, subject to a $2,500,000 sublimit, le!ers of credit. The company hasnot drawn any advances on the le!er of credit as at 31 December 2013 (31 December 2012: nil). The revolving credit facilityprovides for a commitment fee of 0.5% based on the unused por"on of the borrowing base under the revolving credit facility.

Borrowings under the revolving credit facility, at the Company’s elec"on, bear interest at either: (i) an alternate base rate(ABR) equal to the higher of (a) the Prime Rate, (b) the Federal Funds Effec"ve Rate plus 0.5% per annum, and (c) the adjustedLIBOR rate of a threemonth interest period on such day plus 1.0%; or (ii) the adjusted LIBO rate, which is the rate stated onReuters screen LIBOR01 page market for one, two, three, six or twelve months, as adjusted for statutory reserverequirements for Eurocurrency liabili"es, plus, in each of the cases described in clauses (i) and (ii) above, an applicablemargin ranging from 1.0% to 2.0% for ABR loans and from 2.0 to 3.0% for adjusted LIBO rate loans.

The revolving credit facility requires LRAI to maintain certain financial ra"os and limits the amount of indebtedness LRAI canincur. Subject to certain permi!ed liens, LRAI’s obliga"ons under the revolving credit facility have been secured by thegrant of a first priority lien on no less than 80% of the value of the proved oil and gas proper"es of LRAI and its subsidiaries.

In connec"on with the revolving credit facility, LRAI and certain of its subsidiaries also entered into certain customary ancillaryagreements and arrangement, which, among other things, provide that the indebtedness, obliga"ons, and liabili"es of LRAIarising under or in connec"on with the revolving credit facility are uncondi"onally guaranteed by such subsidiaries. As of31 December 2013, LRAI was in compliance with all covenants including all financial ra"os.

In June 2013 LRAI entered into a $35 million second lien term loan agreement (“2nd lien facility”) with Wells Fargo EnergyCapital, Inc. (as Administra"ve Agent). The 2nd lien facility provides for a commitment fee of 0.75% based on the unusedpor"on of the commitment amount under the 2nd lien facility. The 2nd lien facility matures on September 14, 2018. Asof 31 December 2013, $10 million was borrowed under the 2nd lien facility.

Borrowings under the 2nd lien facility, at LRAI’s elec"on, bear interest at either: (i) an alternate base rate (ABR) equal to thehigher of (a) the Prime Rate, (b) the Federal Funds Effec"ve Rate plus 0.5% per annum, and (c) the adjusted LIBO rate of athreemonth interest period on such day plus 1.0%; or (ii) the adjusted LIBO rate, which is the rate stated on Reuters screenLIBOR01 page market for one, two, three, six or twelve months, as adjusted for statutory reserve requirements forEurocurrency liabili"es, plus, in each of the cases described in clauses (i) and (ii) above, an applicable margin of 6.5% for ABRloans and 7.5% for adjusted LIBO rate loans.

The 2nd lien facility requires LRAI to maintain certain financial ra"os and limits the amount of indebtedness LRAI can incur.Subject to certain permi!ed liens, LRAI’s obliga"ons under the 2nd lien facility have been secured by a second prioritymortgage and security interest on no less than 80% of the value of the proved oil and gas proper"es and all personal propertyof LRAI and its subsidiaries.

In connec"on with the 2nd lien facility, LRAI and certain of its subsidiaries also entered into certain customary ancillaryagreements and arrangements, which, among other things, provide that the indebtedness, obliga"ons, and liabili"es of LRAIarising under or in connec"on with the 2nd lien facility are uncondi"onally guaranteed by such subsidiaries. As of 31December 2013, LRAI was in compliance with all covenants including all financial ra"os.

In connec"on with the facili"es, and as part of the Company’s risk mi"ga"on prac"ces, the Company par"cipates incommodity price hedging. Please refer to the Financial Commentary above for addi"onal informa"on on hedging.


ANNUAL RESERVES STATEMENT

ANNUAL RESERVES STATEMENTLonestar’s proved and probable reserves at 31 December 2013 were announced on 18 February 2014, along with areconcilia"on showing reserve movements between 31 December 2012 and 31 December 2013. That informa"on, alongwith commentary on the reserve movements, and other reserves informa"on required by ASX Lis"ng Rule 5.39 is providedbelow.

Of note is that post period, in March 2014, the Company completed a series of material acquisi"ons pursuant to whichproved reserves increased by 41% and net acreage in the Eagle Ford shale by 130%, to 23,079 net acres. For completeness,and to ensure shareholders have the most current reserves informa"on, the proved and probable reserves at 31 December2013 pro forma (i.e. inclusive) of these acquisi"ons are also provided below.

Lonestar obtains reserve reports from the independent consultants it deems the most knowledgeable in each of its areasof focus. Accordingly, W.D. Von Gonten & Co. was retained to conduct the independent evalua"on of the Company’s EagleFord Shale proper"es and LaRoche Petroleum Consultants, Ltd. was retained to conduct the independent evalua"on of theCompany’s Amadeus Petroleum Inc. subsidiary, which are Conven"onal assets.

For the year ended December 31, 2013. Proved Reserves a%er royal"es were 18.2 million barrels of oil equivalent (MMBOE),an increase of 52% over the 12.0 MMBOE reported at year ended December 31, 2012. Lonestar’s Proved Reserve PV10value of $428.1 million represents an increase of 81% over 31 December 2012 levels.

Lonestar’s Proved Reserves include 13.5 million barrels of crude oil and condensate, 1.8 million barrels of natural gas liquids,and 17.4 billion cubic feet of natural gas. By energy content, Lonestar’s Proved Reserves are weighted 84% to liquids, upfrom 73% in 2012. Lonestar’s Proved Reserve base is comprised of 79% unconven"onal reserves and 21% conven"onal, byvolume. The Company’s Proved Reserves represent a balance between Proved Developed Reserves (45%) and ProvedUndeveloped Reserves (55%).

In this period, for the first "me, Lonestar instructed its independent consultant in the Eagle Ford Shale trend to es"mateProbable Reserves, which is necessitated by the Company’s expanding inventory of Eagle Ford Shale drilling loca"ons andits desire to provide reserves figures that are comparable to its peers. At December 31, 2013, Proved & Probable Reserveswere 25.4 million barrels of oil equivalent, which included 19.8 million barrels of oil, 2.2 million barrels of NGL’s, and 20.1billion cubic feet of natural gas, and had an associated PV10 value of $490.8 million. The addi"ons to Probable Reserves cameat Asherton, Gonzo and Pirate. At yearend Proved and Probable PV10 values were over $289 million at Beall Ranch, $50million at Asherton, over $45 million at Gonzo, and over $28 million at Pirate.

This year’s reserves and PV10 es"mates employed the commodity pricing conven"ons prescribed by the U.S. Securi"es &Exchange Commission (SEC), which employs past 12 months pricing for the projec"ons. Use of the SEC pricing conven"onallows the Company’s results to be compared more directly with its U.S. peers, as well as a growing number of its ASXlistedpeers who employ the SEC conven"on. The Company believes that SEC pricing has historically provided a less vola"le pricedeck upon which its current reserves can be compared to prior years. Specifically, the average calculated wellhead oil priceunder SEC methodology varied by 1%, 2013over2012, compared to a 10% variance using NYMEX Strip pricing.

