n tho se h o urs t ha t c

ed – ex cept s o n tho d erso n L e e p r e fers e

s

EMPIRE OIL & GAS NL

13 October 2015 The Manager Company Announcements Office Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000

SHAREHOLDER UPDATE Empire Oil & Gas NL (“Empire”, ASX:EGO) is a gas and condensate producer based in Western Australia. Empire has sales agreements with Alcoa and BP for gas and condensate respectively. Empire is also engaged in petroleum and gas exploration in the onshore Perth basin. Empire is currently focused on the prospective Red Gully, Lockyer Deep and Raven exploration assets.

A new presentation is attached to this announcement which outlines a compelling investment case and Empire’s near term milestones.

INVESTMENT HIGHLIGHTS

Substantial high margin, low risk production and revenue stream through secure Sales Agreements with Alcoa and BP Ownership of significant infrastructure assets with book value of over A$28m as of 30 June 2015 High quality exploration portfolio with the largest acreage position in the Perth Basin Strong competitive position with sufficient reserves to meet incremental demand Growth opportunities through increasing contracted volumes at Red Gully production facility Negligible value appears to be currently ascribed by the market to Empire’s exploration portfolio

NEAR TERM MILESTONES/CATALYSTS

Red Gully North-1 well exploration drilling Tranche 2 Gas sales underway with cashflow impact from FY16 Discussions with potential buyers of surplus gas Corporate actions including the proposed share consolidation and an ERM debt-refinancing Secure Farm-out partner to fund 2016/17 exploration News relating to potential future supply contracts

Chief Executive Officer Ken Aitken said: “The next 12 months represent an exciting period for Empire as we begin to realise the benefits of tranche 2 of our sales agreement with Alcoa. Production at our Red Gully facility is well supported by current reserves and an exciting exploration portfolio in Red Gully North, Lockyer Deep and Raven. We expect to commence drilling at Red Gully North this quarter, with success to have a significant impact on project reserves”

For further information, please contact:

Ken Aitken Rachel Rees Chief Executive Officer CFO & Company Secretary Empire Oil & Gas NL Empire Oil & Gas NL Telephone: +61 8 9286 4600 Telephone: +61 8 9286 4600

A B N 5 5 0 6 3 6 1 3 7 3 0 A S X C o d e E G O G r o u n d F l o o r 2 2 9 S t i r l i n g H i g h w a y C L A R E M O N T 6 0 1 0 W E S T E R N A U S T R A L I A T e l : + 6 1 8 9 2 8 6 4 6 0 0 F a x : + 6 1 8 9 2 8 4 6 5 8 8 E m a i l : a d m i n @ e m p i r e o i l . c o m . a u W e b : w w w . e m p i r e o i l . c o m . a u

ASX RELEASE F

or p

erso

nal u

se o

nly

COMPANY UPDATE

ASX: EGO OCTOBER 2015

AN ASPIRING MULTI-HUB MIDCAP E&P COMPANY

For

per

sona

l use

onl

y

2 ASX: EGO

Company snapshot

Financial information Share price (5-Oct-15) A$0.004

Number of shares1 10.2bn

Market capitalisation A$40.8m

Cash (30-Jun-15) A$11.5m

Debt (30-Jun-15)2 A$15.1m

Enterprise Value A$44.4m

Source: IRESS Notes: 1 Excludes 785m listed options (exercise price A$0.009, expiry date Apr-18) and 172m

unlisted employee share options on issue 2 Loan from major shareholder ERM

Top shareholders ERM Power 19.4%

Phillip Garratt 6.2%

Robert Hutchfield 1.2%

Top 20 shareholders 36.7%

Company overview High quality exploration portfolio with the largest acreage

position in the Perth Basin

Secure revenue stream through secure Sales Agreements with Alcoa and BP

100% owner of significant infrastructure assets

Competitive position as an established domestic gas producer ready to meet supply shortfalls

