MOLOPO AUSTRALIA LIMITEDMOLOPO AUSTRALIA LIMITED

April 2008

An Australian Gas (CBM) ProducerAn Australian Gas (CBM) Producer

CORPORATE PROFILECORPORATE PROFILE

20082008Market Capitalisation: $200mCash Reserves: $28m (Mar 2008)Debt Free

Board & ManagementBoard & Management::

Donald Beard – Chairman

Stephen Mitchell – Managing Director

Ian Gorman - Executive Director & COO

Ric Sotelo - CFO & Company Secretary

OPERATIONAL STATEGY/KEY ASSETSOPERATIONAL STATEGY/KEY ASSETS

Molopo’s CBM growth strategy has been to build a diversified portfolio of petroleum assets at the appraisal or advanced exploration stage. This has thus far led to a portfolio that now includes 7 areas of interest:

1. Bowen Basin – Queensland2. Gloucester Basin – NSW3. Quebec – Canada4. Evander and Virginia – South Africa5. Liulin CBM Project – China6. Clarence Moreton Basin – NSW7. Mason County – USA

Most of these projects are targeting gas resources of over 1000PJ

Molopo is now set to embark upon a strategy to develop this portfolio into assets that can generate long-term cash flow and shareholder value

Project Portfolio OverviewProject Portfolio Overview

MOLOPOMOLOPO’’S FOCUS AREAS S FOCUS AREAS

Quebec Shale/Conventional gas

QUEENSLANDBowen Basin - Molopo has 50% of ATP564P, PL94 (part), PLA210 and ATP602P

NEW SOUTH WALESGloucester Basin – Molopo has a 30% interest in PEL285

Clarence Moreton Basin - Molopo has a 100% interest in PEL 426 and a 49% interest in PEL 13.

Metgasco earning a 50% interest in PEL426

Metgasco is also earning 75% of the CBM rights and 50% of the conventional rights in PEL13

AUSTRALIAN PETROLEUM INTERESTSAUSTRALIAN PETROLEUM INTERESTSMOLOPO’S AUSTRALIAN PETROLEUM PERMITS

CBM IN QLD - Bowen Basin Permits

Molopo’s share of 2P Reserves at Mungi and Harcourt is 43PJ, 3P reserves are 108PJ

Gas-in-place in QLD permits is estimated at over 1.5TCF

2P Reserves defined to date in 3 prospects.

Interest holders are Molopo (50%), Anglo (25.5%) and Mitsui (24.5%) .

QUEENSLAND PERMITS & PROSPECTS

Molopo’s Queensland Interests

>30050310ATP602P

>500501,650ATP564P

>50050178PLA210A

3505050PL94 (north)

GIIP(Bscf)

Interest(%)

Area(km2)

CBM IN QLD - The Mungi Field

Total 2P reserves 61PJ – 3P 151PJ

Gas-in-place over 300PJ

10 wells in production with scope for over 100 laterals

Closest production to Gladstone

Three sole risk development wells underway

Performance of new lateral wells is critical

WELL LOCATIONS AT THE MUNGI GAS FIELD

• Mungi 27

• Mungi 1• Mungi 10

• Mungi 28

CBM IN QLD - The Harcourt/Bindaree Field

Molopo has a 50% interest in the Harcourt/Bindaree Field in PLA210

Combined area is 178km2 – many times larger than Mungi

Current 2P reserves are 26PJ – 3P reserves are 66PJ – under review

4 Production wells tested to date

Fifth well to be completed

PL Application made. Possible tie in to Mungi processing facilities.

HARCOURT & BINDAREE PROJECT AREA

CBM IN QLD CBM IN QLD -- The Timmy ProspectThe Timmy Prospect

Molopo has a 50% interest in ATP602P, which adjoins ATP564P

The Timmy Prospect is 71 km2 and is estimated to contain over 300PJ of recoverable gas

An old Conoco well using an outdated stimulation technique flowed gas at 150,000cf/day

Molopo and partners are currently testing a horizontal production well.

Exciting project – likely to have higher permeability than Mungi/Harcourt.

TIMMY PROSPECT

CBM IN QLD - Lilyvale And Oak Park Prospect

The Lilyvale and Oak Park Prospects in ATP564P cover a combined area of 173 km2

Current reserves of 247PJ – under review

Three cored wells drilled by Origin and Molopo demonstrated favorable characteristics for CBM

Represents secondary target at present due to location

ATP564P NORTH WESTERN PROSPECT

Very thick coal sequence (30 to 60 metres) with high permeability generally greater than 20md at Stratford Prospect

Measured gas contents at greater than 12m3/t up to 25m3/t.

