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1 ABN ASX Release 1 Company Presentation - Eagle Ford Olmos and Emerging Projects So far this year, Texon has drilled three Olmos wells. Four wells (EFS #2 drilled in 2010 and the three Olmos wells) are now being tested with results expected next week. During the next several months, the Company will drill two further Eagle Ford wells, four more Olmos production wells and two important Wilcox gas and gas liquids prospects. The status of this work and other projects being carried out by the Company are set out in the attached presentation, which is intended to bring shareholders and potential investors up to date on the Company s results, progress and plans. -ENDS- For further information, please contact: Dr John Armstrong Chairman Brisbane: Or Mr David Mason Chief Executive Officer Brisbane: Houston: (Houston is 15 hours behind Aust. Eastern Standard time) Texon Petroleum Ltd Level 9, 46 Edward Street, Brisbane, Qld 4000 Australia Postal Address: GPO Box 402, Brisbane, Qld 4001 Telephone: +61 (07) Fax: +61 (07)

2 EAGLE FORD OLMOS AND EMERGING PROJECTS

3 Important Statement The information contained in this presentation concerning Texon Petroleum Limited (Texon) is of general background information about Texon's activities as at the date of the presentation 1. The presentation contains certain statements (including projections, estimates, opinions and forecasts) concerning the anticipated future performance of Texon and its operations (Forward Looking Statements). None of these Forward Looking Statements is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside Texon's control. Accordingly, Texon's actual results, performance and prospects could differ substantially from that expressed in or implied by the Forward Looking Statements. Texon does not undertake any obligation to update publicly or release any revisions to these Forward Looking Statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. This presentation is not an offer, invitation or recommendation to subscribe for securities by Texon. Nor does this presentation constitute advice to investors or potential investors and it should not be relied upon as such as it does not take into account the investment objectives, financial situation or needs of any particular investor. 2

4 The Company Underpinned by Eagle Ford Olmos Production, cash flow and Numerous undrilled EFS Olmos Well locations 33 mmboe (1) Emerging Projects Several oil and gas mmboe (1) (1) Overall Resource potential as to the Company s Working Interest Front Cover: On site equipment to frac TXN s First Eagle Ford Well 3

5 Area of Business Houston LMRS Eagle Ford Olmos Coolangatta Possibly 13 Wells in 2011 Prospect Entitlement Area Scarborough 3D Seismic surveys 2011 Prospects LMRS Leighton Mosman Rockingham Sutton 4

6 Capital No of Shares on Issue (1) : million Share Price (2) : 85.5 cents Market Cap (2) : A$170 Million Debt :Nil Unlisted Options : 18.8 million Cash (1)(3) : A$28.6 million Top 20 shareholders : 34.4% Board and Management : 8.6% Tax Losses (YE 2011) (4) : A$30 million (1) Excludes SPP yet to be finalized (2) 31 March 2011 (3) 31/12/10 plus Q1/11 Placement of A$14.9M after costs, refer also to page 15. (4) Projection 5

7 Share Price and Volume 44.6mm shares at mm shares at mm shares at 65 SPP yet to be finalized 6

8 Liquidity Average Daily Volume 800, , , , , , , ,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1 Q4 Q1 Q2 Q3 Q4 Q

9 2010 Outcome and Forecast 2010 A$ Million Combined Cash Revenue (5) Cash Cost of Sales Overheads (5) Operating Cash flow (5) EBITDA (3) 9.1 EBITDAX (4) 10.7 (1) (2) (1) Success case outcome at US$90/bbl, US$4.5/mmbtu, revenue increases/decreases by 10% for each $10/bbl rise/fall in oil price; (2) Excludes Scarborough success case potentially US$1M/month beginning Q4/11 (3) Earnings before interest, tax, depreciation and amortisation; (4) Earnings before interest, tax, depreciation, amortisation and exploration expense (5) From 2010 Cash flow Statement 8

10 Texon Low risk portfolio 6.7mmboe 3P 75% Eagle Ford Eagle Ford 86% oil and gas liquids Highly leveraged to oil price Strong Success Case Revenue Drilling and Production Operator Production Facilities Sales Gas Contracts Houston operational office Fully developed value of Eagle Ford and Olmos leases indicated in excess of A$500 Million 9

11 Organisation TEXON BOARD John Armstrong (C) Bernard Rowley Dave Mason Vacant Vacant Des Olling (Sec) MANAGEMENT Dave Mason (CEO) Michael Hills (Finance) Outsourced OPERATIONS Contractors + Consultants Outsourced WANDOO Prospect Generation Agreement (PGA) 180 3D Seismic Surveys Subsurface Technical Staff 10