Proposed share consolidation attractive to investors

-

35

70

105

140

175

-

0.001

0.002

0.003

0.004

0.005

0.006

0.007

0.008

0.009

0.010

Oct-14 Jan-15 Apr-15 Jul-15 Oct-15

Volume S&P/ASX 300 Energy Index (rebased) EGO share price at close

Share price (A$) Volume (m)

DOMESTIC GAS PRODUCER POSITIONED FOR GROWTH

For

per

sona

l use

onl

y

3 ASX: EGO

Build reserves around Red Gully hub to

expand or extend existing production

facility

─ Drill Red Gully North in Q4 2015

─ Success will add significant reserve

upgrade

Develop another hub from drilling

multiple material high impact

exploration targets

VISION - FROM A SMALL CAP TO MIDCAP IN 5 YEARS

Strategy and vision F

or p

erso

nal u

se o

nly

4 ASX: EGO

Board and management

EXPERIENCED AND DIVERSE BOARD WITH A STRONG TRACK RECORD

Antonino (Tony) Ianello – Chairman 30+ years of experience in banking and energy Previously managing director of Western Power Corporation Current Director of ERM Power (ASX: EPW)

Stuart Brown - Non-Executive Director 30+ years experience at the technical, managerial and board levels Previous Vice-President Strategic Planning at Woodside (ASX:WPL) Current Director of Cue Energy (ASX: CUE), WHL Energy (ASX: WHN)

Phillip Garratt - Non-Executive Director 30+ years of senior management experience in the oil and gas industry Previous Chief Executive Officer of IDM International (ASX: IDM)

Thomas Vincent - Non-Executive Director Highly experienced lawyer and investment banker with experience in

Australia and the UK Previously worked for Deutsche Bank as Vice President of Credit Trading

Empire has assembled a highly experienced Board and management team with specific experience in unlocking shareholder value from the Perth Basin

Significant operational knowledge of the Perth Basin will allow Empire to optimise the performance of the Red Gully project and also new discoveries over our 10,311km2 Perth Basin tenement holding

Management Board

Ken Aitken– CEO 30+ years E&P technical and executive experience- Petroleum

Engineering background Extensive knowledge of WA’s energy industry – 7yrs as Manager of

Origin’s Perth Basin Assets-discovered/developed Redback field Senior roles with Origin, Mitsui, Apache. International experience

Milton Schmedje- Exploration Manager 30+ years experience with Australian listed E&P Companies including

Ampolex, Origin, AWE & Tap Includes 15 years operating experience in Australian onshore Permian-

Jurassic petroleum basins

John Mastrocinque- Operations and Engineering Manager 25+ years engineering and operations management experience with

Australian and international operators and FPSO provider Significant engineering and operations experience with Woodside

Rachel Rees - Chief Financial Officer and Company secretary 20+ years of senior financial experience across multiple sectors Chartered Accountant with commercial, strategic and risk management,

corporate governance and financial management experience

For

per

sona

l use

onl

y

5 ASX: EGO

Gas contracts Counterparty Terms

Tranche 1 gas (completed)

─ 5PJ for a total of A$25m in revenue (pre-paid)

─ Price increase reflecting removal of pre-payment risk

Tranche 2 gas ─ Up to 8TJ/d of gas at undisclosed price for a total of 10 PJ

─ Commenced production in 3Q15

Uncontracted gas ─ Seeking counterparty for long term contracts

─ 2PJ of gas available at 2-3 TJ/day

Condensate ─ Provider of c.300 bpd of condensate

─ Condensate is processed and trucked to the Kwinana BP refinery

Secure revenue stream

De-risked revenue stream through fixed price Gas Sales Agreements (“GSA”)

Fixed price agreements, with any changes linked to CPI

Certainty of bringing product to market

─ 20 year agreement to use Dampier-Bunbury pipeline

─ Owner of processing infrastructure (plant and spur pipeline)

Customers are large listed multinational companies with investment grade ratings and low credit risk