Nine CBM coreholes have been drilled within a 5km2 area (estimated to contain 90PJ of gas-in-place)

11 chip and core exploration holes define part of basin

In total approximately 200km2 of coal bearing strata.

CBM IN NSW - Gloucester Basin Summary PEL 285 – STRATFORD PROSPECT

Initial Reserves Certification on 1.6 Tscf GIIP• 1P 14.9 Bscf• 2P 170.2 Bscf• 3P 359.2 Bscf• Contingent Resource 166.6 Bscf

Total recovery potential 525.4 Bscf (Ave RF=33%)

Basin GIIP estimated to be in range 2.5-3.0 Tscf

Additional reserves potential from• increased in-place volumes (exploration) ,and • increased recovery factor confidence (expanded pilot)

CBM IN NSW - Gloucester Basin Certification

Very encouraging initial production results of in excess of 1,000,000cf/d

5 new production wells and up to 13 CBM coreholes are planned to further delineate reserves - drilling underway

Has the potential to add substantial value and cashflow to Molopo

CBM IN NSW - Gloucester Basin Summary

Figure 5: Fraccing Operations

Figure 6: Seismic Operations

CBM IN NSW PEL 13 & 426

Combined area of ~4,650km2

Prospective for CBM and conventional gas

Metgasco is earning 50% of PEL426 by financing new 2D seismic and 1 CBM well

Metgasco also earning an interest in PEL 13 (50% of conventional and 75% of CBM). First cored hole had thick gassy coal

21 Petroleum wells drilled to date. Best results have been:

• Hogarth 2 & Pickabooba – Both produced over 450mcf/d

CLARENCE MORETON BASIN

International ProjectsInternational Projects

SHALE GAS IN CANADA SHALE GAS IN CANADA -- QuebecQuebec

Molopo has 100% (80% NRI) in 1,857,000 acres in Quebec

Shale gas and conventional targets

Primary objective is the Lorraine/Utica shales

Evidence of gas in shale from old wells with unstimulated flows recorded

Well positioned with respect to infrastructure and high priced east coast gas markets

Large companies in the region (Forest Oil, Talisman)

CANADA – SHALE GAS PROJECT

THE PLAYTHE PLAY

Molopo attracted to the area based upon

The presence of regionally extensive, thick gassy shales with multi TCF gas in place potential

Impressive unstimulated gas production from shales in old wells

Pipeline access to one of the highest price gas markets in the world (NE USA)

Low entry price given this basin “off the radar” of USA shale gas players

Multiple playtypes (other than shale gas) also present

QUEBEC SHALE GAS QUEBEC SHALE GAS –– UNSTIMULATED DST RESULTSUNSTIMULATED DST RESULTS

Utica & Lorraine Shales

-12000

-10000

-8000

-6000

-4000

-2000

0

1 10 100 1000 10000

Flow-rate (Mscf/d)

Dep

th (f

t)

LorraineUtica

Becancour-8Junex partner

Drilled 2006-07Frac stim 2007

St Francois du Lac-1Gastem partner

Drilled summer 2007Frac stim Dec 2007

Forest April 2008 announcement

4.1 TCF net resource potential in Junex & Gastemfarmin acreage

2 vertical wells fracstimulated with test rates up to 1,000 Msf/d

Forest next stepTwin the vertical well locations in 2008 with 3 horizontal wells

2000’ laterals, 4 stage fracper lateral

FOREST OIL FARMINSFOREST OIL FARMINS

Molopo Canada

Forest Oil

MOLOPO QUEBEC ACREAGEMOLOPO QUEBEC ACREAGE

Junex

Gastem

Talisman

Questerre

Squatex

Altai

Mundiregina

Intragaz

Petrolympia

Southern Blocks 975,000 acres

Gas pipeline to USA

Junex

Talisman

Squatex

Mundiregina

Intragaz

Northern Blocks 882,000 acres

30km

Molopo Canada

SHALE GAS IN CANADA SHALE GAS IN CANADA -- QuebecQuebec

Dramatic response to Forest announcements by smaller listed players in region

Latest price (Apr 25, 2008 15:59 EST) $ 1.09, Volume 860,100 Latest price (Apr 25, 2008 15:58 EST) $ 2.28, Volume 99,700

Latest price (Apr 25, 2008 15:59 EST) $ 2.10, Volume 834,080 Latest price (Apr 25, 2008 15:48 EST) $ 2.30, Volume 333,500

Altai Resources Junex Inc.