During 2013, Lonestar sold its Barne! Shale proper"es, as well as its Conven"onal assets in Oklahoma and Louisiana, whichcontributed 1.6 MMBOE and $7.4 million of PV10 at December 31, 2012. These assets were sold for a total of $11.9 million,and provided addi"onal capital for Lonestar’s Eagle Ford Shale drilling program while accre"ng value to the Company’sequity value. During 2014, it is likely that Lonestar will con"nue to ra"onalize its Conven"onal asset base, selling assets withlimited focus or that lack opera"onal control. Sale of such assets will bolster the Company’s liquidity necessary to befinancially flexible and opportunis"c in its pursuit of addi"onal resource in the Eagle Ford Shale trend.

Tables 1 and 2 below setout Lonestar’s reserve es"mates as collec"vely calculated by its independent consultants. Lonestar’sProved Reserves at December 31, 2012 were originally stated under the former NYMEXstrip pricing approach at 13.5 millionbarrels of oil equivalent with a PV10 value of $239.8 million (compared to 12.0 million barrels of oil equivalent with a PV10 value of $236.2 million under the modified SEC pricing approach). The footnotes and defini"ons are an integral part ofthese tables. Table 2 provides a geographical breakdown of the Company’s Proved and Probable Reserves, and distribu"onamong Proved and Probable Categories.

Tables 3, 4 and 5 below also state reserves at 31 December 2013, but these tables include the material acquisi"onsannounced post period on 24 February 2014. This informa"on is provided to give the shareholders the most currentinforma"on on the Company’s reserves.

Important disclosures follow a%er the tables.




Table 1: Reserves Comparison by Geographic Region 31 December 2013 vs 31 December 2012


Post Period Acquisi"ons:

As outlined above, post period on February 24, 2014 the Company announced that it had entered into a series of agreementsto acquire an addi"onal 15,232 gross / 13,156 net acres in the Eagle Ford Shale trend. The acquired assets are located inLaSalle, Frio, Wilson, Brazos and Robertson Coun"es. The addi"onal 13,156 net acres contain Proved and Probable reservesof approximately 10.7 million BOE, 93% of which is liquids, with PV10 of $187.3 million. Possible reserves also exist, andare disclosed in the tables below. Net produc"on on the proper"es for the month of December, 2013 was 664 BOEPD, ofwhich 98% was crude oil and NGL’s. The average working interest in the acquired proper"es is 91.1%, and virtually of theproper"es will be operated by Lonestar.

The property acquisi"ons are expected to yield the following increases in all of Lonestar’s opera"onal metrics:• Adds 7.4 MMBOE, or 41% to Lonestar’s Proved Reserves, to 25.6 MMBOE • Adds 10.6 MMBOE, or 42% to Lonestar’s Proved & Probable Reserves, to 36.0 MMBOE • Adds $138.3 million, or 32% to Lonestar’s Proved PV10, increasing Proved PV10 to $566.4 million• Adds $187.3 million, or 38% to Lonestar’s Proved & Probable PV10, to $678.1 million• Adds 13,156 net acres, or 130% to Lonestar’s net leasehold in the Eagle Ford Shale trend, to 23,079 net acres • Adds 56 gross / 53 net engineered Eagle Ford Shale drilling loca"ons, increasing its total engineered Eagle Ford Shale

loca"ons to 136 gross / 131 net • Increases Eagle Ford Shale drilling inventory from 5 to 7 years • Raising 2014 EBITDAX guidance by $15 to $20 million, or 1719% to $105 to $125 million

The acreage on which Lonestar intends to focus its drilling is 100% in the Crude Oil / Vola"le Oil Window, at depths rangingfrom 7,400 to 8,500 feet. The La Salle / Frio County acreage (4,001 net acres) is analogous to the Beall Ranch and Ashertonproper"es. The Wilson County acreage (4,133 net acres) directly offsets the Pirate leasehold, and expands the posi"on insouthwest Wilson County to a “hub” of 10,984 net acres. The acquisi"ons also give Lonestar a posi"on in the Eastern EagleFord, adding 5,022 net acres in Brazos and Robertson Coun"es, much of which is surrounded by producers in the AguilaVado (Eagle Ford) Field, also referred to as the El Halcon area of the Eagle Ford Shale trend.


Table 2: Proved & Probable Reserves by Asset Type

The acquisi"ons add 56 operated Eagle Ford Shale loca"ons that are associated with 7,648 of the 13,156 net acres beingacquired. There is poten"al for addi"onal drilling loca"ons via: 1) downspacing on the engineered leasehold; and 2) currentindustry ac"vity offse'ng several of Lonestar’s lease tracts may prove up some or all of the 5,508 net acres of nonengineered leasehold, par"cularly in Brazos County.

In total, Lonestar now has 136 engineered drilling loca"ons, which at expected rates of drilling, gives Lonestar more than 7years of drilling inventory in the Eagle Ford shale. The acquisi"ons also bolster the Company’s produc"on, adding 664BOEPD of recent produc"on. In keeping with Lonestar’s core strategy, roughly 90% of the Eagle Ford loca"ons are onleasehold which is operated by Lonestar. This feature, in combina"on with the fact that roughly twothirds of the 13,156 netacres being acquired are already held by produc"on (HBP), means that Lonestar will be able to largely dictate the pace ofcapital spending.

The acquisi"ons have an effec"ve date of January 1, 2014.


!"#$% !"#$% !"#$%&$#'gory ()*+,- ./012 ()*+,- ./012 ()*+,- ./012.3"4'567'4'%"8'56.3"59:;<=!"#$%&'()*&+,"$% -./01 2/34.565 /.563 263.67/ 0.45- 2445.84/9(:;%:<=(:"$& 4.370 204.-0- 5 25 4.370 204.-0-.3"4'567'4'%"8'56.3"59:;<= >?2@A BCDD?EFE 1?2A> BA>?AF1 F?121 BC>C?F>@

.3"4'567'4'%"8'56G"<6.3"59:;<=!"#$%&'()*&+,"$% 5 25 5 25 5 259(:;%:<=(:"$& /-6 26.0-6 5 25 /-6 26.0-6.3"4'567'4'%"8'56G"<6.3"59:;<= 1EA BA?@EA 2 B2 1EA BA?@EA

.3"4'56H<5'4'%"8'5!"#$%&'()*&+,"$% 7.410 2/14.-08 0.648 277.764 /-.05/ 2414.8709(:;%:<=(:"$& 16/ 21.4-6 5 25 16/ 21.4-6.3"4'56H<5'4'%"8'5 12?22> B1IF?>1I @?ACD BFF?FAC 1@?AAC BCIF?IDF

!"#$%6.3"4'5!"#$%&'()*&+,"$% /8.886 26-8.-78 1.604 2/63.646 4/.350 2874.7/39(:;%:<=(:"$& 6.13/ 216.815 5 25 6.13/ 216.815!"#$%6.3"4'5 1>?CCD BDC>?2@E I?A@C B1A>?ACA CE?E>@ BE@@?A>>