EMPIRE HAS A SECURE GAS SALES AGREEMENT WITH ALCOA AND A CONDENSATE AGREEMENT WITH BP

Current contracts

For

per

sona

l use

onl

y

6 ASX: EGO

Ownership of infrastructure

100% ownership of Red Gully gas and condensate processing plant located 150km north of Perth which is close to end-users and exploration assets

─ Plant is currently capable of processing 10TJ/d of gas and 400bbl/d of condensate

─ Book value of A$28m for the Red Gully downstream assets as of 30 June 2015

100% ownership of the pipeline infrastructure connecting Red Gully and the major Dampier-Bunbury pipeline

─ Spur pipeline runs for 2.8km from Red Gully to connect to the Dampier-Bunbury pipeline

Long term 20 year agreement to use Dampier-Bunbury pipeline to bring gas to market

Room for plant expansion/LPG opportunity

EMPIRE OWNS ITS OWN PROCESSING INFRASTRUCTURE Infrastructure overview Infrastructure and processing facilities

For

per

sona

l use

onl

y

7 ASX: EGO

Unrivalled exploration portfolio

Fully funded drilling campaign in Red Gully North to commence in late 2015

Empire estimates that a successful discovery could result in 5TJ/d being added to production with capacity expansion

Significant contingent and prospective Resources, which are all located within 4km of the Red Gully Processing Plant

Location of Perth basin

Perth basin acreage holders ( gross km2)

Empire has a dominant position in the Perth basin, with over 45% of exploration acreage

THE PERTH BASIN IS BEGINNING A RENAISSANCE. EMPIRE HOLDS THE LARGEST ACREAGE POSITION IN THE UNDER-EXPLORED BASIN

Exploration overview

10,311

2,405

2,371

1,598 1420

1,129 1,012

1,335

Empire AWE Transerv Key Whicher Dynasty Origin Other

For

per

sona

l use

onl

y

8 ASX: EGO

High quality acreage

Lockyer Deep prospect strengthened by recent AWE discovery of 2C Resources of 290 bcf in adjacent field

Waitsia (adjacent to Lockyer Deep):“Has the potential to be the largest onshore conventional gas discovery in Western Australia in the last 50 years” — AWE

Location of prospects

Prospect Location Commentary

Red Gully North

EP 389 Situated only 4kms from Red Gully Processing Facility Independent consultants estimate 2C Resources of 7.9PJ

Lockyer Deep

EP 368 Major gas discovery adjacent to Lockyer Deep by AWE Could be drilled in second half 2016

Raven EP 432 New oil play down dip of the Cataby-1 oil discovery Recently matured to prospect status

Portfolio overview

EMPIRE HAS A PORTFOLIO OF HIGH QUALITY EXPLORATION PROSPECTS

For

per

sona

l use

onl

y

9 ASX: EGO

Four high quality exploration prospects

3D seismic coverage

Close proximity to existing facilities

Low cost development potential

Red Gully North (Previously Gingin Updip)

Updip of existing Gingin-1 discovery

Empire’s preferred prospect

Exploration well planned Q4 2015

Contingent (2C) resources* – 7.9PJ

Prospective resource* (P50) - 4.9PJ

Gingin East

Gas encountered in Gingin-2

Contingent (2C) resources* – 5.5PJ

Prospective resource* (P50) – 24.4PJ

Bootine Deep and Wannamal prospects provide further exploration upside

Red Gully

* RISC Independent Resource Evaluation Report January 2015

Red Gully overview Location

For

per

sona

l use

onl

y

10 ASX: EGO

RG-D 2P: 2P - 0.1 PJ

-

2

4

6

8

10

12

14

16

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Gas

Rat

e (T

J/d)

Gingin East

Red Gully North

Gingin West 1

Red Gully 1 (D-sand)

Red Gully 1 (B-sand)

RGN-1 Exploration Success*: 2C - 7.9 PJ

50% Risked Prospective = 2.45 PJ

Total - 10.35 PJ

GGW 2P:

2P - 0.2 PJ

Red Gully B-Sand 2P: 2P - 20.341 PJ

(17.48PJ Remaining from 01Jul15)

(current production profile)

Jan27: Abandonment at 2MMscf/d (~2.3TJ/d)

Jun17: Potential Plant

upgrade to 15TJ/d and GG

East tie-in in case of success

Jun16: Possible

RGN-1 tie-in in case

of success

GG East Exploration Success*: 2C - 5.5 PJ

50% Risked Prospective = 12.2 PJ

Total - 17.7 PJ

RG-D 2P: 2P - 0.1 PJ

Plant Expansion could double current $ revenue

* Contingent on success and determination of discovered volumes

Red Gully production

Red Gully production hub potential F

or p

erso

nal u

se o

nly

11 ASX: EGO

Targets 25-134, mid/best case 58 BCF

Medium risk high impact well

Targeting the Kingia/High Cliff play confirmed

by AWE’s Waitsia discovery

Immediate follow-up potential at North

Erregulla

This exciting play remains untested East of the

AWE wells (Waitsia/Irwin)

Attractive secondary oil target appraising

discovered oil in Dongara sandstone at

Lockyer-1

Drilling mid 2016 subject to funding

Contingent rig slot secured

Lockyer Deep overview Location

Lockyer Deep F

or p

erso

nal u

se o

nly

12 ASX: EGO

Targeting Jurassic sands down-dip of known oil

(Cataby-1)

Will test a large fault block adjacent to Jurassic

source kitchen

Medium risk high impact well

Targeting 12 million barrels (mid/best case)

Success will open up a new Jurassic oil play

Planning to drill in late 2016/2017 subject to

funding

Contingent rig slot secured

Raven overview Location

Raven F

or p

erso

nal u

se o

nly

13 ASX: EGO

LNG producers are averse to supplying additional volumes to the domgas market since the LNG export price is often higher

Domgas suppliers have the advantage of lower costs of extraction and therefore higher margins, which leaves them in a strong long term position to supply the gas demand in WA

Supply dynamics Off-shore supply to WA domgas market uncertain

WA DOMGAS PRODUCERS WILL BENEFIT FROM SUPPLY SOURCE TRANSITION

WA domgas market forecast is for sufficient supply to meet demand beyond 2020

Nearly 60% of forecast domgas supply capacity from facilities that have the discretion to produce domgas or export LNG.

Additional LNG exports are expected to balance the WA domgas market (historical reality)

Demand dynamics

WA domgas market is well diversified with strong demand; this provides Empire with the opportunity to market uncontracted gas

Strong competitive position

WA domgas supply (TJ/day)

Source: Independent Market Operator of Western Australia (Dec-14)

0

200

400

600

800

1,000

1,200

1,400

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

NWS (Domgas) Varanus Island ReindeerMacedon Gorgon (Domgas) Pluto (Domgas)Wheatstone (Domgas) Perth Basin Excess demand

For

per

sona

l use

onl

y

14 ASX: EGO

WA domgas market is transitioning to new supply sources and opportunities are arising for Empire

New WA domgas supply is priced significantly higher than historical supply, due to cost base

WA domgas supply capacity, at high prices, remains uncommitted.

Strong competitive position

Long term WA domgas supply transition

EMPIRE’S STRONG COMPETITIVE POSITION IS SUPPORTED BY FAVOURABLE LONG TERM WA DOMGAS MARKET

Empire’s WA domgas price expectations

WA domgas market experiencing short term volatility

Long term demand fundamentals of WA domgas market remain largely unchanged

IMOWA forecast ‘new domgas contract prices (ex-plant)’ are matching Empire’s expectations

WA domgas demand (TJ/day) WA domgas forward curve (A$/GJ)1

-

2

4

6

8

10

2015 2016 2017 2018 2019Fwd Curve Range (Min) Fwd Curve Range (Max)Price Forecast (IMOWA)

Source: Independent Market Operator of Western Australia (Dec-14) Note 1. New term gas contracts ex-plant)