Questerre Energy Gastem Inc.

CANADIAN SHALE GAS EXPLORERSCANADIAN SHALE GAS EXPLORERS

Canadian Shale Gas ExplorersImpact of Forest Oil Announcement

Market Cap'nStock Gain Net Gain/Code 25-Mar-2008 29-Apr-2008 $ % $m Acres (m) Acres

Forrest Oil Corp. FST US$ $46.27 $57.81 $11.54 25% $1,020 0.27 $3,792Questerre Energy Corporatio QEC-T C$ $0.39 $2.14 $1.75 449% $299 0.20 $1,495Gastem Inc. GMR-X C$ $0.79 $2.13 $1.34 170% $68 0.40 $170Junex Inc. JNX-X C$ $0.68 $2.25 $1.57 231% $82 0.94 $88Molopo Australia Limited MPO A$ $0.81 $1.16 $0.35 43% $64 1.85 $35

Net Acreas - only includes exploration acreage in the St. LawrenceRiver region near to the Forest Oil discovery wells

Date one week before Forest Oil Corp announcement: Tue 25-Mar-2008Date of Forrest Oil Corp. Utica announcement: Tue 01-Apr-2008Date on month after Forest Oil Corp announcement: Tue 29-Apr-2008Source: Ross Smith EG

Closing share prices Share price movement

PLAY TYPESPLAY TYPES

UnconventionalThermogenic

Utica/Lorraine Shale (Barnett Shale analogue)

ConventionalTrenton/Black River

hydrothermal dolomite, (Indiana, Ohio and Michigan oil, New York gas field analogues)

Beekmantowncarbonate (Quebec’s Saint-Flavien gas field analogue)

Potsdam Sandstone

Molopo Canada Quebec Acreage

PLAY TYPESPLAY TYPES

UnconventionalUnconventionalBiogenic Utica/Lorraine fractured Shale (Analogue - Michigan Basin Antrim Shale, over 900 gas wells)

Thermogenic Utica/Lorraine Fractured Shale (Analogue – Barnett Shale)

ConventionalConventionalTrenton/Black River hydrothermal dolomite, (Analogue - Indiana, Ohio and Michigan oil, New York gas)

Beekmantown carbonate (Analogue -Quebec’s Saint-Flavien gas field)

Potsdam Sandstone

NWNW--SE SEISMIC SECTIONSE SEISMIC SECTION

Saint-FlavienGas Field

SHALE GAS IN CANADA SHALE GAS IN CANADA –– Comparison of Shale Rock PropertiesComparison of Shale Rock Properties

Some analysts are comparing the Quebec shale play to the Barnett shales

Barnett shales have generated major reserves in the US (~ 30 TCF) via thousands of wells

Source: Forest Oil April 2008 Presentation

PIPELINESPIPELINES

Montreal

Quebec City

TranscanadaPipeline

GazMetro Pipeline

TQM Pipeline

Vermont USANew York USA

New Hampshire

USA

Major gas pipeline is owned jointly by Trans Canada Pipeline Co.

The pipeline currently has about 350mmcf/day extra capacity

Great flexibility regarding access to the transmission and distribution system

Gas can be sold to GazMetro or they will transport the gas to a purchaser

Québec gas price will be NYMEX plus ~$1.00/mcf.

2008 WORK PROGRAMME2008 WORK PROGRAMME

Four Leads identified which upon drilling will test all the currently recognised play typesAeromagnetic survey initiated by Amque, northern half completed, southern half to be completed this yearContinue building seismic database & reprocess lines as necessaryMap leads using existing seismic, aeromag and gravityPrepare new seismic programme

Continue gas sampling/isotope and conventional core studies

Montreal

Quebec

Molopo Canada Quebec Acreage

GAS IN SOUTH AFRICAGAS IN SOUTH AFRICA

MPO has a 100% interest in two South African projects

Free State Exploration Right is ~ 500,000 acres

Mpumalanga Province Exploration Right is ~ 150,000 acres

Both areas have a history of gas emissions from mineral exploration

Over 70 gas emitting boreholes recently identified

Over 2000 soil gas samples taken

Nine wells producing a combined total of 1,000,000cf/d

Possible that significant carbon credits will be available.

