AWE LIMITEDMITCH ELLIS, Manager Non-Operated Assets and Chief Reservoir Engineer

QUPEX, Brisbane21 February 2017

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Disclaimer

This presentation may contain forward looking statements that are subject to risk factors associated with the oil and gas businesses. It is believed that the expectations reflected in these

statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including

but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical

risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and

cost estimates.

This presentation may also contain non-IFRS measures that are unaudited but are derived from and reconciled to the audited accounts. All references to dollars, cents or $ in this presentation

are to Australian currency, unless otherwise stated.

Reserves and Resources. The reserves and resources in this presentation are based on and fairly represent information and supporting documentation prepared by and under the

supervision of qualified petroleum reserves and resource evaluators: Dr. Suzanne Hunt, AWE Manager for Engineering and Development, and Mr. Andrew Furniss, AWE General Manager for

Exploration and Geoscience. Dr. Hunt, a Petroleum Engineer with a Ph.D. in Geomechanics, is a member of the Society of Petroleum Engineer Engineers and has over 19 years’ experience in

the petroleum sector in geoscience, field development planning, reserves estimation, production and facilities engineering. Mr. Furniss, a member of the Society of Petroleum Engineers and

the American Association of Petroleum Geologists, holds an MSc in Exploration Geophysics and a BSc (Hons) in Geological Sciences and has over 25 years’ of industry experience in strategic

planning, portfolio management, prospect evaluation, technical due diligence and peer review, reserves and resource assessment, the application of advanced geophysical technology and

business development. Both have consented in writing to the inclusion of this information in the format and context in which it appears.

AWE reserves and contingent resources are estimated in accordance with the following:

– SPE/AAPG/WPC/SPEE Petroleum Resources Management System guidelines of November 2011;

– SPEE Monograph 3 “Guidelines for the Practical Evaluation of Undeveloped Reserves in Resource Plays”;

– ASX Disclosure rules for Oil and Gas Entities, Chapter 5; and

– ASX Listing Rules Guidance Note 32.

All material changes in reserves and contingent resources are presented to the AWE Reserves Committee. The Committee meets as a minimum every six months, or when any material

change occurs, to review and endorse reserves and contingent resource estimates. The endorsed reserves and contingent resources evaluations are reported to the AWE Audit and

Governance Committee and form an integral part of the half year and annual financial reporting.

AWE applied deterministic methods for reserves and contingent resource estimation for all assets. The reserves were estimated at the lowest aggregation level (reservoir) and aggregated to

field, asset, basin and company levels. Estimated contingent resources are un-risked and it is not certain that these resources will be commercially viable to produce.

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1. AWE Overview

2. Waitsia Discovery

3. Waitsia Development

4. Waitsia Significance

Agenda

AWE Re-focussed Business

• Given the volatility in global oil prices, our near-termstrategy is focused on extracting maximum value fromdomestic gas assets, where we have exposure toanticipated price increases in both the east and westcoast markets over the next two to three years.

• In the west, the temporary over-supply in the spotmarket is expected to be absorbed and long termdomestic demand remains resilient.

• Customers are looking for diversity of gas producersand our Waitsia operation has the advantage of beingrelatively close to Perth and existing pipelineinfrastructure.

• In December 2016 AWE announced the sale of its57.5% interest in the Tui area oilfields in NZ,significantly reducing AWE’s future abandonmentliabilities. The transaction marked the end of AWE’sprogram of divesting non-core and late life assets

Reserves & Resources at 30 June 2016

2P Reserves plus 2C Resources totalled 173.5 mmboe at 30 June 2016 5

AWE Acreage in WA

• AWE has a substantial Acreageposition in the North Perth Basin;

• AWE has an interest in asignificant number of gas and oilproduction facilities (Xyris,Dongara, Mt Horner, BeharraSprings, Woodada);

• AWE’s acreage has access to bothmajor pipelines (DBNG, Parmelia)to southern markets;

• AWE actively markets gas tocustomers (Industrial, Distribution)

6Significant Acreage and Facility Position

Growing WA Resources Position

7Significant Reserves & Resources Position in Perth Basin

1. AWE Overview

2. Waitsia Discovery

3. Waitsia Development

4. Waitsia Significance

Agenda

Waitsia Fundamentals

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Permit: L1/L2 Waitsia Gas Project AWE 50%(Operator), Origin 50%

Location: the Waitsia gas fields are located onpastoral land in the Shire of Irwin, about 14.5kilometres east of Dongara and 367 km north ofPerth.