200

400

600

800

1,000

1,200

1,400

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

High demand Base demand Contracted demand

For

per

sona

l use

onl

y

15 ASX: EGO

Perth basin location diversity of supply

DBNGP connection

Shorter haulage distance & lower cost part haul

Proven reliability (weather & environment)

Access to support services

Gas storage

Strong competitive position

EMPIRE HAS A STRONG COMPETITIVE POSITION IN WA DOMGAS MARKET

Upstream (potential domgas off-set)

Aggregators / power generation

Direct to commercial & industrial customers

Traded gas markets

Strong interest from major new potential gas customers

Firm interest in Empire’s uncontracted reserves and new potential gas customers short listed

Offers received for short term supply

Gas marketing for long term commenced

Positive strategic relationship with key customer

Gas supply agreement to underpin future revenue and earnings

Future opportunities for additional gas sales

Uncontracted reserves WA domgas market

Existing customer in Alcoa Initial market sounding and feedback

For

per

sona

l use

onl

y

16 ASX: EGO

Reserves 1P 2P 3P

Gas PJ 12.3 17.8 21.5

Condensate MSTB 379.6 554.5 676.1

Gas mmboe 2.1 3.1 3.7

Condensate mmboe 0.3 0.5 0.6

Total mmboe 2.4 3.6 4.3

Resources 1C 2C 3C

Gas PJ 11.1 18.6 29.0

Condensate MSTB 290.1 475.0 763.9

Gas mmboe 1.9 3.2 5.0

Condensate mmboe 0.3 0.4 0.7

Total mmboe 2.2 3.6 5.7

Reserves to support production growth

Empire has 1P reserves that exceed current contract requirements

Empire currently has c.12PJ of 1P Reserves and c.18PJ of 2P Reserves

Reservoir life of approximately 8 years based on 2P Reserves

Reserves and Resources1,2,3

Notes 1. Red Gully and Gingin West Reserves at 1st July 2015 2. PJ to mmboe converted at 0.17194,MSTB to mmboe converted at 0.0009 3. See disclaimer for full notes

Current supply arrangements

RESERVES AND RESOURCES UNDERWRITE CURRENT CONTRACTS, AS WELL AS PROVIDING A STRONG PLATFORM FOR GROWTH

Gas and Condensate Reserves Growth July 2015 compared with Oct 2014 Risc Reports (Red Gully B)

17%

32%

64%

78%

2P condensate reserves

1P condenstate reserves

2P gas reserves

1P gas reserves

For

per

sona

l use

onl

y

17 ASX: EGO

Growth opportunities: expansion

Sell uncontracted gas volume of

2TJ/d

Increase throughput at

Red Gully

Drill material oil & gas

exploration prospects Current

contracted volume

Revenue

Time

Contracted GSA with Alcoa for up to 8TJ/d

Increase gas marketing to reach processing capacity of 10TJ/d

Increase plant processing capacity to 15TJ/d (subject to RGN-1 economics )

Company changing. Discovery achieves second production hub within 2-3 years.

1

2

3

4

THERE ARE IMMEDIATE CAPITAL-LITE OPPORTUNITIES FOR EMPIRE TO MATERIALLY INCREASE REVENUE

For

per

sona

l use

onl

y

18 ASX: EGO

Key Financials (A$) FY2014 FY2015 Change (yoy)

Revenue $12.4m $19.1m +54%

Gross profit $4.0m $6.9m +73%

EBITDAX $2.7m $10.0m +270%

NPAT ($2.3m) $7.6 nm

EPS (cps) (0.036) 0.108 nm

Net Assets $36.6 $63.1 +72%

Cash balance $1.9m $11.5m +505%

EMPIRE RETURNED A STRONG FY15 RESULT

Strong financial performance F

or p

erso

nal u

se o

nly

19 ASX: EGO

Observations Red Gully generates a material amount of EBITDA at a high margin The $13.8m does not include corporate costs (Empire achieved a total of A$10.0m EBITDAX for FY15) Opportunity to increase profit margin for FY2016 Full financial year of operating cost savings which were reduced by 30% in 2nd half FY 2015 Increase in gas production in 2nd half of FY when uncontracted gas sold

