Dart Energy – the path to production

Robbert de Weijer, CEO Dart Australia May 2012

This presentation (Presentation) has been prepared by Dart Energy Limited (ABN 21 122 588 505) (Dart). This Presentation is not a prospectus or a product disclosure statement under the Corporations Act and has not been, nor is it required to be, lodged with the Australian Securities and Investments Commission (ASIC). Nothing in this Presentation should be considered as a solicitation, offer or invitation in any place where, or to any person to whom, it would not be lawful to make such an offer or invitation. By accepting, accessing or reviewing this Presentation, or attending any associated presentation or briefing, you agree to be bound by the following conditions. This Presentation may not be forwarded or otherwise be distributed in the United States of America. Summary information This Presentation contains summary information about the current activities of Dart and its subsidiaries. The information in this Presentation does not purport to be complete. It does not purport to contain all the information that a prospective investor may require in evaluating a possible investment in Dart nor does it contain all the information which would be required in a prospectus prepared in accordance with the requirements of the Corporations Act. This Presentation should be read in conjunction with Dart’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au. No member of Dart or any of its related bodies corporate and their respective directors, employees, officers and advisers (Dart Group) offer any warranties in relation to the statements and information in this Presentation. Statements in this Presentation are made only as of the date of this Presentation unless otherwise stated and the information in this Presentation remains subject to change without notice. Dart is not responsible for providing updated information to any prospective investors. Not financial product advice This Presentation is for information purposes only and is not a prospectus or other offering document under Australian law or under any other law. Nothing contained in the Presentation constitutes investment, legal, tax or other advice. This Presentation is not a recommendation to acquire shares and has been prepared without taking into account the investment objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek appropriate advice, including financial, legal and taxation advice appropriate to their jurisdiction. Dart is not licensed to provide financial product advice in respect of Dart shares. Cooling off rights do not apply to the acquisition of Dart shares. Risks An investment in Dart shares is subject to investment and other known and unknown risks. Dart does not guarantee any particular rate of return or the performance of Dart, nor does it guarantee the repayment of capital from Dart or any particular tax treatment. Financial data All references to dollars, cents or $ in this document are to Australian currency, unless otherwise stated, and financial data is presented as at the date of this Presentation unless otherwise stated. Past performance Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. The historical information in this Presentation is, or is based upon, information that has been released to the market. For further information, please see past announcements released to ASX.

Future performance This Presentation contains certain “forward‐looking statements” with respect to the financial condition, results of operations and business of Dart and certain plans and objectives of the management of Dart. The words “forecast”, “estimate”, “likely”, “anticipate”, “believe”, “expect‘’, “project”, “opinion”, “predict”, “outlook”, “guidance”, “intend”, “should”, “could”, “may”, “target”, “plan” and other similar expressions are intended to identify forward‐looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward‐looking statements. You are cautioned not to place undue reliance on forward looking statements as actual outcomes may differ materially from forward looking statements. Forward‐looking statements, opinions and estimates provided in this Presentation necessarily involve uncertainties, assumptions, contingencies and other factors, and unknown risks may arise, many of which are outside the control of Dart. Similarly are statements about market and industry trends, which are based on interpretations of current market conditions, should be treated with caution. Such statements may cause the actual results or performance of Dart to be materially different from any future results or performance expressed or implied by such forward looking statements. Forward‐looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Such forward looking statements speak only as of the date of this Presentation. Dart disclaims any intent or obligation to update publicly any forward‐looking statements, whether as a result of new information, future events or results or otherwise. Reserves and resource estimates The reserve and resource estimates used in this presentation were, where indicated, compiled by Dan Paul Smith and John Hattner of Netherland, Sewell & Associated, Inc., Dallas or by Mr Doug Barrenger of MBA Petroleum Consultants and are consistent with the definitions of proved, probable, and possible hydrocarbon reserves and resources that appear in the Australian Stock Exchange (ASX) Listing Rules. Mr. Smith, Mr Hattner and Mr Barrenger are each qualified in accordance with the requirements of ASX listing rule 5.11 and each consent to the use of the resource and reserve figures in the form and context in which they appear in this presentation.

Disclaimer

4

A simple model

1

High quality

prospects

High demand

markets

ACCESS

2

Diagnostic know-

how & “tool-kit”

Small volumes

required

Rapid certification

APPRAISE

3

Commercialise

quickly

Accessible

markets

Achieve high

margins

MONETISE

Quality assets in high price, high demand, highly accessible markets

RAPID COMMERCIALISATION WHERE GAS IS NEEDED FAST.

