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Empyrean Energy Plc.Investor Presentation

AGM July 2013

Disclaimer

© Empyrean Energy Plc.2

These presentation materials (Presentation Materials) in respect of Empyrean Energy Plc (Company) are being issued on a strictly private and confidential basis in the United Kingdom to, and only to, Investment Professionals as defined in Section 19 of the Financial Services and Markets Act (Financial Promotion) Order 2005 (the “Financial Promotion Order”) or (b) high net worth entities and other persons to whom it may lawfully be communicated falling within Article 49(1) of the Financial Promotion Order or (c) such other persons to whom it would otherwise be lawful to distribute it (all such persons together being referred to as “UK Relevant Persons”).

In Australia, this document is only being provided to sophisticated investors (in accordance with section 708(8) of the Corporations Act) and professional investors (in accordance with section 708(11) of the Corporations Act) or to such other persons whom it would otherwise be lawful to distribute it (such persons together being referred to as “Australian Relevant Persons”).

Any person who is not a Relevant Person should not rely on the presentation, this document, or its content. If you are not a Relevant Person, you should not attend the presentation, and should immediately return any materials relating to the presentation currently in your possession. No information made available to you in connection with the presentation may be passed on, copied, reproduced or otherwise disseminated to any other person. This document is exempt from the general restrictions in relation to the communication of invitations or inducements to enter into investment activity otherwise required by section 21 of the Financial Services and Markets Act 2000 (“FSMA”) on the basis that in the UK it is only aimed at UK Relevant Persons, and has therefore not been approved by an authorised person for the purposes of section 21 of FSMA. Any investment to which this document relates (and any investment activity to which it relates) is only available to Relevant Persons.

This document only contains a synopsis of information on the Company and accordingly no reliance may be placed for any purpose whatsoever on the sufficiency or completeness of such information and to do so could potentially expose you to a significant risk of losing all of the property invested by you or incurred by you of additional liability.

The proposals in this document are preliminary. The information contained in this document is for background purposes only. No reliance should be placed on the information and no representation or warranty (express or implied) is made by Empyrean Energy Plc (the “Company”), any of their respective directors or employees or any other person, and save in respect of fraud, no liability whatsoever is accepted by such person in relation thereto.

Although reasonable care has been taken to ensure that the facts stated in this document are accurate and that the opinions expressed are fair and reasonable, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information and opinions contained in this document and no reliance should be placed on such information or opinions. None of the Company, Shore Capital or any of their respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss, however arising, from any use of such information or opinions (save in respect of fraud).

The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this comes should inform themselves about, and observe, any such restrictions. The information contained in this document is not for publication or distribution to persons in the United States of America, its territories or possessions or to any US person (within the meaning of Regulation S under the US Securities Act 1933, as amended). Any failure to comply with this restriction may constitute a violation of United States securities law. The securities referred to in this document are not being registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or an exemption from registration. In addition, no steps have been, or will be, taken to enable the securities referred in this document to be offered in compliance with the applicable securities law of Canada, Japan, the Republic of South Africa, or the Republic of Ireland. Accordingly, the securities referred to in this document may not be offered, sold, transferred, resold, delivered or distributed, directly or indirectly, in or into Canada, Japan, the Republic of South Africa, or the Republic of Ireland (except in transactions exempt from or not subject to the registration requirements of the relevant securities laws of Canada, Japan, the Republic of South Africa, or the Republic of Ireland).

Certain statements contained in this document constitute “forward-looking statements”. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the relevant entities, or the results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategy and the environment in which the Company will operate in the future. There can be no assurance that the results and events contemplated by the forward-looking statements in this document, will in fact, occur.

It is a condition of your receipt of this document or attending this presentation that you fall within, and you warrant and undertake to the Company and the Blue Oar Group that (i) you fall within one of the categories of Relevant Persons described above, (ii) you have read, agree to and will comply with the terms of this disclaimer and (iii) you will conduct your own analysis or other verification of the data set out in the presentation materials and will bear the responsibility for all costs incurred in doing so.

The information presented in this document is subject to change without notice.

Financial amounts in this document are expressed in Pounds Sterling or £ unless otherwise stated. USD or $ shall mean the lawful currency of the United States of America.June 2013

Growing Oil & Gas Producer and Explorer with advanced exploration and production assets in the USA

Excellent infrastructure and proximity to energy markets

Aggressive exploration and development programme with a proven track record of making discoveries (84 producing wells)

Recent corporate activity suggests that EME is undervalued*

Currently fully funded

Revenue growth linked to development pace

Potential transformational reserves and therefore significant value upside

* Further details set out on slide 12

Investment Highlights

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Full Year results to 31 March 2013:

Revenues increased by 119% to £5.89 million (£2.69 million in 2012)

NPAT increased by 198% to £2.01 million (£675,000 in 2012)