Red Gully: a high profit margin field

13.8 12.2

6.9

2.3

1.5 0.5 0.5 0.4 0.2 -

Gas revenue Condensaterevenue

O&M General & Admin Maintenance Services Condensatehaulage

Chemicals EBITDA

Red Gully FY15 Revenue to EBITDA bridge (A$m)

RED GULLY IS A HIGH MARGIN OPERATION. REVENUE FROM CONDENSATE COVERS THE OPERATING COSTS

For

per

sona

l use

onl

y

20 ASX: EGO

40.8 3.6

28.0

(5.5)

Market value @A$0.004

Net debt (30-Jun-15) Red Gully Developmentproperty

Implied explorationvalue

Implied upstream valuation

Negligible value for Empire’s upstream portfolio in current share price

Over 7.8PJ of Perth Basin uncontracted upstream 2P reserves yet to be commercialised

Substantial exploration upside with recent discoveries in adjacent Perth Basin acreage containing over 290 bcf in contingent resources

Empire’s implied core asset valuation (A$m)1,2,3

Source: IRESS Notes: 1. Market cap based on market close as at 5 October 2015 2. Capitalised costs taken from Empire’s 2015 Annual Report 3. Book value of Red Gully production facility and development property as at 30 June 15

NEGLIGIBLE VALUE CURRENTLY ASCRIBED BY THE MARKET TO EMPIRE’S UPSTREAM PORTFOLIO

21.9

Market disconnect

For

per

sona

l use

onl

y

21 ASX: EGO

Positioned well relative to peers

Company1 Market cap

(A$m)2 Production

(x) EBITDA

(x) Operating cashflow

(x) 2P Reserves

(x) 2C Resources

(x) Beach 625

AWE 363

Drillsearch 247

Senex 167

Horizon 130

Tap Oil 55

Cooper Energy 55

Cue 49

Empire 41

Central Petroleum 39

Carnarvon Petroleum 104

Maverick 43

Austex Oil 36

Oilex 34

Blue Energy 31

Comet Ridge 51

Byron 29

Transerv 46

Icon Energy 20

Rey 54 Petrel Energy 19

Source: IRESS, ASX announcements Notes: 1. Ranked by number of ticks and then descending order of market capitalisation 2. Market caps as at 5-Oct-15

EMPIRE HAS STRONG FOUNDATIONS WITH PRODUCTION, RESERVES AND MATERIAL PROFIT SUPPORTING GROWTH AS AN E&P COMPANY

For

per

sona

l use

onl

y

22 ASX: EGO

Upcoming share price catalysts

GSA In discussions – Discussions continue with other potential buyers of surplus gas

TRANCHE 2 Gas sales underway – Tranche 2 sales from GSA with Alcoa underway

– Currently generating revenue with P&L impact in FY16

– Drilling of the Red Gully North exploration prospect – Successful results could have a significant impact on project reserves

RED GULLY Exploration in 4Q 2015

– Further news relating to potential supply constraints post 2020 DOMGAS PRICES Ongoing

NEAR TERM OPERATIONAL, CORPORATE AND MACRO NEWS FLOWS WILL PROVIDE A NUMBER OF SHARE PRICE CATALYSTS

– Proposed share consolidation attractive to investors – ERM debt re-financing

CORPORATE

FARM-OUT TO FUND 2016/17 EXPLORATION

– Lockyer Deep high impact large volume discovery – Raven with large oil potential F

or p

erso

nal u

se o

nly

23 ASX: EGO

Investment highlights

1 Substantial high margin, low risk production and revenue stream through secure Sales Agreements with Alcoa and BP

3 Unrivalled, high quality exploration portfolio with the largest acreage position in the Perth Basin

2 Ownership of significant infrastructure assets with book value of over A$28m as of 30 June 2015

4 Strong competitive position with sufficient reserves to meet any incremental demand

5 Growth opportunities through increasing contracted volumes or adding a stripping facility to Red Gully

7 Negligible value currently ascribed by the market to Empire’s exploration portfolio

8 Upcoming share price catalysts include 4Q15 drilling at Red Gully and securing uncontracted gas sales

6 Empire has strong foundations to grow the business and is good value when compared to domestic gas producing energy companies listed on the ASX

