May 2012

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The information in this presentation is in summary form and should not be relied upon as a complete and accurate representation of New Guinea Energy Ltd and or its various business activities. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information purposes only. No representation or warranty, express or implied, is or will be made by New Guinea Energy or its officers, directors, employees or advisers as to the fairness, accuracy,

l t t f th i f ti i i d l i t i d i i li d b thi t ti t th bl f ticompleteness or correctness of the information, opinions and conclusions contained in, or implied by, this presentation, or as to the reasonableness of any assumption, forecasts, prospects or returns contained in, or implied by, this presentation or any part of it. The presentation may include information derived from third party sources that has not been independently verified.

This presentation should be read in conjunction with the 2011 Annual Report of New Guinea Energy and other periodic and continuous disclosure announcements that have been lodged by New Guinea Energy with the Australian Securities Exchange.

This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of New Guinea Energy and certain l d bj ti f th t f N G i E F d l ki t t t ll b id tifi d b th f d h ‘ j t’ ‘f ’ ‘ l ’plans and objectives of the management of New Guinea Energy. Forward-looking statements can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’,

‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. Indications of, and guidance on, production targets, targeted output, development or timelines, exploration or expansion timelines, infrastructure alternatives and financial position and performance are also forward-looking statements.

Any forecast or other forward-looking statement contained in this presentation involves known and unknown risks and uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of New Guinea Energy, and may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements.

The forward-looking statements included in this presentation involve subjective judgment and analysis and are subject to significant business, economic and competitive uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to New Guinea Energy. Given these uncertainties, you are cautioned not to place undue reliance on forward-looking statements. These forward-looking statements are based on information available to us as of the date of this presentation. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward-looking statements.

This presentation is provided for informational purposes only and is subject to change without notice. Subject to any obligations under applicable laws, regulations or securities exchange listing rules, New Guinea Energy disclaims any obligation or undertaking to release any updates or revisions to the presentation to reflect any change in e pectations or ass mptions Nothing in the presentation sho ld be interpreted to mean that f t re earnings per share of Ne G inea Energ ill necessaril match or e ceedexpectations or assumptions. Nothing in the presentation should be interpreted to mean that future earnings per share of New Guinea Energy will necessarily match or exceed its historical published earnings per share, or that there has been no change in the affairs of New Guinea Energy since the date of the presentation.

This presentation does not constitute investment, legal, taxation or other advice and the presentation does not take into account your investment objectives, financial situation nor particular needs. You are responsible for forming your own opinions and conclusions on such matters and should make your own independent assessment of the information contained in, or implied by, this presentation and seek independent professional advice in relation to such information and any action taken on the basis of the information.

References to dollars cents or $ in this presentation are to Australian currency unless otherwise statedReferences to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

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INDEX

I PNG – WORLD CLASS E&P DESTINATION

II NEW GUINEA ENERGY CORPORATE OVERVIEW, ASSETS AND EXPLORATION PROGRAMS

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I PNG – WORLD CLASS E&P DESTINATION

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PNG – WORLD CLASS E&P DESTINATION

Government

• Independence in 1975, pro-development

• Constitutional parliamentary democracy

• Excellent fiscal terms, ranked 8th in the world

Close HistoricalTies with Australia

• Australia is PNG’s largest aid donor; 2011-12 aid of $482M1

LNG Exports from 2014g ; $

• Major investment by Australian energy and mining sectors

PNG Oil and Gas Industry

Gl b l LNG d d h f 6% f h f h d d 2• Global LNG demand growth of 6% p.a. for the rest of this decade2

• Asia is 60% of global LNG trade3 with regional demand forecast to continue to outstrip supply

• Limited portfolio acreage available in Asia

E M bil i US$16B PNG LNG d i• ExxonMobil consortium: US$16B PNG LNG under construction

• Shell and Mitsubishi are the latest major entrants into PNG

51 AusAID http://ausaid.gov.au/country/papua.cfm 3 BP Statistical review of world energy 20112 Shell: ASEAN Energy Business Forum, Brunei, September 21, 2011

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PNG OIL & GAS INDUSTRY PARTICIPANTS

Chinese Petroleum Co

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OVERVIEW OF PNG PLAYS

2 T f2+Tcf10+Tcf

Gas/LNG9Tcf

Gas/LNG

Oil/Condensate

Reserves discoveries

1Tcf

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OVERVIEW OF PNG PLAYS

2Tcf

2.7Tcf

1.2Tcf

50+mmbbl

8mmbbl 0.8Tcf

0.5Tcf6.7Tcf

25mmbbl 44mmbbl

75mmbbl

227mmbbl

80mmbbl9 1Tcf Gas/LNG

0.8Tcf

0.8Tcf0.7Tcf

31mmbbl9.1Tcf

120mmbblGas/LNG

Oil/Condensate

Reserves discoveries

InterOil led

Talisman led

Exxon led PNG LNG

1Tcf

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WESTERN PROVINCE LNG CONCEPT1

Gas Gathering System

• 2 Onshore aggregation hubs

• A common element for all thedevelopment options is thedevelopment of the gas gatheringfacilities and network

• Consists of an onshore systemthat is a network of flow lines,pipelines compression stationspipelines, compression stationsetc. That link the onshore fieldsto the final development option.

