IΠB

IPB Petroleum

IPB Petroleum Limited (ABN 52 137 387 350)

23 Small Street, Hampton, Victoria 3188 Australia P: +61 3 9598 0188 F: +61 3 9598 0199 W: www.ipbpet.com.au

ASX Code: IPB

31 July 2013

ASX ANNOUNCEMENT

INVESTOR PRESENTATION

Please find enclosed a presentation on IPB Petroleum provided to financial institutions today, 31st July 2013.

John Osborne Company Secretary

For Further information contact Brendan Brown, Managing Director +61 3 9598 0188 or admin@ipbpet.com.au.

IMPORTANT NOTICE: The resources evaluation of petroleum permits is subject to uncertainty because it involves judgments on many parameters that cannot be precisely assessed and which may change as new information becomes available. All resources quantities contained in this announcement have been independently estimated by ISIS Petroleum Consultants Pty Ltd (ISIS) for and on behalf of IPB Petroleum Ltd. Further the resources quantities contained within this announcement have been prepared in full compliance and adherence to The Society of Petroleum Engineers Guidelines for the application of the Petroleum Resources Management System (SPE-PRMS). The qualification of the ISIS persons who prepared the resources estimates for and on behalf of IPB Petroleum Ltd and contained within this announcement are as follows: Dr Douglas Gillies holds a BSc and a PhD in Geology. He is a member of the Society of Petroleum Engineers (SPE) and has over 25 years’ experience in the petroleum industry in Europe, USA, FSU, Middle East, Asia and Australia. Mr Richard Carter holds a BAppSc (Geophysics), and a Graduate Diploma in Applied Physics (Geophysics). He has over 24 years’ experience in the Australian petroleum industry as a technical specialist and an independent investor. He worked as a Senior Geophysicist with BHP Petroleum for 14 years.

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ΙΠB IPB Petroleum Limited (ASX Code : IPB) www.ipbpet.com.au

Investor Presentation

31 July 2013

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Company Overview

This presentation has been prepared by IPB Petroleum Limited (IPB) and is provided on the following basis.

This presentation does not constitute or form part of any offer or invitation to purchase or subscribe for any securities in IPB or an invitation or inducement to

engage in investment activity. All persons should consider seeking appropriate professional advice in reviewing the presentation and IPB.

No representation or warranty, express or implied, is made by IPB or any of its directors, officers, employees, advisers, related bodies corporate or any other

person as to the accuracy, reliability, relevance or completeness of the material contained in this presentation and nothing contained in this presentation is, or

may be relied on, as a promise, representation or warranty, whether as to the past or future.

Except for statutory liability which cannot be excluded, each of IPB, its directors, officers, employees and advisers expressly disclaims any responsibility for the

accuracy or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage

which may be suffered by any person as a consequence, either directly or indirectly, of the use of any information in this presentation or any error or omission

there from. IPB accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other

information made available to a person nor any obligation to furnish the person with any further information.

This presentation contains certain statements which may constitute "forward-looking statements". Such statements are only predictions and are subject to

inherent risks and uncertainties which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or

projected in any forward-looking statements. Any forward looking statements speak only as at the date of this presentation and are based on current expectations

and belief. No representation or warranty, express or implied, is made by IPB that the material contained in this presentation will be achieved or prove to be

correct.

Unless otherwise stated information, opinions and conclusions contained within this presentation has been provided by IPB Petroleum Limited and may not

necessarily represent those of our other joint venture partners.

RESOURCES:

The resources evaluation of petroleum permits is subject to uncertainty because it involves judgments on many parameters that cannot be precisely assessed

and which may change as new information becomes available.

All resources quantities contained in this presentation have been independently estimated by ISIS Petroleum Consultants Pty Ltd (ISIS) for and on behalf of IPB

Petroleum Ltd . Further the resources quantities contained within this presentation have been prepared in full compliance and adherence to The Society of

Petroleum Engineers Guidelines for the application of the Petroleum Resources Management System (SPE-PRMS). The qualification of the ISIS persons who

prepared the resources estimates for and on behalf of IPB Petroleum Ltd and contained within this presentation are as follows : Dr Douglas Gillies holds a BSc

and a PhD in Geology. He is a member of the Society of Petroleum Engineers (SPE) and has over 25 years’ experience in the petroleum industry in Europe,

USA, FSU, Middle East, Asia and Australia; Mr Richard Carter holds a BAppSc (Geophysics), and a Graduate Diploma in Applied Physics (Geophysics). He has