For

per

sona

l use

onl

y

24 ASX: EGO

Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

RED

GU

LLY

DEFI

NIN

G EX

PLO

RATI

ON

TA

RGET

S

DRIL

LIN

G

Gas & Condensate Production Reserves Review

Tranche 2 Starts

Reserves Review

Gas Marketing

RGN-1 Gas Marketing** RGN-1 Tie In**

Airborne Gravity Survey

Gravity Interpretation

Seismic Re-processing & Interpretation

RGN-1

RGN-1 Complete & Test**

Lockyer Deep* Raven/Gingin East*

*Lockyer Deep , Raven and Gingin East subject to funding and regulatory approvals ** Subject to successful results of RGN-1 and reserves determination

2D Seismic

2015/2016 timetable F

or p

erso

nal u

se o

nly

25 ASX: EGO

Disclaimer

This presentation has been prepared by Empire Oil and Gas NL (“EGO”) for general information purposes only. This presentation may contain certain forward-looking statements which have not been based solely on historical facts but rather on EGO’s current expectations about future events and a number of assumptions which are subject to significant uncertainties and contingencies, many of which are outside the control of EGO and its Directors, Officers and Advisers. Due care and attention has been taken in the preparation of this presentation.

However, the information contained in this presentation (other than as specifically stated) has not been independently verified for EGO or its Directors and Officers, nor has it been audited. Accordingly, the Company does not warrant or represent that the information contained in this presentation is accurate or complete. To the fullest extent permitted by law, no liability, however arising, will be accepted by EGO or its Directors, Officers or Advisers, for the fairness, accuracy or completeness of the information contained in the presentation.

Information on the Reserves and Resources in this release relating to the L18, L19 and EP389 assets is based on an independent review and audit conducted by RISC Operations Pty Ltd (RISC), a leading oil and gas industry advisory firm. RISC is independent with respect to Empire Oil & Gas NL in accordance with the Valmin Code, ASX listing rules and ASIC requirements. The review and audit was carried out in accordance with the SPE Reserves Auditing Standards and the SPE-PRMS guidelines under the supervision of Mr. Geoffrey J Barker, a Partner of RISC. Mr. Barker is a member of the SPE and his qualifications include a Master of Engineering Science (Petroleum Engineering) from Sydney University and more than 30 years of relevant experience. Mr. Barker meets the requirements of qualified petroleum reserve and resource evaluator in accordance with ASX listing rules and consents to the inclusion of this information in this report which fairly represents the information and supporting documentation reviewed.

Notes to Reserve and Resource table on page 16 Ref RISC July 2015 Independent Reserve Evaluation report Red Gully and Gingin West Reserves at 1st July 2015 Red Gully comprises the B and D sand reserves discovered by the Red Gully-1 well. Gingin West comprises the D sand reserves discovered by

Gingin West-1well. Red Gully ,Gingin West, Gingin(re-named Red Gully North) and Gingin East contingent resources at 1st July 2015 Red Gully comprises the B and D sand resources discovered by the Red gully-1 Well. Gingin West comprises the D sand resources discovered

by the Gingin West-1 well. Gingin and Gingin East comprise the resources discovered by Gingin-1 and Gingin-2 wells Additions beyond the field level have all been made arithmetically, as a result RISC cautions that 1P and 1C aggregate quantities may be very

conservative and the 3P and 3C aggregate quantities may be very optimistic due to portfolio affects. Probabilistic and deterministic evaluation methods have been used (in accordance with ASX listing rule 5.28)

For

per

sona

l use

onl

y