US$50 million Macquarie Bank loan put in place for Sugarloaf development

US$15 million able to be drawn down (US$10.52 million drawn at 31 March 2013) with additional US$35 million subject to further Macquarie requirements

Financial Highlights

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Profit Growth

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2010 2011 2012 2013

-£6,000,000

-£5,000,000

-£4,000,000

-£3,000,000

-£2,000,000

-£1,000,000

£-

£1,000,000

£2,000,000

£3,000,000

Net Profit After Tax Growth

Net Profit After Tax

Net

Pro

fit/

Lo

ss G

BP

Reserves Growth

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Empyrean Net Reserves 

Oil(MBBL)

NGL's (MBBL)

Gas(MMCF)

Total BOE (MBBL)

% Change 

Proved (1P) 1,118.2 535.2 4,013.9 2,322.3 + 54.4

Probable 915.6 515.3 3,864.9 2,075.0 + 20.1

Proved + Probable (2P)

2,033.8 1,050.5 7,878.8 4,397.3 + 36.0

Period Oil/NGL Price

Gas Price Period Oil/NGL Price

Gas Price

Ending ($/Barrel)

($/MMBTU) Ending ($/Barrel) ($/MMBTU)

12-31-2012 96.77 2.994 12-31-2019 86.32 5.052

12-31-2013 97.56 3.478 12-31-2020 86.25 5.383

12-31-2014 94.25 3.866 12-31-2021 86.25 5.730

12-31-2015 90.92 4.082 12-31-2022 86.25 6.070

12-31-2016 88.52 4.279 12-31-2023 86.25 6.410

12-31-2017 87.11 4.486 Thereafter 86.25 6.74912-31-2018 86.50 4.749

Key Assumptions

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Corporate Structure

Capital Structure Board of DirectorsLSE: AIM: EME CEO / Exec Director Tom Kelly

12 month share price range: 5.5p – 9.25p Technical Director Frank Brophy

Shares in Issue: 220.4 million Non-Executive Chairman Patrick Cross

Market Cap at UK 6.0p: £13.2 million Finance Director John Laycock

Unlisted Options on Issue: 26.9m @ 8p

4.0m @ 8.75p

Macquarie Bank 15m @ 8p

15m @10p

15m @ 12p

Cash: US$1.0m

Debt Facility US$50 million (US$15m available now with US$35m subject to Macquarie requirements

Drawn Debt US$10.5 million

Significant Shareholders (on undiluted basis) (%)

TD Waterhouse Nominees (Europe) Limited 16.38

Tom Kelly 9.47

Barclay Share Nominees Limited 9.2

Vidacos Nominees  8.69 

L R Nominees Limited 5.35 

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Projects Summary

Sugarloaf AMI, South Texas (WI 3%)

Operator: Marathon Oil Exciting success as development of new condensate / gas discoveries,

onshore Texas continues with Marathon Oil Corp. as operator Eagle Ford Shale is currently one of the most active onshore plays in the US

Eagle Oil Pool Development Project, onshore California (WI 57.2%) Lower risk exploration – onshore California

Riverbend Project, Texas (WI 10%) Cartwright well recently re-completed and producing from the Wilcox

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Sugarloaf Project

Sugarloaf AMI is an Eagle Ford Shale play in south Texas

Approximately 24,300 gross acres – 729 net acres

Empyrean has an av. 3%* interest in the Sugarloaf Project

2P reserves of 4.3 million barrels of oil equivalent

84** gross wells on production

Estimated 280+ wells to develop field – this could grow with down spacing and/or Austin Chalk development

Condensate rich window of Eagle Ford Shale

At least 80% of expected revenues to come from liquids* Some wells that cross over into adjacent acreage have lower %** At end March 2013

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Operator – Marathon Oil

Marathon Oil Corp. (www.marathonoil.com), operator of Sugarloaf AMIS&P 500 company and experienced operator/partner Agreed over US$5 billion of Eagle Ford acquisitions2013 Eagle Ford budget of US$1.9 billionCommitted to optimizing drilling, completion and production processes

Drilling times have improved dramatically < 20days Micro seismic Tracer monitoring Wellbore orientation Fracture stimulation techniques Pad drilling Minimize capex, opex and surface footprint

Initiatives to increase reserves, production and value Closer well spacing (40 & 60 acre being trialed) Testing additional horizons

Austin ChalkPearsall ShaleWilcox

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Sugarloaf AMI acquisitions

Aurora Oil and Gas (ASX:AUT; www.auroraoag.com.au) has made two recent acquisitions:

August 2012 – Takeover of former partner Eureka Energy for AUD$107 million completed

Eureka’s main asset was a 6.25% interest in the Sugarloaf Project

July 2012 – Acquisition of a separate 6% interest in the Sugarloaf Project by Aurora for US$95 million

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Sugarloaf Project Statistics

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Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13

Condensate (Net to EME) barrels

Gas (Net to EME) BOE

Total BOE (Net to EME)