AWE has basin-dominant position with multi-TCF potential:

o Conventional + Tight Sand + Shale

o Strategy to build a material domestic gas business

o Early & low cost development via existing infrastructure

o Attractive WA gas market options

o Exploration & Appraisal success at Irwin, Synaphea, Waitsia and Senecio

Dongara Production Facility

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PERMO-TRIASSIC PETROLEUM SYSTEM

Senecio-3Kockatea Shale Regional Seal

Oil and Gas Prone Source RockUnconventional target

DONGARA/WAGINA PLAY12 commercial discoveries

DongaraBeharra Springs Senecio/Irwin

Carynginia FormationRegional Seal

Gas Prone Source RockUnconventional Target

Irwin River Coal MeasuresGas Prone Source RockUnconventional Target

KINGIA/HIGH CLIFF PLAY>20 wells in basin without

commercial successWaitsia

Permo-Triassic petroleum system & plays

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Waitsia north culmination Waitsia south culmination

Seismic control• 3D seismic coverage of varying vintages: 1994-2013.

• Moderate quality but sufficient to map Top Kingia horizon. Current re-processing project.

• Faults initiated in Early Permian with further growth in E-M Jurassic

• Steep planar faults indicative of oblique rifting of basement fabric

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12Top Dongara fault pattern

Structure• Low-side fault closure

of ~50 km2

• Crest at 3000m with 350m gross gas column

• Trap defined by Mountain Bridge & Senecio faults

• Senecio fault seals despite small throw

• Stress suggests W-E faults prone to re-activation – not the case.

Depth map Top Kingia horizon12

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Kingia & High Cliff correlation• Gross thickness 150-200m

• Beach & shoreface setting

• Quartz sand composition

• Intervals of good porosity >11% in Kingia & High Cliff

good reservoir net sand marker

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High Perm. vs Low Perm. Sandstone Comparison

Senecio/Synaphea/Irwin FieldsDongara/Wagina ReservoirPervasive Quartz Cement with localised primary but common

secondary porosity (blue)

Waitsia FieldKingia/High Cliff Reservoir

Clay Rims prevent Quartz Cementation & preserve abundant primary porosity

(blue)

Porosity 7-11%; Permeability 0.1 - 10 mDPorosity >11%; Permeability 10 - 100+ mD

0 0.2 mm0 0.2 mm

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Good reservoir is diagenetically controlled

log porosity data from

offset wells

• Porosity controlled by diagenesis NOT depth

• Clay rim formation not understood but likely to be influenced by depositional environment

• Most Kingia wells have some good reservoir –deepest to date 3750m

• High Cliff more variable

• Wagina reservoir in Beharra Springs field is a direct analogue

GOODTIGHT

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Waitsia FieldKingia/High Cliff 3D Model

• Gross gas column of 350m

• Area 50 km2

Status: Further Appraisal &

Development Planning

Conceptual Development Plan

• Early start-up with connection of S-3, W-1 & W-2 to existing Xyris Facility

• Full-field development with 20 vertical or deviated producers connected to a centralised processing facility

• Plant capacity 100TJ/d

• Potential expansion through further resource to reserves conversion

Depth Top Kingia with GWC @ 3348 m SSTVD

Irwin-1

Waitsia-2

Senecio-3

Waitsia-1

view towards the north west

GWC

1. AWE Overview

2. Waitsia Discovery

3. Waitsia Development

4. Waitsia Significance

Agenda

Discovery sequenceDate Activity Result

2005 Senecio-1/2 • Dongara TIGHT GAS discovery

2013 Irwin 3D • Improved mapping – Senecio 1/2 in local fault zone

2014 Senecio-3 • Dongara better quality reservoir (not tested)• Well deepened due to very high gas shows • Kingia/High Cliff CONVENTIONAL GAS discovery• Testing confirmed high flow potential

2015 Irwin-1 • Dongara TIGHT GAS discovery (not tested)• Kingia secondary target wet as expected but good

quality reservoir

Waitsia-1 • Confirmed lateral extent of Kingia/High Cliff reservoir • Defined GWC• Testing further confirmed high flow potential

Waitsia-2 • Confirmed field extension to south (not tested)