Australia

6

Australia gas market and strategy

East Coast gas price forecasts

Source 1: 2010 Gas Statement of Opportunities, AEMO

Source 2: Dart Energy research (publicly available information)

We will maximise value

through:

1. Maturation of existing assets

2. Diversification:

• Geographically

• Other unconventional gas

3. Innovative commercialisation

and monetisation of our assets

4. Respect for our communities,

environment and people

7

Significant portfolio with future upside through diversification

3 Key NSW Tenements (7 in total):

Newcastle PEL 458 4 exploration wells drilled to date

Approval imminent to commence prod’n pilot

Hunter Valley PEL 456 5 exploration wells drilled to date

Santos to drill pilot in 1H 2012

Cumberland PEL 463 Land use study to define small footprint,

industrial site developments

NSW resource position (net to Dart)

Area

(km2)

OGIP

(Tcf)

Prospective

(Tcf)

3C

(Tcf)

2C

(Tcf)

23,598 32.5 12.3 1.5 0.5

8

Fullerton Cove, NSW – PEL 458

Project with MFV

Initial ~16 Ha glasshouse & 4,000m2 propagation

facility

$7.50 per GJ; $5.2m investment (20% equity)

Up to 6.3PJ over 10 years for ~8MW combined

heat/power; potential expansion to 32 MW

Revenue of ~ $4.5m/year upon completion of

stage 2

Benefits

15x food productivity, no pesticides

Near zero CO2 emissions

Beneficial re-use of CSG water

125+ new jobs, excess power to grid

Similar integrated projects can be replicated across Dart’s portfolio to achieve early monetisation and demonstrate CSG can co-exist with other land uses.

International

PEDL 133 - Scotland

Work to date

─ Developing and executing exploration program

─ Installation of gas-to-power facilities

─ Full field development planning

Monetisation

─ First gas sales from pilot-to-power in 2012

─ GSA with SSE Energy Supply Limited

Future work program

─ Drill additional 2 core wells and production wells

─ Installation of production facilities + pipeline to

grid

OGIP/Resource/Reserve

─ 1093 BCF OGIP

─ 597 BCF 2C Resource, 1247 BCF 3C Resource

─ 38 BCF 2P Reserves, 72 BCF 3P Reserves

Liulin - China

Work to date

─ Production testing from 4 pilot wells and

currently drilling 2 additional wells

─ Pre development engineering for Overall

Development Plan (ODP)

Monetisation

─ Third party GSA in place for sales from Luilin

Future work program

─ Development of surface infrastructure facilities

by H1 2013 to allow delivery into GSA

OGIP/Resource/Reserve

─ 143 BCF OGIP

─ 20 BCF Prospective Resource

─ 22 BCF 2C Resource, 33 BCF 3C Resource

─ 7 BCF 2P Reserves, 12 BCF 3P Reserves

Sangatta West - Indonesia

Work to date

─ Long term production from 4 wells

Monetisation

─ First gas sales from pilot-to-power in 2012/2013

Future work program

─ Delivery of commercial gas flow

─ Installation of power generation facilities

OGIP/Resource/Reserve

─ 250 BCF OGIP

─ 44 BCF Prospective Resource

─ 62 BCF 2C Resource, 100 BCF 3C Resource

─ 9 BCF 3P Reserves

Tanjung Enim - Indonesia

Work to date

─ 2 core wells completed

─ 3 well pilot drilling underway

Monetisation

─ First gas sales from pilot-to-power in 2012/2013

Future work program

─ Additional pilot to power planning

OGIP/Resource/Reserve

─ 393 BCF OGIP

─ 88 BCF Prospective Resource

─ 109 BCF 2C Resource, 154 BCF 3C Resource

Electrosteel CMM - India

Work to date

─ 2 core wells completed

─ Assessing CMM degassing potential

Monetisation

─ Potential off-take by domestic CNG operators

in 2013

Future work program

─ Drill 3 CMM degassing wells 2012/13

OGIP/Resource/Reserve

─ 53 BCF OGIP

─ 26 BCF 2C Resource

─ 48 BCF 3C Resource

Milestones Timing

• IPO Dart International

• Results from 5 existing production pilots

• Drill out exploration programme

• Commencement of production pilot at Fullerton Cove

• Initial revenue from PEDL-133 gas to power

Underway

• Completion of project debt facility

• Additional CBM pilots plus 1-2 shale exploration wells

• Reserves additions and commercial gas flow rates

• Partnership(s) and new off-take arrangements

• Extended portfolio of shale and other unconventional assets

2012-13

• Revenue from 6 projects

• Commence shale exploration and assessment 2013

Additional power generation, domestic supply and/or pipeline sales 2013 and beyond

15

Value drivers

Thank You

17

Development fundamentals - How we envisage a CSG development in NSW

18

Small footprint, large reach

19

CSG development

CSG Then

CSG Now

Lauren field in the Surat Basin was developed the way it was, during the drought

years, in a manner that fitted both the landholder and the CSG company at the time

The Berwyndale field in the Surat Basin has been developed more recently, and

demonstrates how CSG proponents work closely with landholders to optimise

the layout infrastructure to minimise the impact on their farm productivity