.3"J$J%'6H<5'4'%"8'5!"#$%&'()*&+,"$% 1./-/ 204.148 6.40- 287.555 /5.8/0 2///.1489(:;%:<=(:"$& 5 25 5 25 5 25.3"J$J%'6H<5'4'%"8'5 I?1E1 B@C?ICD A?C@E BDF?222 12?D1@ B111?ICD

.3"4'56K6.3"J$J%'!"#$%&'()*&+,"$% 4/.-78 28/1.6/7 /5.043 2/31.646 64.444 2058.0849(:;%:<=(:"$& 6.13/ 216.815 5 25 6.13/ 216.815.3"4'56K6.3"J$J%' CE?AIE BDF2?I>F 12?@C> B1>I?ACA A@?22A B@I>?11C

."LL;J%'6H<5'4'%"8'5!"#$%&'()*&+,"$% 5 25 8.1-4 278.037 8.1-4 278.0379(:;%:<=(:"$& 5 25 5 25 5 25."LL;J%'6H<5'4'%"8'5 2 B2 D?IEC BFD?@>F D?IEC BFD?@>F

.3"4'5?6.3"J$J%'6K6."LL;J%'!"#$%&'()*&+,"$% 4/.-78 28/1.6/7 /-.635 2434.5/4 60.718 2077.66/9(:;%:<=(:"$& 6.13/ 216.815 5 25 6.13/ 216.815.3"4'5?6.3"J$J%'6K6."LL;J%' CE?AIE BDF2?I>F 1E?A>2 BC>C?21C D2?IED BIIC?>21

M+G,N!OP6P,N+HP&,N O&QHRP,76.P+.,P!R,N .P+S+P)O

6

Table 3: Impact of Acquisi"on on Reserves (as of December 31, 2013)

!39"'6#;% $T%UL $$#93$%6T$L !"#$%!$#'gory (&JJ%L- (&JJ%L- (&&:V- (&'#(- )*";L:"9*#'" +,-12+3"4'"67'4'%"8'"6+3""9:;*.!"#$%&&'()&*+"$% ,-. /0 0/1 234.5 6,03.02 6.53.,27'89%8:;'8"$ 4 4 4 4 64 64+3"4'"67'4'%"8'"6+3""9:;*. /0A 1C C12 1?2A3 4/C?AC1 4A3?A/1+3"4'"67'4'%"8'"6$"*6+3""9:;*.!"#$%&&'()&*+"$% 4 4 4 4 64 647'89%8:;'8"$ 4 4 4 4 64 64+3"4'"67'4'%"8'"6$"*6+3""9:;*. 2 2 2 2 42 42+3"4'"6)*"'4'%"8'"!"#$%&&'()&*+"$% /3-1/ .<0 03,01 13.0- 6/-23<2- 6,,3,.07'89%8:;'8"$ 4 4 4 4 64 64+3"4'"6)*"'4'%"8'" 1?021 A5C C?/C2 2?AC0 4101?510 4//?/AC!"#$%6+3"4'"!"#$%&&'()&*+"$% 13-45 -0- .3250 <3.10 61.-34./ 62.53.0.7'89%8:;'8"$ 4 4 4 4 64 64!"#$%6+3"4'" 2?023 0C0 A?13C 5?A2C 42A0?2A1 41A3?ACAProbable Undeveloped!"#$%&&'()&*+"$% 035/1 2<< 23.,0 .301/ 60503.-< 6-,34447'89%8:;'8"$ 4 4 4 4 64 64+3"J$J%'6)*"'4'%"8'" C?312 155 1?A/C A?C21 4C3C?A05 40/?222+3"4'"666+3"J$J%'!"#$%&&'()&*+"$% ,301/ 142 -3/<- 243105 6,213.50 625<3.0.7'89%8:;'8"$ 4 4 4 4 64 64+3"4'"666+3"J$J%' /?C21 221 0?150 12?2C3 4/12?A3C 4135?ACA+"LL;J%'6)*"'4'%"8'"!"#$%&&'()&*+"$% -3-2< 2-/ 232-0 -3</0 6-.234-4 6,-315,7'89%8:;'8"$ 4 4 4 4 64 64+"LL;J%'6)*"'4'%"8'" 0?015 101 1?10C 0?51C 40A1?202 4/0?23/+3"4'"?6+3"J$J%'666+"LL;J%'!"#$%&&'()&*+"$% 2.3152 <-1 /3<21 2/3.54 623.-<3-00 605034207'89%8:;'8"$ 4 4 4 4 64 64+3"4'"?6+3"J$J%'666+"LL;J%' 1A?231 502 1?512 11?A32 41?A05?0CC 4C3C?21C

79#93'6$'#6P'4'*9'L

6

Table 4: Reserves for Acquired Proper"es (as of December 31, 2013)

!3"#'6$%% &'()L &$#"3$%6'$L !"#$%!$#'gory (*JJ%L- (*JJ%L- (**:V- (*+$,- -.#%L:"".#'# /0112/3"4'#67'4'%"8'#6/3"#":%.2!"#$%&&'()&*+"$% ,-.,/ 012 ,-022 0-34/ 5616-7,3 5334-,328'9:%9;<'9"$ 3-62. 4 6-,., 3-710 52,.-./, 503-/0//3"4'#67'4'%"8'#6/3"#":%.2 3?24C 451 6?267 5?121 8791?754 8C6C?564/3"4'#67'4'%"8'#6&".6/3"#":%.2!"#$%&&'()&*+"$% 4 4 4 4 54 548'9:%9;<'9"$ .. 4 ,/1 2/6 50-126 56-0/6/3"4'#67'4'%"8'#6&".6/3"#":%.2 33 2 975 17A 84?51A 8A?47A/3"4'#6-.#'4'%"8'#!"#$%&&'()&*+"$% 23-2// 2-/./ 22-33/ 2/-042 514/-330 53.3-,108'9:%9;<'9"$ 044 4 .71 .62 531-.3/ 5.-3/6/3"4'#6-.#'4'%"8'# 1C?377 1?737 1C?219 14?AAC 85A9?571 8C35?395!"#$%6/3"4'#!"#$%&&'()&*+"$% 20-144 3-300 2/-760 32-740 52-311-407 5,13-1278'9:%9;<'9"$ 3-11, 4 ,-.33 6-.72 527,-616 5.6-,.4!"#$%6/3"4'# 15?659 C?C44 C2?776 C7?764 81?96A?942 8744?A66/robable Undeveloped!"#$%&&'()&*+"$% 1-270 /,2 ,-267 24-,20 5,./-326 5222-.3,8'9:%9;<'9"$ 4 4 4 4 54 54/3"J$J%'6-.#'4'%"8'# 5?164 791 9?1A6 12?914 8937?C1A 8111?3C9/3"4'#6:6/3"J$J%'!"#$%&&'()&*+"$% 30-470 3-74. 21-1./ 63-333 52-..,-372 504,-0,38'9:%9;<'9"$ 3-11, 4 ,-.33 6-.72 527,-616 5.6-,.4/3"4'#6:6/3"J$J%' C5?235 C?623 C9?453 A4?22A 81?576?43A 8436?11C/"LL%J%'6-.#'4'%"8'#!"#$%&&'()&*+"$% ,-,2. 2,/ 2-2,3 ,-./3 5,62-4,4 51,-0718'9:%9;<'9"$ 4 4 4 4 54 54/"LL%J%'6-.#'4'%"8'# 9?913 197 1?19C 9?37C 89A1?292 859?465/3"4'#?6/3"J$J%'6:6/"LL%J%'!"#$%&&'()&*+"$% 64-/43 3-1/3 32-22. 60-1., 53-34/-632 5011-6628'9:%9;<'9"$ 3-11, 4 ,-.33 6-.72 527,-616 5.6-,.4/3"4'#?6/3"J$J%'6:6/"LL%J%' AA?954 C?57C C7?6A5 92?379 8C?A65?31A 833C?621