Pre-Senecio-3• 19 wells drilled for Dongara targets in Waitsia area but terminated

before reaching Kingia/High Cliff• Perceived poor reservoir quality & problem with cross-fault seal 18

Major success at Waitsia• Waitsia-1 – HCSS – Oct 2015

• 3382.2 – 3405.5mMDRT (23.5m)

• Max Rate 21 MMscf/d at 2509psia FTP

• Average Perm 12.5md from test

• Accessed OGIP from test ~45Bscf

• Waitsia-1 – Kingia Fm. – Oct-Nov 2015

• 3333 - 3348mMDRT (15m)

• Max Rate 21.2 Mmscf/d at 2556psia FTP

• Average Perm 137md from test

• Accessed OGIP from test ~50Bscf

• Zones tested separately

• All rates limited by tubing

19Waitsia-1 flow tests - an excellent result

Waitsia Stage 1A – Refurbished Xyris Production Facility (XPF)

• Stage 1A involved the construction

of new flow lines and infrastructure

to connect the Senecio-3 and

Waitsia-1 wells to the refurbished

Xyris Production Facility with the

capacity to produce up to 10 TJ/d.

• AWE purchased Irwin Park farm

(AWE 100%). Waitsia is located

predominantly under the farm.

• Stage 1A was completed on time

and under budget and first gas was

achieved on schedule in August

2016.

• Gas from Waitsia Stage 1A is

transported south via the Parmelia

pipeline where Alinta Energy takes

up to a Maximum Daily Quantity of

9.6 TJ/d under a 2.5 year take or

pay agreement. 20

Waitsia 1A first gas on time and budget

First gas from Waitsia Stage 1A (10 TJ/d) achieved in August 2016 21

UPDATE PICS

Waitsia Stage 2 - full field development

• Moving directly to Stage 2 (100TJ/d) development maximises project returns 22

• 344 Bcf of gas gross 2P Reserves (172 Bcf or 30.4 mmboenet to AWE)*

• the Waitsia joint venture has completed the concept selectprocess and agreed to progress directly to a 100 TJ/d Stage2 full field development.

• This approach delivers considerably higher economic valuethan a phased development alternative due to loweroverall costs and capture of the anticipated improvementin gas pricing and strong customer demand in 2020 andbeyond.

• AWE is aiming to contract substantial gas volumes in 2017ahead of an FID, subject to joint venture and regulatoryapproval.

• The JV are also planning to drill two new appraisal wells onthe Waitsia field in the first half of calendar year 2017. Thiswill assist in the evaluation the southern extent of the fieldwhich allow conversion of significant contingent resourcesto reserves.

* Waitsia field reserves upgraded on 3 June 2016

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Xyris PF

Waitsia PF

North Hub

South Hub

STAGE 1: DEVELOPMENT & APPRAISAL STAGE 2: DEVELOPMENT CONCEPTSTAGE 1: DEVELOPMENT & APPRAISAL

• Connect existing wells to Xyris Production Facility for early sales & to establish drainage efficiency

• First gas delivered August 2016

• Planning to drill 2 further appraisal wells to define reserves

STAGE 2: DEVELOPMENT CONCEPT

• Full field development of good quality reservoir

• Plateau rate ~100 TJ/D from approx. 6 initial wells (includes 3 appraisal wells already drilled)

• Total of 15-20 production wells to maintain plateau over 20+ year field life - tied to centralised processing facility with regional hubs

FUTURE STAGES

• Progressive development of tight gas contingent resources & unconventional prospective resources

Existing plant

Planned appraisals

Existing wells

New plant or hub

Development wells

In-field pipeline

Development Plan

Development concept & appraisal well locations subject to joint venture and regulatory approval23

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Reservoir

Interval

Gross Reserves

(BCF)

Gross Contingent

Resources (BCF)

1P 2P 3P 1C 2C 3C

Kingia/High Cliff (Good Reservoir) 101 178 242 110 149 203

Kingia/High Cliff (Tight Reservoir) 110 157 204

TOTAL (2P / 2C) 178 306

Reserves & Contingent Resources

• Reserves & Contingent Resources reported following drilling of Waitsia-1 & Waitsia 2

21st August 2015 AWE ASX Release

Reservoir

Interval

Gross Reserves

(BCF)

Gross Contingent

Resources (BCF)

1P 2P 3P 1C 2C 3C

Kingia 151 272 467 97 180 405

High Cliff 35 72 133 37 106 246

TOTAL (2P / 2C) 344 286

• Reserves & Contingent Resources reported following integration of core data, flow test data and dynamic simulation modelling

3rd June 2016 AWE ASX Release

August 2015

June 2016

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Significant 2P+2C Reserves/Resources Upside

25AWE net Reserves and Contingent Resource estimates for the onshore Perth Basin (as at 3 June 2016)

Significant upside in the basin from both tight gas (e.g. Senecio, Synaphea, Irwin)

and new Kingia/High-Cliff plays yet to be drilled.