91 Talisman Energy “Western Province Exploration Update” 1 December, 2011. PNG Petroleum Seminar

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II NEW GUINEA ENERGY CORPORATE OVERVIEW, ASSETS AND EXPLORATION PROGRAMSASSETS AND EXPLORATION PROGRAMS

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High Potential Exploration Portfolio

NEW GUINEA ENERGY CORPORATE OVERVIEWHigh Potential Exploration Portfolio

• First mover advantage on Western Province acreage

• 6 onshore licences, 44800km2 (11M acres)1, 50-100% interest

• Balanced portfolio of both oil and gas prospects with >8500mmboe unrisked PIIP1IBalanced portfolio of both oil and gas prospects with 8500mmboe unrisked PIIP

• 1Q 2012 transactions with ExxonMobil and Oil Search and between Mitsubishi andTalisman value NGE’s equity in 3 licences alone at more than $120M (US)

Relatively Low-Cost Execution Capability

• Local focused team lead by PNG Nationals

• Operator for 4 licencesI 60

80

100

60

80

100

km

NGE Seismic Acquisition Costs

p

• 50% owner of drilling rig to lower exploration costs

• Low overheads0

20

40

60

0

20

40

60

PPL267 YalisI PPL267  YalisII PPL269  Tania PPL265 JeraiNorth

PPL266

US

$k/

k

km

North

Distance NGE Cost Benchmark Cost

1 Prior to PPL277 Sale and Royalty I1 Undiscovered Petroleum Initially in Place11

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CAPITAL STRUCTURET di St ti ti

ASX Code: NGEOTCQX Code: NGELY# of Shares Listed: 846,541,193 (ASX:OTCQX = 50:1)

Market Cap: A$53 million at $0 062

Trading StatisticsApril 2012

Last $0.062

High $0.071Market Cap: A$53 million at $0.062

Options: 2,000,000 exercisable @ $0.25 before 28 December 20123,000,000 exercisable @ $0.25 before 27 December 2012

61 700 000 exercisable @ $0 45 before 1 October 2014

Low $0.049

Highest Daily Volume (20/04/12)

13,784,113

61,700,000 exercisable @ $0.45 before 1 October 20142,500,000 exercisable @ $0.45 before 27 July 2014

400,000 exercisable @ $0.45 before 7 February 2016

Rights:15,000,000 exercisable on 1 July 2012 at nil consideration with an expiry of 1 October 2014

12 Months

Last $0.062

High $0.15

Low $0.04

Convertible Bonds:A$20.5m in Principal of Convertible Equity Bonds redeemable at $0.20 with a five year term – maturing 30 May 2016

Highest Daily Volume (20/04/12) 13,784,113

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NGE CORPORATE DIRECTORYSTRONG ENERGY & PNG EXPERIENCE

BOARDMichael Arnett - Executive Chairman A lawyer with over 20 years’ experience in capital raising and M&A in the mining, oil and gas sector. A director of NRW Holdings Limited, Nexus

MANAGEMENT

Grant Worner - Chief Executive Officer

A chemical engineer who spent 22 years with BP in E&P, Trading, R fi i d M k ti i l di 12 i t ti l i i mining, oil and gas sector. A director of NRW Holdings Limited, Nexus

Energy Limited, Global Resources Limited and Queensland Energy Resources Limited.

Sir Michael Bromley KBE - Non-Executive Director

Over 40 years’ commercial experience in PNG rising to MD of Collins and Leahy (sold to Swire). Past board memberships in Air Niugini, Orogen

Refining, and Marketing, including 12 years international experience in Belgium, the United Kingdom and the United States of America.

Dan Kendrick - General Manager, Technical and Operations

A structural geologist with over 15 years’ experience including extensive experience in both Papua New Guinea and Irian Jaya.

Leahy (sold to Swire). Past board memberships in Air Niugini, Orogen Minerals, and Chemica Limited and current director of Heli Niugini Limited, Steamship Trading Company Ltd and Maps Tuna Limited.