18 years experience in petroleum exploration and development and a further 6 years as a full time independent investor in the Australian oil and has industry. He

worked as a Senior Geophysicist with BHP Petroleum for 14 years; Mr Werner Ribul holds a MSc in Petroleum Engineering. He has over 24 years of petroleum

and reservoir engineering experience with specific focus on recovery optimisation opportunities, reserves determination and classification. Dr. Enrique Carballido

is the Chief Operating Officer of ISIS. He holds a Bachelors degree in Geological Engineering, and a Ph.D. in Geology. He has over 20 years of exploration,

appraisal and development experience in the petroleum industry in the, USA, FSU, Asia and Australia, including 17 years with Shell. For further information,

including assumptions, limitations and qualifications relating to the estimation of resources contained within this presentation, please refer to the Independent

Technical Expert’s Report by ISIS in IPB’s Prospectus dated 1 March 2013, and IPB’s ASX Release “IPB gains additional prospective resources from WA-485-P”

dated 27 May 2013 available on the Company website www.ipbpet.com.au.

Important Notice

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About IPB Petroleum Ltd

• CONVENTIONAL Australian Oil Explorer

• Oil discovered in IPB’s first permit at Gwydion

• QUALITY Shareholder base

• PGS 8.3 %

• Quality JOINT VENTURE Partner and FUNDING

• CalEnergy is a subsidiary of MidAmerican

• CalEnergy are funding up to $32.4m

• NEAR TERM Material Activity

• Pryderi-1 estimated ~Q4/ 2013 is 100% free

carried

• Large Material STRATEGIC POSITION

• Large OIL RESOURCE BASE

• IPB net equity share in permits is 672

MMbbls of oil at a Mean Prospective

Resource level (unrisked) ISIS

• EXPERIENCED & WELL QUALIFIED BOARD

AND MANAGEMENT TEAM

• DIVERSIFICATION through multiplay large permits

• Listed on ASX 30 April 2013 (ASX code IPB) 3

Company & Asset Overview

Highly Active Locale

• US$11B Prelude (Shell) world first FLNG

Development Project

• US$34B Ichthys (Inpex) LNG condensate

Development Project

• Proposed Browse LNG Project (Woodside)

• ConocoPhillips 5-8 well exploration

programme on and around Poseidon

(underway with success)

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2009 Company established

2010 Sept-10 Acquire

WA-424-P

Nov-10 Raise A$6m

2011 Apr-11

Acquire 200km2 3D seismic

Dec-11 Processing of 3D

seismic completed

2012 Apr-12

Interpretation of 3D seismic completed

May-12 Acquired

WA-471-P

Jun-12 Raise A$2.5m

Sept-12 Farmout to CalEnergy

2013 Apr-13

Listed on ASX raising an

additional $2.9m

May-13 Acquired

WA-485-P

~Q4/2013 Planned Pryderi-

1 Drilling

2014 New Ventures/

Farmouts

Potential Pryderi Appraisal Well

Planned 3D seismic Activities

IPB’s Activity Timelines F

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• 30 years experience in oil and gas industry, commenced career with Esso Australia

• Numerous management and senior exploration positions with BHP Petroleum, directly involved in the Macedon,

Pyrenees, Montara, Argus and Gwydion discoveries

• Substantial experience in Australia, in particular offshore Western Australia, SE Asia, and United States.

Geoffrey King

BSc (Hons)

Non-Executive Director

Board of Directors

Shane Tanner

FCPA, ACIS

Non-Executive Chairman

• Former CEO of Mayne Nickless Diagnostic Services (later renamed Symbion Health)

• Vast commercial and financial experience having helped numerous start-up companies grow both organically and

through acquisitions

• Currently Chairman of Funtastic Limited (FUN), Paragon Care Limited (PGC) and Vision Eye Institute Limited (VEI).

Brendan Brown

BSc, BE(Hons),

MBA(Melb), F Fin

Managing Director

• Established IPB Petroleum in early 2009 and has over 20 years experience in the Oil and Gas and Finance

industries

• Commenced career as an engineer with BHP Petroleum - heavily involved in the Jabiru, Challis and Skua projects

and operations, and Griffin oil field developments

• Previously an analyst and corporate advisor with ANZ Investment Bank

• Was head of finance and business development with Nexus Energy (2007-2008) - responsible for substantial

financing, both equity and structured debt, secured by the company and the negotiation and maintenance of its key

commercial agreements and relationships.