• Waitsia Field 2P+2C Reserves/Resources (AWE est.) : 630 bcf (gross)

• Independent Expert Reserve Certification 2P+2C (RISC est) : 692 bcf (gross)

• Senecio/Synaphea/Irwin 2C (AWE est.) : 234 bcf (gross)

• Total 2P+2C (AWE) : 864 bcf (gross)

2017 Programme

• The joint venture has approved the budget and the schedule and we

anticipate drilling Waitsia-3 and Waitsia-4 from April to June 2017.

o These are the final appraisal wells planned ahead of stage 2 development and will provide

valuable data and potentially increase our 2P reserves.

• Well Test of Waitsia-2. Waitsia-2 was drilled in July 2015. All target

formations were successfully intersected, and 3 cores cut over the Kingia

and High Cliff Sandstones.

• Project on track and AWE is targeting a final investment decision by the

end of 2017.

Joint Venture approves 2017 development activities budget 26

1. AWE Overview

2. Waitsia Discovery

3. Waitsia Development

4. Waitsia Significance

Agenda

Waitsia Significance

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• Largest conventional onshore Australian discovery in 30 years;

• Material development with access to existing infrastructure & markets;

• AWE undertook a gas sales tender process. Bids received totalling more than double the Joint Venture’s 2P Reserves. An exceptional response from potential customers;

• New play has re-invigorated Perth Basin exploration & development;

• Positive for Mid West & WA – regional economic benefits; diversity of gas supply; royalties.

• Incentive for continued exploration in other onshore Australian basins

Senecio-3 production testPhotograph by Roger Xiang

Project on track and Operator targeting FID in late 2017

We are in the early stages of field appraisal and data feed has been gradual

Summary

Up to Date information is available at:

http://www.awemidwest.com.au or email Midwest@awexplore.com

A more complete description may be found in:

“The Waitsia Field, onshore North Perth Basin, Western Australia”, Tupper et al., APPEA Journal 2106, June 2016.

Questions ?

Waitsia Stage-1A Flowline under construction May 201630

Conversion Tables

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Volume1 cubic metre = 1 kilolitre = 35.3 cubic feet = 6.29 barrels1 megalitre = 1,000 cubic metres

Energy Value1,000 standard cubic feet of sales gas yields about1.055 gigajoules (GJ) of heat1 petajoule (PJ) = 1,000,000 gigajoules (GJ)1 gigajoule = 947,817 British Thermal Units (BTU)

Barrel of Oil Equivalents (BOE)Sales Gas: 6PJ = 1 MMBOELPG: 1 tonne = 11.6 BOECondensate: 1 barrel = 1 BOEOil: 1 barrel = 1 BOE

Decimal Number Prefixeskilo = thousand = 103

mega = million = 106

giga = 1,000 million = 109

tera = million million = 1012

peta = 1,000 million million = 1015

Glossary

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1H First Half 2H Second Half2P Proved and Probable Reserves2C Contingent ResourcesAAL Ande Ande LumutAMI Area of Mutual Interest Bcf Billion cubic feetBOE Barrels of Oil EquivalentBbls BarrelsBopd Barrels of oil per day Capex Capital expenditureCY Calendar YearEBITDAX Earnings before interest, tax,

depreciation, amortisation and exploration expenses

FID Final Investment DecisionFPSO Floating Production Storage and

Offloading FY Financial YearGM General ManagerLPG Liquefied Petroleum GasLTI Lost Time Injuries

MLE Mid Life Enhancementmmboe Million Barrels of Oil Equivalentmmscf/d Million Standard Cubic Feet of gas per

DayOpex Operating expenditurep.a. Per annumP&L Profit & Loss AccountPJ PetajoulesPSC Production Sharing ContractSA South AustraliaTJ TerajoulesTJ/d Terajoules per dayWA Western AustraliaWHP Well head platform