;"#"3'6&'#6P'4'."'L

6

Table 5: Proforma Reserves By Asset Type (as of December 31, 2013)


Notes on Reserves:Reserves Repor"ng:In accordance with Australian Securi"es Exchange (“ASX”) Lis"ng Rule 5 and the new repor"ng requirements for oil and gas companies which applied from1 December, 2013, please be advised that:Lonestar’s Proved (1P) and Probable (2P) reserves have been es"mated in accordance with the classifica"on and repor"ng requirements of the Society ofPetroleum Engineers’ – Petroleum Resources Management System (SPE – PRMS). In accordance with LR 5.25.5, Lonestar advises that (a) its reserves es"mates are calculated using a determinis"c approach, under SPEPRMS, and (b) itsreserves are reported according to Lonestar’s economic interest in each of the reserves.Lonestar operates virtually all of its Eagle Ford Shale and Conven"onal proper"es, other than its Conven"onal proper"es in South Texas and East Texas,which are nonoperated.All of Lonestar’s proper"es are held by standard oil and gas lease arrangements. The Company’s WorkingInterest ownership (WI%) and NetRevenueInterest ownership (NRI%) in rela"on to each of its material projects are included in the Company’s investor presenta"ons, which are available on eitherthe ASX website or the Company’s website (www.lonestarresources.com). Wellcost assump"ons are based on historical costs achieved by Lonestar and/or other operators in areas proximate to Lonestar’s acreage. Thereasonableness of these costs is assessed by the independent reserve evaluators. Indica"ve drilling "ming on the Company’s projects is included in the Company’s investor presenta"ons, which are available on the ASX website.The following well spacing assump"ons and other details apply to the Company’s Eagle Ford Shale Proper"es:

Net Acres Well Loca"ons Well Spacing WI NRI OperatorAsherton: 690 8 500’ 97.0% 73.2% LonestarBeall Ranch: 2,318 20 500’ 97.7% 73.3% LonestarBrazo/Robertson: 5,022 25 750’ 99.5% 78.8% LonestarCentavo: 64 8 500’ 11.0% 9.1% ChesapeakGonzo: 3,383 20 700’ 100% 75.0% LonestarLa Salle/Frio: 4,001 12 500’ 73.1% 57.2% VariousPirate: 3,468 21 700’ 98.4% 73.1% LonestarWilson County: 4,133 19 750’ 97.2% 77.8% Lonestar

Qualifica"ons of Petroleum Reserve Evaluators:The Proved, Probable and Possible reserves on the Company’s Eagle Ford Shale proper"es have been independently es"mated as at December 31, 2013,by Mr. William D. Von Gonten, Jr., P.E., and, Mr. Taylor D. Ma!hes, of W. D. Von Gonten & Co. (“Von Gonten”). Messrs. Von Gonten and Taylor are licensedprofessional petroleum engineers and maintain ac"ve membership of the Society of Petroleum Engineers. They are employees of Von Gonten. Von Gontenis an independent petroleumengineering firm. Messrs. Von Gonten and Taylor consent to the inclusion in this report of the informa"on and context in whichit appears.The Proved reserves on the Company’s Conven"onal proper"es have been independently es"mated as at December 31, 2013, by Mr. William M. Kazmann,of La Roche Petroleum Consultants, Ltd. (“La Roche”). Mr. Kazmann is a licensed professional petroleum engineer and maintains ac"ve membership ofthe Society of Petroleum Engineers. He is an employee of La Roche. La Roche is an independent petroleumengineering firm. Mr. Kazmann consents tothe inclusion in this report of the informa"on and context in which it appears.

Defini"ons for Reserves:Proved or 1P Reserves are those quan""es of petroleum, which by analysis of geoscience and engineering data, can be es"mated with reasonable certaintyto be commercially recoverable, from a given date forward, from known reservoirs and under defined economic condi"ons, opera"ng methods, andgovernment regula"ons. Proved Reserves generally have a 90% probability that the quan""es actually recovered will equal or exceed the es"mate. Probable Reserves are those addi"onal Reserves which analysis of geoscience and engineering data indicated are less likely to be recovered than ProvedReserves but more certain to be recovered than Possible Reserves. Probable Reserves generally have a 50% probability that the actual quan""es recoveredwill equal or exceed the es"mate. Possible Reserves are those addi"onal reserves which analysis of geoscience and engineering data indicated are less likely to be recoverable than ProbableReserves. Possible Reserves generally have a 10% probability that the actual quan""es recovered will equal or exceed the es"mate.

Other Defini"ons:“BOE” is barrel of oil equivalent. For purposes of compu"ng such units, a conversion rate of 6,000 cubic feet of natural gas to one barrel of oil equivalent(6:1) is used. The conversion ra"o of 6:1 is based on an energy equivalency conversion method which is primarily applicable at the burner "p and does notrepresent value equivalence at the wellhead.“MBOE” is thousand barrels of oil equivalent.“Net Revenue” is calculated net of royal"es, produc"on taxes, lease opera"ng expenses, and capital expenditures, before Federal Income Taxes.“PV10” or “NPV10” is defined as the future Net Revenues of the Company’s Proved or Probable Reserves, discounted at 10% per annum. The es"matedfuture net revenue values do not necessarily represent the fair market value of Lonestar’s reserves.

Commodity Pricing Used: Lonestar’s es"mated Proved and Probable Reserves, PV10 were determined using index prices determined in accordance with US SEC guidelines for oiland natural gas, without giving effect to deriva"ve transac"ons, and were held constant throughout the life of the proper"es. The unweighted arithme"caverages of the firstdayofthemonth prices for the year ended December 31, 2013 were $96.94 per Bbl for oil and $3.66 per MMBtu for natural gas andfor the year ended December 31, 2012 were $95.05 per Bbl for oil and $2.78 per MMBtu for natural gas. These prices were adjusted by lease for quality,energy content, regional price differen"als, transporta"on fees, marke"ng deduc"ons and other factors affec"ng the price received at the wellhead.


CORPORATE GOVERNANCE

CORPORATE GOVERNANCE STATEMENTThe Board and management of Lonestar recognise the importance of implemen"ng and maintaining high standards ofcorporate governance. With this in mind the Board is adop"ng the approaches outlined by the ASX Corporate GovernanceCouncil in the ‘Corporate Governance Principles and Recommenda"ons 3rd Edi"on’ paper (“ASX Recommenda"ons Paper”).