Philip Smith

BSc Physics(Hons), Msc

Geophysics, Grad Dip App

Fin & Inv

Technical Director

• Has over 30 years experience working as an exploration geoscientist

• Previously worked in London with Phillips Petroleum and Kufpec and in Australia with Woodside Petroleum and

BHP Petroleum

• During his 15 year tenure with BHP Petroleum he held senior technical and managerial roles in offshore basins

around Australia and was involved in oil and gas discoveries at Elang, Laminaria, Maple and Argus

• Most recently with Nexus Energy where he was responsible for building the exploration portfolio and was involved in

the Longtom and Crux appraisal and development projects.

Craig Mathieson

B.Bus(Banking & Finance)

Non-Executive Director

• CEO of The Mathieson Group

• Current Non-Executive Directors to ASX listed Funtastic Limited (FUN) and Greater Western Exploration NL (GTE)

• Previously Managing Director of DMS Glass (2001-2007) and with ANZ Bank (Business Banking Division) and St

George Bank (Property and Finance division) where he gained banking and commercial expertise.

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Gwydion -1

Spill Point

OWC GOC

Reservoir

(Sandstone)

WATER

GOC

OWC

Increasing

Density

GAS

OIL

Seal (Impermeable rock)

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Gwydion Oil Field (WA-424-P) F

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3D Result – Pryderi Prospect (WA-424-P) F

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Gwydion-1 Pryderi Prospect level

Up dip Shut off

Down dip Shut off

Gas/Oil in

Barremian/Hauterivian Reservoir

3D Arbitrary Line through Gwydion oil discovery and

Pryderi channel prospect F

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gas oil

water

Pryderi Channel System

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WA-424-P

Outline of 3D data

Identified additional prospectivity

from 2D seismic interpretation

Amplitude Anomalies from 2D Data

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Company Overview

ΙΠB Strictly Confidential IPB Petroleum Ltd 11

Amplitude Anomalies from 2D Data F

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Company Overview

Amplitude extraction at top Gwydion gas reservoir level

Shut offs

ΙΠB Strictly Confidential IPB Petroleum Ltd 12

Amplitude Anomalies from 2D Data F

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WA-424-P

Mean unrisked prospective

recoverable resource

40 MMbbls oil

Mean unrisked prospective

recoverable resource

282 MMbbls oil

Amplitude Anomalies from 2D Data

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WA-471-P WA-485-P

WA-424-P

Pryderi Prospect

Mean unrisked prospective recoverable

resource 40 MMbbls oil

WA-424-P

Mean unrisked prospective recoverable

resource 282 MMbbls oil

WA-485-P

Mean unrisked prospective recoverable

resource 166 MMbbls oil

Independent

Assessment (ISIS)

Permit WA-485-P Extension of Pryderi Play F

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WA-471-P WA-485-P

WA-424-P

Pryderi Prospect to be drilled in ~Q4 2013

Mean unrisked prospective recoverable

resource 40 MMbbls oil

WA-424-P

Total M.australis Mean unrisked

Prospective Recoverable Resource

322 Mbbls oil

WA-424-P

Permit – WA-485-P Extension of Pryderi Play

WA-485-P

Total M.australis Mean unrisked

Prospective Recoverable Resource

166 Mbbls oil

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IPB Prospects and Leads Map (WA-424-P)

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CONTINGENT RESOURCES (Oil - Million Barrels ) Net to IPB Chance of Success (Risk: Pg)

Sub Commercial Discovered PIIP Contingent Resources %of Total

P90 P50 P10 Mean P90 P50 P10 Mean 0.4%

1.00 Gwydion 4 5 6 5 1 2 3 2

PROSPECTIVE RESOURCES (Oil Million Barrels) - Net to IPB

Undiscovered PIIP Prospective Resources (unrisked )

Mathonwy Prospect 1.4 1.8 2.3 1.8 0.5 0.8 1.2 0.8 0.2% 0.72

Pryderi 3D Prospect 23 56 131 70 9 24 59 30 5.9% 0.45

2D Pryderi Channel Leads P90 P50 P10 Mean P90 P50 P10 Mean

High Case 496 704 1019 738 217 315 467 332 0.15

Low Case 162 199 239 200 70 89 111 90 0.40

Mid Case 344 455 610 469 153 203 280 212 41.4% 0.23

Arianrhod 3D Stratigraphic Lead 8 19 45 24 3 8 20 11 2.1% 0.24

"Mordred" Structural Leads 82 106 136 108 35 47 64 48 9.5% 0.20

Tristram OIL CASE (On Block)* 223 433 818 487 85 179 362 207 40.6% 0.04

* 80% of the lead lies in WA 424-P SUBTOTAL 508

TOTAL PORTFOLIO (contingent + prospective resouces)