SOUTH AFRICAN APPLICATIONS

GAS IN SOUTH AFRICAGAS IN SOUTH AFRICA

Figure 7: Soilgas Sampling

Figure 9: New “blowers”

Figure 8: Oil & Gas Infrastructure

Figure 10: Old “blowers”

GAS IN SOUTH AFRICA – Pilot Performance

Free State (Virginia) Gas Production

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

2-Nov 9-Nov 16-Nov 23-Nov 30-Nov 7-Dec 14-Dec 21-Dec 28-Dec 4-Jan 11-Jan 18-Jan 25-Jan 1-Feb 8-Feb 15-Feb

Date

Scf/

day

Production stable

Wells produced since 1980’s

9 Wells in pilot group

Dataset aimed to support reserves certification

CBM IN CHINA CBM IN CHINA -- LiulinLiulin Contract AreaContract AreaThick coals (13m), high gas contents (14m3/t) and high permeability (up to 30 md) make Liulin an attractive project Resource estimate lifted from 800bcf to 1.2TCF

Molopo has 40% (net 20%). Partner is Fortune Oil – LSE company specialising in energy in China Two new production test wells recently completed and on testAdditional production and cored wells plannedMolopo is encouraging partner to drill laterals

P.R. CHINA – LIULIN PROSPECT

SHALE GAS IN THE USA SHALE GAS IN THE USA –– West Virginia West Virginia

Molopo has 50% of ~5,700 acres in a gas project in the US

Gassy acreage – already 37 wells producing gas from shale by others in Mason County

Close to infrastructure

Strong partner.

Significant shale activity by majors in the region (Cabot)

US endeavours under review

MASON COUNTY WEST VIRGINIA

2008 PROGRAMME 2008 PROGRAMME & OBJECTIVES & OBJECTIVES

Data assessment, prioritise targetsCANADA – Quebec

Production test existing wells, 3 new cored holes, lateral appraisal well(s), extend Production Sharing Contract

CHINA

PROJECTS:MUNGI (QLD) 3+ new production wells, increased production, sales and reserves

New sales contract

GLOUCESTER (NSW) 5 well production pilot, 2 cored holes, established reserves

HARCOURT (QLD) 1 new production test well, confirm and expand reserves

TIMMY (QLD) Complete production test, establish initial reserves

SOUTH AFRICA Feasibility study on developing “blowers”, soilgas testing, mapping, development decision, sales contract

USA (WV) 1 production test well (shale)

CLARENCE MORETON (NSW) Seismic reprocessing, new seismic, 1 cored CBM well

2008 INDICATIVE PROJECT TARGETS2008 INDICATIVE PROJECT TARGETS

MOLOPO AUSTRALIA LIMITED

The information in this presentation has been compiled by persons meeting the criteria in ASX Listing Rule 5.11. The identity of the relevant persons is dealt with in the releases to ASX.

References to “possible hydrocarbon reserves”, “probable hydrocarbon reserves” and “proved hydrocarbon reserves” have the same meaning as the ASX Listing Rules. The assessment of reserves involves matters of judgement. All amounts involve varying degrees of probability and uncertainty.

This presentation contains forward looking statements, i.e. statements that are not of historical fact. Such forward looking statements include statements regarding Molopo’s future production, profitability, financial position and cash-flow, Molopo’s business strategy, the plans and objectives of Molopo’s management for future operations, Molopo’s development plans, and Molopo’s reserve and resource positions.

Actual results, performance, achievements, outcomes or occurrences may be materially different from any forecast, prediction, estimate or other forward looking statement in this presentation, including those implied by any such forward looking statements.

Forward looking statements are based on numerous assumptions regarding Molopo’s present and future business strategies and the environment in which Molopo will operate in the future. Among the important factors that could cause Molopo’s actual results, performance or achievements to differ materially from any prediction, estimate, forecast or other forward looking statement in this presentation are – changes in levels of demand and market prices, increases in relevant input costs, drilling and production results, producible reserves being lower than anticipated, technical and other problems in the production and transportation of products, loss of market, delays in implementing projects, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty, economic conditions in relevant areas of the world, actions of competitors, and the activities of governmental authorities (including changes in taxation, business regulation, environmental laws and fiscal policy).

The uncertainties and risks affecting forward looking statements should be taken into account when considering them and the extent to which it is prudent make decisions based on them.

All forward looking statements are applicable only as of the date of this presentation. Molopo disclaims any obligation or undertaking (except as required by applicable laws) to up-date or revise any forward looking statement to reflect any change in Molopo’s expectations or assessment regarding any such forward looking statement.

Nothing in this presentation is to be regarded as constituting advice or a recommendation regarding the making of any investment in Molopo or any dealing in securities of Molopo.