The principles and recommenda"ons iden"fied in the ASX Recommenda"ons Paper are outlined below along with a summaryor statement of the Company’s prac"ces in rela"on to each recommenda"on, consistent with the ‘why or why not’ approachoutlined in the ASX Recommenda"ons Paper. Where a recommenda"on has not been complied with, reasons have beengiven.

This Corporate Governance Statement is current as at 27 April 2014 and unless otherwise stated, the prac"ces outlinedbelow were in place for the en"rety of the repor"ng period.

PRINCIPLE 1 – LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHTRecommenda"ons 1.11.7

1.1 Roles and Responsibili"es of Board & Management:

The Board Charter, which is on the Company’s website, specifies the respec"ve roles and responsibili"es of the Board andManagement. The Board is responsible for the corporate governance of the Company, including the se'ng and monitoringof objec"ves, goals and corporate strategy. Management is responsible for the day to day running of the Group’s affairs andthe implementa"on of the strategy.

The Board guides and monitors the business of the Company on behalf of its shareholders. Its focus is to enhance theinterests of shareholders and other key stakeholders and ensure the group is properly managed. This includes ensuringinternal controls and repor"ng procedures are adequate and effec"ve. The Board has access to independent advisers whereit iden"fies such a need.

As outlined in the Board Charter, the responsibili"es of the Board include:• Overseeing the Company, including its control and accountability systems;

• Providing input into, and final approval of management’s development of corporate strategy and performanceobjec"ves;

• Appoin"ng and removing the CEO, or equivalent;

• Ra"fying the appointment and, where appropriate, the removal of senior management other than the CEO, includingthe chief financial officer and the company secretary;

• Monitoring senior management’s performance and their implementa"on of strategy;

• Reviewing, ra"fying and monitoring systems of risk management and internal control and legal compliance;

• Approving and monitoring compliance with the Company’s Code of Conduct;

• Ensuring appropriate resources are available to senior management;

• Developing the succession planning of the Company;

• Monitoring the opera"onal and financial performance of the Company;

• Reviewing and approving the Company’s financial statements and (with the assistance of the Audit & Risk Commi!ee)overseeing the Company’s compliance with applicable audit, accoun"ng and repor"ng requirements;

• Ensuring the integrity of the Company's financial repor"ng (with the assistance of the Audit Commi!ee) and otherpublic disclosure through approval and monitoring of such disclosure and the approval of the Company’s con"nuousdisclosure policies;

• Developing the overall approach to corporate governance of the Company, including conduc"ng reviews of thebalance of responsibili"es within the Company to ensure division of func"ons remain appropriate to the needs of theCompany and ensuring the Board func"ons independently of senior management;

• Appoin"ng an external auditor (based on recommenda"ons of the Audit & Risk Commi!ee) as and when required,provided that any appointment made by the Board must be ra"fied by shareholders at the next annual generalmee"ng of the Company;

• Monitoring compliance with the Company's legal obliga"ons;



• Reviewing the adequacy and form of Directors’ compensa"on to ensure it realis"cally reflects the responsibili"esand risks involved in being a Director;

• Providing an orienta"on on the induc"on of each new Director and ensuring the appropriate ongoing educa"on ofDirectors in respect of the Company and its business;

• Making assessments of the effec"veness of the Board, its commi!ees and each Director;

• Establishing a diversity policy and se'ng measurable objec"ves for achieving diversity, and in par"cular genderdiversity, and to assess on at least an annual basis the objec"ves and the progress towards achieving the objec"ves;

• Developing and monitoring controls for the stewardship of subsidiary companies including the establishment ofprocedures for the appointment of directors.

1.2 Appointment of Directors:

The Company’s Cons"tu"on allows the Directors to appoint at any "me a person to be a Director either to fill a vacancy oras an addi"on to exis"ng Directors provided the total number of Directors does not exceed the maximum number specifiedby the Cons"tu"on. The selec"on and reappointment of Directors is ul"mately the responsibility of the Board, but theRemunera"on & Nomina"on Commi!ee assists the Board in carrying out this duty.

Detailed informa"on on the size and composi"on of the Board and the selec"on process for new Directors are included inthe Remunera"on & Nomina"on Commi!ee Charter which is on the Company’s website. Prior to undertaking directorshipappointments the Board undertakes a review of which skills and competencies are required and persons with these quali"esare sought out. Informa"on on new Directors is provided to security holders so that they can make informed decisions onwhether to elect or reelect a Director.

1.3 Agreements with Directors & Senior Execu"ves:

On appointment, new Directors receive and sign a Le!er of Appointment that sets out the terms and policies that apply tothe that person’s role as a Director of the Companys. The new Director is required to sign the Le!er of Appointment pursuantto which they agree to the terms and policies outlined in the Le!er of Appointment. Senior Execu"ves enter into Execu"veService Agreements. These agreements outline the key terms of the execu"ve’s employment with the Group, includingremunera"on, term of employment and key du"es. Further informa"on is included in the Remunera"on Report that formspart of the Directors’ Report in the Annual Report.

1.4 Company Secretary Accountable to the Board:

The Company Secretary is accountable to the Board, as well as to the Managing Director, who is a member of the Board. EachDirector is able to communicate directly with the Company Secretary and vice versa. The decision to appoint or remove aCompany Secretary is reserved to the Board.

1.5 Diversity Policy:

The Company maintains a Diversity Policy that sets out the principles and standards of the Company with respect to diversityand sets out the process for achieving diversity in the workplace. The Diversity Policy covers a range of factors including age,gender, marital status, sexual orienta"on, religious affilia"ons, ethnicity, physical limita"ons, cultural background and otherpersonal factors. It involves a commitment to equality and to the trea"ng of one another with respect. It also includesrequirements for the Board to establish measurable objec"ves for achieving diversity and for the Board to assess both theobjec"ves and the Company’s progress in achieving them. The Diversity Policy is on the Company’s website. The Board hasestablished the following objec"ves in rela"on to gender diversity. The aim is to achieve these objec"ves over "me asdirector and senior execu"ve posi"ons become vacant and appropriately skilled candidates are available. Senior Execu"vePosi"ons is defined as Key Management Personnel.

Actual Actual Company (at 31 Dec 2012) (at Dec 2013) Objec"veNumber % Number % Number %

Number of women employees in the whole organisa"on 10 30 9 33 10 30Number of women in senior execu"ve posi"ons 4 44 0 0 1 20Number of women on the board 0 0 0 0 1 20



1.6 & 1.7 Performance Review of Board & Senior Execu"ves:

The process for evalua"ng the performance of senior execu"ves is outlined the Remunera"on Report which forms part ofthe Directors’ Report. The Board has a Remunera"on & Remunera"on Commi!ee that is made up of nonexecu"ve Directorsonly. A performance assessment for senior execu"ves last took place in March 2014. The Board also undertakes an informalreview of Board composi"on at least annually, but in reality discussions on Board composi"on occur more frequently thanthis. The last review of Board and Commi!ee composi"on last took place in April 2014 following which it was determinedto appoint an addi"onal Director with extensive oil and gas experience in the USA.