In Place Recoverable (unrisked) P90 P50 P10 Mean P90 P50 P10 Mean

High Case 1049 1391 1887 1433 452 611 848 631

Low Case 621 850 1241 895 263 368 554 389

Mid Case 835 1120 1564 1164 357 489 701 510

WA-424-P Resources: Net to IPB Independent Technical Experts Report (ISIS) – Prospectus March 2013

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P ROS P E CT IVE RESOURCES (Oil - Million Barrels) (Unrisked)

Undiscovered PIIP Prospective Resources

P90 P50 P10 Mean P90 P50 P10 Mean

M.Australis play 247 350 513 369 108 157 235 166

IPB Resources continued

ISIS Independent Review (May 2013) : WA-485-P M.australis play resources

Combined Mean Prospective Resources

WA-424-P & WA-485-P Net to IPB (Unrisked Recoverable) :

= 672 MMBBLS oil net to IPB

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Leads and Plays:

The 2D seismic data in the block highlights the

potential for stratigraphic traps at deeper levels to the

Pryderi Prospect

Oil-prone source rocks have been identified further to

the north, such that WA-471-P is believed to be located

along the oil migration pathway for the oil discovered at

Gwydion

Amplitude anomalies within structural/stratigraphic

closures are observed similar to – Gwydion/Caspar

plays

Substantial number of additional alternative plays

Work program and technical case involves the

acquisition of 3D seismic to work up future drillable

prospects.

No Resources attributed to this permit at this stage.

Permit WA-471-P Strategic with additional play opportunities

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• IPB has Farmout agreement with CalEnergy Resources (Australia) Ltd ( "CE")

• CE is 100% owned by Mid American Energy Holdings Company

CE has upstream hydrocarbon assets in Australia, UK, and Poland

• Key details of the Farmout are that CE:

• Will fund 100% of the cost of drilling the Pryderi Prospect exploration well in our WA-424-P permit

(IPB estimates to cost around $15m) to earn a 25% interest in the whole Permit. (Except a 60%

interest in the Permit’s current Gwydion Discovery and the neighboring Mathonwy/Gilfaithwy

structures ("GMG") Area.) CE has become the operator of WA-424-P.

• Have an option for 3 months after drilling the Pryderi well to increase their interest in the balance of

the WA-424-P permit to 60% by spending further funds as they determine on exploration, appraisal

and or development activities up to an amount = ($32.4m – less the cost of the Pryderi well)

• Have the option to participate at a 25% interest in our WA-471-P permit which can be exercised for

nominal cost within 3 months of the date of the Pryderi well being drilled. IPB will remain operator of

this permit

Farmout to CalEnergy F

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Amplitude extraction at top Gwydion gas reservoir level

Pryderi Prospect and GMG Area F

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Pryderi (WA-424-P) Indicative Development Model and Economics

• CASE: 40 MMbbls Recoverable

• Development drilling – jack-up

• Dry Trees – 2 well head platforms

• Processing/Export FPSO – leased

• Lift Electrical Submersible Pumps

• 8 production wells (dry) (5MMbbls

recoverable per well)

• 4 Water Injection wells (dry)

• Peak Production 20,000 bbls/day

• Oil Price $95 real (tapis)

• AUD/USD $0.95 - $0.85 flat after 3

years

• Based on third party independent

design concepts, IPB analysis

$ $ per bbl

CAPEX (USD) $587 million $14.68

OPEX (per annum) (USD) $84 million $12.11

NPV 10 (AUD) $680 million $17

Oil off-loaded to shuttle tanker

Wellhead Platforms

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• Market Capitalisation @ A$0.25 = $24.7m, with $2.6 m in cash EV = $22.1 m

• With additional funding available through the two stage Farmout to Cal Energy of between a

minimum (IPB estimated) $15m for drilling Pryderi-1 up to a potential $32.4m into the company’s JV

assets.

• Unrisked Mean Contingent and Prospective Recoverable Resources of over 670 MMBBLS

Oil net to IPB post CalEnergy initial farm-in (before any option to exercise increase notice

post Pryderi)

• Implied Market Cap of 3.7 cents a barrel at the Mean Prospective recoverable (unrisked)

oil resource level

• Estimate of today’s equivalent of sunk exploration costs in WA-424-P alone: Existing

exploration wells - Gwydion $15m and Caspar $15m (BHP 1995,1998), and 9 x 2D

surveys substantially over $30m plus IPB’s 3D survey ~$4m is estimated at over $60m.