Andrew Kent - Non-Executive Director

Over 40 years’ international equities and media experience.

John-Paul McDonald - Project Manager

Prior to joining New Guinea Energy Ltd, John – Paul had 8 years’ experience working for a number of trading companies in PNG including Collins & Leahy in the Highlands and Island regions and Steamships Trading in Port Moresby. His role is operational, primarily managing

Andrew Martin - Non-Executive Director

Extensive experience in the services and supplies sector of the resources industry in Australia and his previous directorships include, Sydney Gas Limited, Sunshine Gas Limited and Ord River Resources Limited.

Andrew Young - Non-Executive Director

company assets, employees, logistics and budgets.

Extensive oil and gas industry experience having held technical, management and board positions in major and small E&P and contract service companies. Previously a director of Anzon Australia Limited and currently a director of Digitalcore Pty Ltd.

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EXPLORATION PORTFOLIO

• 6 onshore licences, 44800km2, 50-100% interest

• Balanced portfolio of both oil and gas prospects

• >8500mmboe unrisked PIIPI8500mmboe unrisked PIIP

1Q 2012 transactions value NGE’s equity in just 3 licences at more than $120M

Licence Unrisked PIIP (mmboe)

Prospects/ Leads

NGE Value (US $M)

Licence Unrisked PIIP (Tcf)

Prospects/ Leads

NGE Value(US $M)

Predominantly Oil Plays Predominantly Gas Plays

(mmboe) / Leads (US $M)

PPL265 >2000 14

PPL267 1700 1015 + 20 +

(Tcf) / Leads (US $M)

PPL266 3 14

PPL268III 1 9 13 + 6IV

PPL269III 12 34 64PPL277II 2200 1315 + 20 + Royalty

PPL269III 12 >34 64

141 Undiscovered Petroleum Initially in Place 1I To ExxonMobil and Oil Search 1II Mitsubishi Farm-in 1V Talisman First Well Carry

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IMPENDING GROWTH CATALYSTS1st Half 2012

• PPL265 seismic acquisition

• PPL266 seismic acquisition

• New drilling rig in PNG

• PRL3 P’nyang Appraisal Well (Regional activity)

• PRL21 Elevala Appraisal Well (Regional activity)

• PRL21 Ketu Appraisal Wells (Regional activity)

• PPL277 Sale and Royalty

• Mitsubishi enter Western Province

2nd Half 2012

• PPL235 Weimang Exploration Well (Regional activity)

• Stanley Field Final Investment Decision (Regional activity)

• PPL235 Puk-Puk 2 Appraisal Well (Regional activity)• PRL11 Trapia Exploration Well

• Drilling rig deployment

• PPL265 Jerai North Exploration Well1J p

• PPL266 Exploration Well1

2013

PPL268 E l ti W ll1• PPL268 Exploration Well1

• PPL269 Exploration Well1

1 Exploration wells assume economic targets are identified from earlier seismic acquisition15

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PPL 277 – SALE AND ROYALTY

PPL 277 Context

• Licence covering 8,022km2 in the mountainous PNG Highlands parallel to PNG LNG infrastructure

• Highly prospective with potentially 10,000Bcf PIIP1 but very expensive, even for PNG standardsg y p p p y , y p ,

• Exploration involves high technical and social risks

Sale and Royalty Rationale

• Link part of NGE’s growth to the expansion of the ExxonMobil led PNG LNG project • Link part of NGE s growth to the expansion of the ExxonMobil led PNG LNG project

• Without taking the risks and no capital obligations

• Retain exploration upsides and potential source of ongoing revenue

• Early cash to finance other exploration activities • Early cash to finance other exploration activities

NGE ValueII

• $15M initial sale + $20M on grant of Petroleum Development Licence + Royalty

• Nominal value to NGE for recovered petroleum from PPL 277 in table below:

161 Undiscovered Petroleum Initially in Place 1I Applying current economic parameters and assuming factors and contingencies which are outside NGE’s control

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PPL 277 2012 ACTIVITY • PRL11 Trapia exploration well in 1H12 by ExxonMobil and Oil Search

• Seismic acquisition

• Gain government approvals for work obligation variation and licence extension

Proposed 18km Seismic LinePRL11PPL277PRL11

Trapia‐1Rig Pad Location

(Proposed)

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PNG LNG infrastructure to Kutubu and Port Moresby

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PPL 2692000mmboe unrisked PIIP1

4 prospects and 30+ leads

Predominantly a gas playA il 2012 t ti l 650 l

y g p y

NGE Activity

• Regional seismic acquired in 2011

April 2012 – potential 650m gas column

• Siphon-1 Exploration well drilled as technical success but uncommercial. Plugged and abandoned.