PRINCIPLE 2 – STRUCTURE THE BOARD TO ADD VALUERecommenda"ons 2.12.6

2.1 Composi"on of Board & Commi!ees:

The Board seeks to ensure that at any "me, its size and membership represents an appropriate balance of knowledge andexperience and its size is conducive to effec"ve discussion and decisionmaking. The Board is responsible for iden"fying newdirectors and succession planning, and has the op"on to use consultants where necessary. Directors’ qualifica"ons,experience, exper"se and a!endance at Board mee"ngs are outlined in the Directors’ Report. The Board and Commi!eesoperate in accordance with the principles set out in the Board Charter, a copy of which is available on the Company’s website.The Charter includes details of the Board’s composi"on and responsibili"es.

The Board also delegates some responsibili"es regarding Board composi"on to the Remunera"on & Nomina"on Commi!ee,which is made up nonexecu"ve Directors only. However, due to the size of the Company and Board, the nomina"onresponsibili"es are o%en carried out by the full Board. When a vacancy exists, through whatever cause or, where is itconsidered that the Board would benefit from the services of a new director with par"cular skills, the Board considerscandidates with the appropriate exper"se and experience. In so ac"ng, the full board follows the Remunera"on &Nomina"on Commi!ee Charter, which is on the Company’s website.

2.2 Board Skills Matrix:

The Company does not currently maintain a Board skills matrix. This will be developed by the "me the 3rd Edi"on of theASX Recommenda"ons Paper becomes effec"ve. The Board has established two Commi!ees to assist in the execu"on ofits du"es and to allow detailed considera"on of issues. These Commi!ees are the Remunera"on & Nomina"on Commi!eeand the Audit & Risk Management Commi!ee. Minutes of these commi!ee mee"ngs are tabled at Board mee"ngs andma!ers determined by the commi!ees are submi!ed as recommenda"ons for Board decisions. The composi"on and roleof the Audit & Risk Management Commi!ee is detailed in Principle 4. The composi"on and role of the Remunera"onCommi!ee is detailed in Principle 8.

2.3, 2.4 & 2.5 Independence of Directors:

The Chairman of the Company is a nonexecu"ve Director and the Chairman and Managing Director are independent ofoneanother. The majority of the Board are nonexecu"ve Directors albeit that three of the Directors are affiliated withsubstan"al shareholders of the Company. The term and number of securi"es held by Directors and affiliates of Directorsare outlined in the Directors’ Report. The Company’s cons"tu"on specifies that all nonexecu"ve directors re"re from officeno later than the third annual general mee"ng following their last elec"on and that no less than a third of the directorsoffer themselves for reelec"on by rota"on at each Annual General Mee"ng.

2.6 Induc"on & Development of Directors:

On appointment, new Directors receive and sign a Le!er of Appointment that sets out the terms and policies that apply tothat person’s role as a Director of the Company. The new Director is required to sign the Le!er of Appointment pursuantto which they agree to the terms outlined in the Le!er of Appointment. New Directors also enter into a Deed of Indemnity,Access and Insurance, pursuant to which the Company agrees to indemnify and insure them to the extent allowable by law.

PRINCIPLE 3 – ACT ETHICALLY AND RESPONSIBLY

3.1 Code of Conduct:

The Company has Code of Conduct that has been endorsed by the Board and applies to all directors and employees. The Codeis essen"ally a statement of the principles and standards that the Company is encouraged to strive towards in all its dealings.The Code requires that at all "mes all Company personnel act with integrity, objec"vity and in compliance with the le!erand the spirit of the law, and Company policies. The directors are sa"sfied that the Company has complied with its policieson ethical standards, including trading in securi"es. Copies of the Code of Conduct and Securi"es Trading Policy are availableon the Company’s website or on request from the Company Secretary.



PRINCIPLE 4 – SAFEGUARD INTEGRITY IN CORPORATE REPORTING

4.1 Audit & Risk Management Commi!ee:

The Board has an Audit & Risk Management Commi!ee, which meets at least twice a year with addi"onal mee"ngs calledas required. The Audit & Risk Management Commi!ee consists en"rely of nonexecu"ve Directors and is chaired by a nonexecu"ve Director. During the period the Commi!ee consisted of following nonexecu"ve Directors:• Robert Sco! (Nonexecu"ve Director)• Dr Christopher Rowland (Nonexecu"ve Director)

Details of these directors’ qualifica"ons and a!endance at Audit & Risk Management Commi!ee mee"ngs are set out in theDirectors’ Report. All members of the Audit & Risk Management Commi!ee are financially literate and have an appropriateunderstanding of the industry in which the group operates.

The Audit & Risk Management Commi!ee operates in accordance with its charter which is available on the Company’swebsite. The main responsibility of the commi!ee is to assist the Board in the effec"ve discharge of its responsibili"es forfinancial repor"ng, risk management, internal controls and external audit.

Directors are not provided with any addi"onal remunera"on in respect of their Audit & Risk Management Commi!eemembership, other than the Chair of the Audit & Risk Management Commi!ee who receives an addi"onal $10K per annumcompensa"on, given the extensive work around financial repor"ng.

4.2 Declara"ons from CEO and CFO:

In connec"on with the Board’s approval of the Company’s annual financial statements, the Managing Director/CEO and theCFO provide a declara"on that, in their opinion, the financial records of the en"ty have been properly maintained and thatthe financial statements comply with the appropriate accoun"ng standards and give a true and accurate view of the financialposi"on of the en"ty. In rela"on to the 12 months to 31 December 2013, the Chief Execu"ve Officer and Chief Finance &Risk Officer made the following cer"fica"ons:

• That the Company’s financial reports are complete and present a true and fair view, in all material respects, of thefinancial condi"on and opera"onal results of the Company and group and are in accordance with relevant accoun"ngstandards; and

• That the above statement is founded on a sound system of risk management and internal compliance and controlwhich implements the policies adopted by the board and that the Company’s risk management and internalcompliance and control is opera"ng efficiently and effec"vely in all material respects in rela"on to financial repor"ngrisks.

4.3 A!endance of Auditor at AGM:

In twelve months to 31 December 2013, BDO (Audit) WA Pty Ltd served as the Company’s external auditor. A representa"vefrom BDO (Audit) WA Pty Ltd will a!end the AGM and be available to answer shareholder ques"ons about the conduct ofthe audit and the prepara"on and content of the audit report for the period.

PRINCIPLE 5 – MAKE TIMELY AND BALANCED DISCLOSURE

5.1 Policy for Con"nuous Disclosure:

The Company complies with its con"nuous disclosure obliga"ons. Informa"on concerning the Group that a reasonableperson would expect to have a material effect on the price of the Company’s securi"es is disclosed pursuant to lis"ng rulesand applicable laws. The Company maintains a Con"nuous Disclosure Policy which is on the Company’s website. The policysets out the Company’s disclosure prac"ces and policies and the obliga"ons of stakeholders to ensure that the Companysa"sfies its con"nuous disclosure obliga"ons. The Chairman, Managing Director and Company Secretary are all responsiblefor communica"ons with the ASX. This includes responsibility for ensuring compliance with the con"nuous disclosurerequirements in the ASX Lis"ng Rules and overseeing and coordina"ng informa"on disclosure as soon as prac"cable. Thepolicy also sets out the procedure for disclosure.