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4000

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16000

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Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13

Condensate Barrels

Gas (BOE)

TOTAL (BOE)

Empyrean net wellhead production of gas, condensate and combined barrel of oil equivalent monthly from April 2012 – March 2013

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Sugarloaf Well Spacing

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Sugarloaf Well Spacing

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Sugarloaf’s Central Facility

Separation of oil, water

Treat oil to sales quality

Oil storage

Water storage

Sales meters

Gas processing

Gas compression

Expandable

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Eagle Oil Project (California)

Parties to the agreement % interest

Empyrean Energy plc 57.2%

Strata-X Inc 23.6%

Lakes Oil NL 17.7%

Independent USA interests 1.5%

Eagle North–1 well: 13.4 metres net pay from a gross 21 metres in the vertical well in the target sands

Mechanical failure prevented a commercial test of the horizontal completion

Project potential - 400 to 1000 BOPD and 1.5 to 3.5 MMCFPD gas

Eagle Oil Pool could contain 7 – 22 million barrels of oil and 12 – 23 BCF gas

Valuable future project for the Company with large equity position:

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Riverbend Project, Texas

EME has a 10% stake in The Riverbend Project

EME shares recently advanced over 8% after revealing results of the Cartwright-1H well, which successfully recompleted in Wilcox zone

In first 7 days, Well produced 740,000 cfgpd with 40 bopd, first 14 days production averaged 755,000 cfgpd and 37 bopd

Gas performance was way ahead of EME’s expectations of 200,000 to 250,000 cubic feet per day, while oil output was

in-line with pre-drill estimates

Austin Chalk potential remains

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Management

Patrick Cross: Non-Executive Chairman Dr Cross is experienced in corporate finance, organisation structures, marketing and joint venture

operations. His previous positions include 25 years with British Petroleum specialising in strategic business development and six years as MD of BBC World Ltd. Dr Cross has operated in South America, Far East, Europe and the UK, establishing Government European Union relationships at senior levels. He is currently non executive director of Orca Interactive Limited.

Tom Kelly: Chief Executive OfficerMr Kelly has over 20 years corporate, finance and investment banking experience. During this period Mr Kelly has had involvement in and been responsible for the financing of numerous listed companies on the ASX and several mergers and acquisitions within the Australian corporate sector. Mr Kelly manages the commercial operations of the Company and investigates additional opportunities.

Frank Brophy: Technical Director Mr Brophy has over 48 years experience as a petroleum geologist in the exploration, development and production of many world class projects. Mr Brophy's roles have seen him involved in operations in many locations around the world including Australia, Asia, Europe, USA and the Middle East. Recent experience includes 4 years as General Manager of the Hanoi operation in North Vietnam, for French based company Maurel & Prom. Mr Brophy's previous positions also include his former role as Manager of International Business Development for Ampolex Limited, Chief Geologist of Elf Aquitaine Australia and Exploration Manager for 5 years with Peko Oil Limited.

John Laycock: Financial DirectorMr Laycock has over 30 years experience in accounting, finance and risk management. His previous positions include 22 years with British Petroleum both in the UK and international experience in France and Japan. Mr Laycock has a degree in Mechanical Engineering from Bristol University and is a Chartered Management Accountant. He is currently working for an electricity generating company and is based in the UK.

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Empyrean’s Future Plans

Aggressive exploration and development programme at Sugarloaf AMI to continue with initiatives underway to increase production, recoveries and reserves

Leverage from development and exploration upside

Closer well spacing being tested now at Sugarloaf AMI

Additional formations in the Austin Chalk being tested now at Sugarloaf AMI

Further future upside from Pearsall Shale and Wilcox at Sugarloaf AMI

Additional exploration/appraisal leverage exists at Eagle Oil Pool Development Project in California with 57.2% working interest

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Appendix 1

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EMPYREAN ENERGY PLCGENERAL & ADMINISTRATION EXPENSES

Details 31-Mar-13 31-Mar-12 VarianceCurrency Gain / Loss £ 309,956.01 £ 60,713.35 £ 249,242.66 Director Remuneration  

Directors' Fees 2013 £ 217,958.32 £ 154,010.01 £ 63,948.31 Consultancy 2013 £ 265,333.36 £ 217,339.64 £ 47,993.72 Consultancy Prior £ 73,680.53 £ - £ 73,680.53 Director & Company Secretary Share Based Payments £ - £ 459,571.02  

Compliance Fees (AIM, Audit, NOMAD, Registrar, CoSec) £ 213,339.02 £ 138,603.13 £ 74,735.89 Bank Charges and Taxes £ 142,765.75 £ 4,750.47 £ 138,015.28 Other General & Administration £ 191,871.90 £ 102,161.46 £ 89,710.44

  £ 1,414,904.89 £ 677,578.06 £ 737,326.83

Refer to Note 4 of the Financial Statements in 2013 Annual Report