• Seismic in 1H12 to identify drill locationy

• Drilling planned in 2013 II

Regional Activity

• PRL3 P’nyang (1-2Tcf) Appraisal well in 1H12 by ExxonMobil and Oil Search

• PRL21 Elevala and Ketu Appraisal wells in 1H12

• PRL4 Stanley Liquid Stripping Plant FID

• Talisman gas aggregation strategy

• Mitsubishi farm-inJan 2012 – 50m gas column

1 Undiscovered Petroleum Initially in Place 1I Assuming economic targets are identified from earlier seismic acquisition18

April 2012 – 50m gas column

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PPL 268>200mmboe unrisked PIIP1

9 leads

Southern margin of Cecilia Trough gas kitchenApril 2012 – 50m gas column g g g

Predominantly a gas play

NGE Activity

April 2012 50m gas column

Jan 2012 – 50m gas column

• Regional seismic acquired in 2011

• Seismic in 1H12 to identify drill location

• Planned drilling in 2013II

Regional Activity

• PRL21 Elevala and Ketu Appraisal Wells

• Reservoir potential upgraded by recent p pg yPuk Puk-1 and Douglas-1 gas discoveries on trend

• Talisman gas aggregation strategy

• Mitsubishi farm-in

• Proximity to LNG route

191 Undiscovered Petroleum Initially in Place 1I Assuming economic targets are identified from earlier seismic acquisition

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PPL 266550mmboe unrisked PIIP1

1 drillable prospect and 13 leads

Predominantly a gas play

NGE Activity

• Regional aerogravity data suggests likely hydrocarbon migration pathways into hydrocarbon migration pathways into PPL266

• Seismic in 1H12 to identify drill location

• Planned drilling in 2012IIPPL 235

Regional Activity

• Reservoir potential upgraded by recent Puk Puk-1 and Douglas-1 gas discoveries

PPL 235

Puk Puk 1 and Douglas 1 gas discoveries on trend

• PPL235 Weimang Exploration Well 1H12

• PPL235 Puk-Puk 2 Appraisal Well 2H12

• Proximity to potential LNG route

201 Undiscovered Petroleum Initially in Place 1I Assuming economic targets are identified from earlier seismic acquisition

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PPL 265>2000mmboe unrisked PIIP1

14 leads

Predominantly an oil play

NGE Activity

• 2009 aerogravity and magnetics survey

• 100km seismic to identify drill location• 100km seismic to identify drill location

• Planned drilling in 2012II

Regional Activity

• Proximity to potential LNG route

Modelled Morehead Graben oil kitchen

211 Undiscovered Petroleum Initially in Place 1I Assuming economic targets are identified from earlier seismic acquisition

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PPL 2671700mmboe unrisked PIIP1

10 leads

35 API oil from seep identifies oil play in foreland

Predominantly an oil play

NGE Activity

• 2006 and 2008 seismic acquired over • 2006 and 2008 seismic acquired over Panakawa Prospect with surface seep flowing at 5 bbls/day

• Well spudded in June 2010 and was plugged and abandoned

• Residual gas shows over 150m, significant C6+

Regional Activity

• 100km trend of oil seeps identified

• Proximity to LNG route

221 Undiscovered Petroleum Initially in Place

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DRILLING RIG

Drilling Rig Context

• Unprecedented level of drilling activity - 8 wells in2011 in the Western Province alone

• Few (< 5) suitable available drilling rigs in PNG• Few (< 5) suitable, available drilling rigs in PNG

• Constrained drilling activity and high costs

Mitigation

• NGE a 50% JV partner owning a fit-for-purposedrilling rig optimised to move with a medium-lifthelicopter in loads of less than four tonsp

• Further strengthens NGE’s strategic low costoperations advantage

• Becomes an additional source of revenue whend b h b d PNG il d i dused by the broader PNG oil and gas industry

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NEW GUINEA ENERGY CONTACT DETAILS

S dSydneyNew Guinea Energy LtdSuite 401Level 4

Port MoresbyNew Guinea Energy LtdLevel 5Pacific MMI Building

2-10 Loftus StSydney NSW 2000T: +61 (0) 2 9252 0010F: +61 (0) 2 9252 0039

Pacific MMI BuildingChampion Parade Port Moresby PNGT: +675 321 1785F: +675 321 1782( )

W: www.ngenergy.com.auE: office@ngenergy.com.au

F: +675 321 1782

USAUSACooper Global Communications245 Park Ave., 39th Fl.New York, New York 10167P: (212) 209-7360F: (212) 792-4001E:jzimmons@cgc-us.com

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