PRINCIPLE 6 – RESPECT THE RIGHTS OF SECURITY HOLDERS

6.1 Company Informa"on & Governance Prac"ces on Website:

The Company seeks to communicate effec"vely with shareholders, providing access to balanced and straigh(orwardinforma"on about the Company and its opera"ons. This informa"on is shared through releases to the ASX, throughelectronic means such as emails, and via postal means in response to direct requests, as well as through informa"on postedon the Company’s website. The Company’s website enables shareholders and interested members of the public tounderstand the Company’s opera"ons, to consider Company strategies and policies, and review regular financial reports.Informa"on disclosed to the ASX is generally posted on the Company’s website as soon as prac"cable. Historical Companyannouncements and reports are available on the ASX pla(orm or the Company’s website. Informa"on on CorporateGovernance, including access to Policies and Charters, is available on the Company website. The Governance sec"on(including all policies) is accessed by clicking on “About Lonestar” and “Governance” tabs.

6.2 & 6.3 Facilita"on of TwoWay Communica"on with Investors & Par"cipa"on at Mee"ngs:

The Company’s website enables users to provide feedback and direct queries to Company execu"ves or the Board by u"lizingthe “Contact Us” sec"ons. This sec"on allows for any subject to be raised. Submissions on the website are emailed to theCompany and then directed to the appropriate person(s) in the Company for response. In addi"on, the Company facilitatescommunica"ons with shareholders at mee"ngs through:• The Chairman, who provides shareholders with the opportunity to ask ques"ons in rela"on to the Company at the

Company’s AGM and manages ques"on "me to give maximum opportunity for directors and management to speakwith shareholders;

• A representa"ve of the Company’s auditors a!ends the Company’s AGM and responds directly to ques"ons on auditrelated ma!ers; and

• Direc"ng shareholders to raise any ques"ons with the Company at any "me through the Company’s website orthrough direct communica"on with Company personal.

6.4 Receipt of Communica"ons Electronically

The Company has adopted online vo"ng for mee"ngs of security holders. This extends to receipt of mee"ng documenta"onby email instead of hardcopy. The Company’s share registry, Computershare Investor Services Pty Ltd, has establishedsystems for facilita"ng and promo"ng email and internet based communica"ons with security holders, in rela"on to mee"ngsand other share registry services. The Company subscribes to these services. Direc"ons on how to u"lise the online systemsare provided on proxy forms and other relevant registry documenta"on, issued on behalf of the Company.

PRINCIPLE 7 – RECOGNISE AND MANAGE RISK

7.1 Commi!ee to Oversee Risk:

The Board, with the assistance of the Audit & Risk Management Commi!ee, is responsible for ensuring there are adequatepolicies and prac"ces for risk management, compliance and internal control systems. The Commi!ee is chaired by a nonexecu"ve Director and its roles and objec"ves are specified in the Audit & Risk Management Commi!ee Charter, which isavailable on the Company’s website.

The Company maintains a Risk Management Policy that is designed to ensure strategic, opera"onal, legal, financial andbusiness risks are iden"fied, assessed, monitored and managed in order to assist the Company’s performance and minimiserisk. The Board requires the Company, its execu"ves and all other interested par"es to conduct all business ac"vi"es in amanner that complies with the law and within the guidelines of the Company’s Code of Conduct and Risk ManagementPolicy.

The Company has put in place a series of risk assessment procedures, and insurance to minimise risk to either the Companyand/or those represen"ng the Company.

7.2 Review of Risk Management Framework:

During the 12 months to 31 December 2013 the Company undertook an extensive risk assessment, which was overseen bythe Chief Financial & Risk Officer. The risk assessment included the development of a detailed risk matrix. The risk matrixiden"fies risks as either being low, medium or high risk and it also iden"fies the impact on the organisa"on of any suchrisks. Depending on the risk and its impact, the risks are reviewed monthly, quarterly or annually. In addi"on to the riskmatrix the Chief Financial & Risk Officer provided the Board with a detailed paper en"tled Risk Monitoring, Management &Mi"ga"on.



7.3 & 7.4 Internal Audit & Exposure to Economic, Environmental & Social Sustainability Risks:

The Company does not maintain an internal audit func"on. However, the Chief Finance & Risk Officer maintains oversightof organisa"onal risks including financial risk. Some key risks of the en"ty are outlined in the Directors’ Report. In addi"on,the detailed risk matrix (explained in 7.2) has iden"fied a number of economic, environmental and sustainability risks. Whilethe full detail of all the iden"fied risk is too much for disclosure in this Corporate Governance Statement, investors are ableto contact the Chief Finance & Risk officer for further informa"on.

PRINCIPLE 8 REMUNERATE FAIRLY AND RESPONSIBLY

8.1 Remunera"on Commi!ee:

The Remunera"on & Nomina"on Commi!ee consists en"rely of nonexecu"ve Directors and is chaired by a nonexecu"veDirector. The Commi!ee meets at least twice a year with addi"onal mee"ngs called as required. During the period theCommi!ee consisted of following nonexecu"ve Directors:• Bernard Lambillio!e (Nonexecu"ve Director)• Craig Coleman (Nonexecu"ve Director)

Details of these directors’ a!endance at remunera"on commi!ee mee"ngs are set out in the Directors’ Report.

The main responsibili"es of the Commi!ee are to support and make recommenda"ons to the Board on remunera"onma!ers; to review the Company’s remunera"on policies and prac"ces so as to retain and a!ract directors and execu"veswho will best achieve achieving posi"ve outcomes for Company stakeholders; and to ensure the Company acts fairly andresponsibly rewards execu"ves, having regard to the performance of the Company, the performance of the execu"ves andthe external remunera"on environment.

The Remunera"on & Nomina"on Commi!ee operates in accordance with the Remunera"on & Nomina"on Commi!eeCharter which is available on the Company’s website. The commi!ee advises the Board on remunera"on and incen"vepolicies and prac"ces generally, and makes specific recommenda"ons on remunera"on packages and other terms ofemployment for execu"ve directors, nonexecu"ve directors and other senior execu"ves.

The commi!ee also has responsibility for overseeing management succession planning for directors and senior execu"ves.

8.2 Remunera"on of Nonexecu"ve & Execu"ve Directors:

Nonexecu"ve Directors generally receive an annual amount of $50K from the Company for their service as Directors. Atthe 2012 AGM shareholders approved an increase in the Directors’ fee pool from $300K to 600K. This increase was toaccommodate the larger Board of the Company as a consequence of the Lonestar Transac"on. The Managing Director is paidfor his service as an execu"ve of the Group and he does not receive any addi"onal compensa"on for serving as a Director.Directors may receive addi"onal compensa"on from the Company for addi"onal services provided. The full details ofDirector remunera"on is disclosed in the Remunera"on Report which forms part of the Directors’ Report. Nonexecu"veDirectors do not receive any performance based or stock op"on based remunera"on nor are they en"tled to any termina"onpayments. Please refer to the Remunera"on Report for remunera"on details of nonexecu"ve and execu"ve Directors, andthe other Key Management Personnel.