Implied value of IPB’s 75% interest in WA-424-P = $45m

• CalEnergy Farmout* (first phase) : WA-424-P ~ drill Pryderi Well for 25% WA-424-P [ but

60% GMG] plus option 25% WA-471-P for drilling Pryderi ~$15m est. Implied value IPBs

permits of approximately 3x $15m = $45m.

• Success at Pryderi – assuming 40 MMbbls mean recoverable resource – has estimated

NPV10 of $680m (100%) → value to IPB estimated (40% interest) = $272m, + 11 other

leads at the same level in WA-424-P alone.

* Refer to CalEnergy Farmout Agreement on slide 20

Valuation Considerations F

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Indicative Use of Funds Jan – Dec 2013

A$ Million

Funds available as at 1 January 2013 $1.18

Funds raised IPO – received 30 April 2013 $2.92

Total Funds available before expenses $4.10

Application of Funds Raised

Exploration and development expenditure on WA424P, WA471P, WA-485-P $1.28

IPO expenses $0.49

Administration $1.06

Working Capital balance as at 31 December 2013 $1.27

Total Application of Funds available $4.10

• Cash Balance end June 2013 - $2.6 m

Note:

Does not include up to $A 32.4m of funding from WA-424-P from CalEnergy Farmout . First stage of

Farmout will fully fund the cost of the Pryderi-1 oil exploration well estimated to be $15m

Sources and Use of Funds F

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Indicative Work Program (current assets)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Initial Public Offer (IPO)

Permit Primary Terms

WA-424-P Term End

Well Planning - Drilling & Environmental Approvals

Drill Pryderi-1 Well 12-15 days

Seismic Moratorium (Whale Migration)

WA-471-P Term End (May 4th) Year 1 Year 2 Year 3

Studies

Acquire Seismic in WA-471-P

Process WA-471-P Seismic

Potential Farmout of WA-471-P

Well Planning WA-471-P

Drill Commitment Well WA-471-P

WA-485-P Term End (May 13th) Award Year 1 Year 2

Studies

Reprocess & intepret 900km of 2D Seismic

Acquire 3D Seismic in WA-485-P

Process WA-485-P Seismic

Potential Farmout of WA-485-P

Well Planning WA-485-P

Drill Commitment Well WA-485-P

IPB Indicative Future Work Program Options

Contigent Plan

Acquire 3D Seismic data over 2D M.Australis Leads

Drill Appraisal Well Pryderi-2

Process 3D Seismic data over 2D M.Australis Leads

Further Exploration Drilling M.Australis Leads

LEGEND

IPO

Firm Work Commitments

Contigent Plan

Primary Term Permit Year End

2013 2014 2015

Current date - 1st July 2013

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• Early entry with high equity and a risk management plan

• Early part of E&P life-cycle very high reward, but aim to manage risks

• Usually with different insight/idea/application of new technology, e.g. 3D

• Aim for strategic position e.g. WA-424-P, WA-471-P and WA-485-P (Browse

Basin potential new oil fairway_

• IPB’s strategy is to operate only up to FID:

• Operatorship has value to IPB up to FID

• Seek value add partnerships/JV’s

• Opportunistic

• New Ventures/early entry/minimise dilution

• Optimise future funding mix with alternatives, asset, company, JV, etc.

Long Term Strategy F

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• IPB is an Australian conventional oil explorer

• Holds a large acreage position along Oil prone margin of Browse Basin – NW Australia

• Relatively shallow water c ~ 80m, shallow reservoir depth ~ 700m– allows for low cost drilling and

development

• Large Oil Resource – 672 MMbbls of oil - mean Prospective Resource level in WA-424-P and

WA-485-P ( Net IPB share)

• 3D seismic is the key to unlocking the potential of its key plays

• Existing oil discovery in IPB’s WA-424-P Permit at Gwydion 6 MMbbls (mean Contingent

Resource), also likely to lower the commercial threshold at Pryderi if successful

• Confidence of potential further WA-424-P and WA-485-P permit wide 3D prospectivity, due to

large existing 2D data set and demonstrated good 2D to 3D comparison

• Near term drilling activity e.g. Pryderi-1 – fully carried with CalEnergy Farmout

• Total potential funding available of up to $32.4m from CalEnergy Farmout

• Large permits provide diversification as well as success based leverage and play coverage

• Highly qualified and capable Board and Management team

• Current Market Capitalisation at 25 cps ( 29 July 2013) = $24.7m

Conclusion – Key Points F

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