8.3 Equity Based Remunera"on Schemes:

The Company maintains an employee stock op"on plan which is known as the Lonestar Resources Limited 2012 EmployeeShare Op"on Plan (Lonestar 2012 Op"on Plan). Under the Lonestar 2012 Op"on Plan, employees are not permi!ed to entertransac"ons which limit the economic risk of their par"cipa"on in the plan. The Lonestar 2012 Op"on Plan was approvedby shareholders at the 2012 AGM. Please refer to the Company’s announcement on 24 October 2012 for a complete copyof the Lonestar 2012 Op"on Plan along with the terms that apply to op"ons issued under the plan. Please also refer to theRemunera"on Report for further informa"on on the equity based remunera"on prac"ces of the Company.


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BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO (Australia) Ltd ABN 77 050110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO (Australia) Ltd are members of BDO International Ltd, a UK company limitedby guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional StandardsLegislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania.

Tel: +8 6382 4600Fax: +8 6382 4601www.bdo.com.au

38 Station StreetSubiaco, WA 6008PO Box 700 West Perth WA 6872Australia

DECLARATION OF INDEPENDENCE BY PHILLIP MURDOCH TO THE DIRECTORS OF LONESTARRESOURCES LIMITED

As lead auditor of Lonestar Resources Limited for the year ended 31 December 2013, I declare that, tothe best of my knowledge and belief, there have been no contraventions of:

• the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

• any applicable code of professional conduct in relation to the audit.

This declaration is in respect of Lonestar Resources Limited and the entities it controlled during theperiod.

Phillip Murdoch

Director

BDO Audit (WA) Pty Ltd

Perth, 28 March 2014


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Reference Title Nature of Change Applicationdate ofstandard

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Tel: +8 6382 4600Fax: +8 6382 4601www.bdo.com.au

38 Station StreetSubiaco, WA 6008PO Box 700 West Perth WA 6872Australia

BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO (Australia) Ltd ABN 77 050110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO (Australia) Ltd are members of BDO International Ltd, a UK company limitedby guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional StandardsLegislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania.

INDEPENDENT AUDITOR’S REPORT

To the members of Lonestar Resources Limited

Report on the Financial Report

We have audited the accompanying financial report of Lonestar Resources Limited, which comprisesthe consolidated statement of financial position as at 31 December 2013, the consolidated statementof profit or loss and other comprehensive income, the consolidated statement of changes in equity andthe consolidated statement of cash flows for the year then ended, notes comprising a summary ofsignificant accounting policies and other explanatory information, and the directors’ declaration of theconsolidated entity comprising the company and the entities it controlled at the year’s end or fromtime to time during the financial year.

Directors’ Responsibility for the Financial Report

The directors of the company are responsible for the preparation of the financial report that gives atrue and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001and for such internal control as the directors determine is necessary to enable the preparation of thefinancial report that gives a true and fair view and is free from material misstatement, whether due tofraud or error. In Note 1, the directors also state, in accordance with Accounting Standard AASB 101Presentation of Financial Statements, that the financial statements comply with InternationalFinancial Reporting Standards.

Auditor’s Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted ouraudit in accordance with Australian Auditing Standards. Those standards require that we comply withrelevant ethical requirements relating to audit engagements and plan and perform the audit to obtainreasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial report. The procedures selected depend on the auditor’s judgement, including theassessment of the risks of material misstatement of the financial report, whether due to fraud or error.In making those risk assessments, the auditor considers internal control relevant to the company’spreparation of the financial report that gives a true and fair view in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the company’s internal control. An audit also includes evaluating the appropriatenessof accounting policies used and the reasonableness of accounting estimates made by the directors, aswell as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion.


Independence

In conducting our audit, we have complied with the independence requirements of the CorporationsAct 2001. We confirm that the independence declaration required by the Corporations Act 2001, whichhas been given to the directors of Lonestar Resources Limited, would be in the same terms if given tothe directors as at the time of this auditor’s report.

Opinion

In our opinion:

(a) the financial report of Lonestar Resources Limited is in accordance with the Corporations Act2001, including:

(i) giving a true and fair view of the consolidated entity’s financial position as at 31 December2013 and of its performance for the year ended on that date; and

(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and

(b) the financial report also complies with International Financial Reporting Standards as disclosed inNote 1.

Report on the Remuneration Report

We have audited the Remuneration Report included within the directors’ report for the year ended 31December 2013. The directors of the company are responsible for the preparation and presentation ofthe Remuneration Report in accordance with section 300A of the Corporations Act 2001. Ourresponsibility is to express an opinion on the Remuneration Report, based on our audit conducted inaccordance with Australian Auditing Standards.

Opinion

In our opinion, the Remuneration Report of Lonestar Resources Limited for the year ended 31December 2013 complies with section 300A of the Corporations Act 2001.

BDO Audit (WA) Pty Ltd

Phillip Murdoch

Director

Perth, 28 March 2014


SHAREHOLDER INFORMATION


GLOSSARY AND MEASURES AGAAP Australian Generally Accepted Accoun"ng PrinciplesAGM Annual General Mee"ngAIFRS Australian Interna"onal Financial Repor"ng StandardsASX Australian Securi"es Exchange LimitedATO Australian Taxa"on OfficeBBLS Barrels (oil measure)BCF Billion cubic feet (gas measure)BO Barrels of oilBOPD Barrels of oil per dayBOE Barrels of oil equivalent, using a conversion ra"o of six mcf of gas to 1BOBOEPD Barrels of oil equivalent per dayCGC Corporate Governance CouncilEBITDA Earnings before Interest Tax, Deprecia"on & Amor"sa"onE&P Explora"on & produc"onFY Financial yearLNR Lonestar Resources Limited (ASX Code)MCF Thousand cubic feet (gas measure)MBO Thousand barrels of oilMBOE Thousand barrels of oil equivalent MMCF Million cubic feet (gas measure)MMBO Million barrels of oilMMBOE Million barrels of oil equivalent NET ACRES Gross acres x working interestNET WELLS Gross well x working interestP&A Plugged & AbandonedPDP Proved developed producing reservesPDNP Proved developed nonproducing reservesPUD Proved undeveloped reservesROI Return on InvestmentWTI West Texas Intermediate

CAUTIONARY & FORWARD LOOKING STATEMENTS This Annual Report includes forwardlooking statements. These statements relate to Lonestar’s expecta"ons, beliefs,inten"ons or strategies regarding the future. These statements can be iden"fied by the use of words like “an"cipate”,“believe”, “intend”, “es"mate”, “expect”, “may”, “plan”, “project”, “will”, “should”, “seek” and similar words or expressionscontaining the same or similar. These forwardlooking statements reflect the Company’s views and assump"ons with respectto future events as of the date of this Annual Report and are subject to a variety of unpredictable risks, uncertain"es, andother unknowns. Actual and future results and trends could differ materially from those set forth in such statements due tovarious factors, many of which are beyond Lonestar’s ability to control or predict. Given these uncertain"es, no one shouldplace undue reliance on any forwardlooking statements a!ributable to Lonestar, or any of its affiliates or persons ac"ng onits behalf. Although every effort has been made to ensure this report sets forth a fair and accurate view, Lonestar disclaimsany obliga"on to update or revise any forwardlooking statements, whether as a result of new informa"on, future eventsor otherwise.


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LONESTAR RESOURCES LIMITED AND CONTROLLED ENTITIES …

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