12 EAGLE FORD OLMOS YE 2011 Forecast Undrilled EFS Olmos Well Locations Assets 4 EFS Producers (1) $54M Revenue 14 Olmos Producers (2) in combined 68 EFS 22 Olmos Ongoing growth from established low risk resources EMERGING PROJECTS (1) 86% Oil and Gas Liquids (2) 50% Oil 1. Wilcox Oil 2. Olmos Mosman / Rockingham 3. Scarborough 4. Coolangatta 5. Other Prospects 6. Pearsall 7. Expanded Mapping Project 11

13 Track Record 85% Success Increasing Materiality Target Well Results Eagle Ford 2 out of 2 Olmos 10 out of 11 Wilcox (gas) 0 out of 1 Yegua 4 out of 5 Frio 7 out of 7 23 out of 26 Bar now raised to exclude immaterial Yegua Frio Projects 12

14 Learnings Technical 3D Technology works New Prospect Criteria: Materiality 3D Controlled Nearby analogue Oil preference Sound technical attributes Oil / Gas indicators Leasable Operational fit with TXN Payout ca. 12 months 13

15 Plan Realize value from established EFS Olmos resources Expand Eagle Ford holding Investigate emerging projects Spread risk Monetize success Maintain oil emphasis Gas okay if ca. 12 month payout Get better value from access to 180 3D Surveys via more active Prospect Generation programme More dedicated commercialization of Prospects by farmout 14

16 Cash A$M YE Feb 2011 Placement (1) 14.9 Share Purchase Plan (1) (2) c Option Exercise + Yegua Sale Operating Cash Flow (3) Capital Projects (4) (52) (1) After Costs (2) Assumes SPP raises $10 15 Million (3) Success Case Outcome and US$105/bbl and US$4.5/mmbtu (4) Per February 2011 Presentation YE Cash

17 Reserves (1) YE mmboe Proved / Probable / Possible 75% Eagle Ford Eagle Ford 86% oil and gas liquids Olmos 50% oil Includes EFS 1 and related 3P well locations (1) The Eagle Ford reserves information was compiled by Netherland, Sewell & Associates, Inc. (NSAI), Petroleum Consultants, Houston. The Non Eagle Ford reserves information, ie the Olmos in the Leighton and Mosman/Rockingham fields, and other fields, was compiled by Delilah B Hainey of Hainey & Hainey, a reservoir consultant to the Company. HJ Gruy and Associates, Inc., Houston, Texas assisted in the reserves report by providing an independent audit of the Leighton Olmos reserves. Delilah B Hainey, HJ Gruy and Associates and NSAI are qualified in accordance with ASX Listing Rule Delilah B Hainey and NSAI have consented to the form and context of the reserves shown in this report and, HJ Gruy and Associates has consented to the inclusion of the audited Leighton Olmos reserves. 16

18 Eagle Ford / Olmos Reserves (1) (2) (3) 7 Reserves nett to NRI 6 Possible m m b o e Probable Proved Gas Proved NGL Proved Oil (1) As to Company s beneficial interest, nett after royalties; includes small contribution from Yegua wells. (2) Gas is converted to equivalent oil production using a 6:1 equivalent ratio. This ratio does not assume price equivalency and given price differentials, the price for a 6:1 barrel of oil equivalent for natural gas may differ significantly from the price for a barrel of oil. (3) The Eagle Ford reserves information was compiled by Netherland, Sewell & Associates, Inc. (NSAI), Petroleum Consultants, Houston. The Non Eagle Ford reserves information, ie the Olmos in the Leighton and Mosman/Rockingham fields, and other fields, was compiled by Delilah B Hainey of Hainey & Hainey, a reservoir consultant to the Company. HJ Gruy and Associates, Inc., Houston, Texas assisted in the reserves report by providing an independent audit of the Leighton Olmos reserves. Delilah B Hainey, HJ Gruy and Associates and NSAI are qualified in accordance with ASX Listing Rule Delilah B Hainey and NSAI have consented to the form and context of the reserves shown in this report and, HJ Gruy and Associates has consented to the inclusion of the audited Leighton Olmos reserves. 17

19 Reservoirs Wilcox Olmos Eagle Ford Pearsall 18

20 Eagle Ford Indicated Potential : 31 mmboe (1) 2 Wells 1 producing, 1 being tested 0il + Gas Liquids 86% 68 undrilled well locations Well payout 13 months (2) Upside possibly closer well spacing (1) As to TXN s WI (2) Well cost US$9.1M 19

21 Eagle Ford Leases Texon 1200 bopd Texon Leases EFS Wells >1,000 bopd 20

22 Eagle Ford 5,900 Nett TXN Acres Leighton/Sutton 1,651 acres 1 ST TXN EFS WELL IP 1,200bopd Swift EFS 1,100 bopd Swift EFS 775 bopd Mosman/Rockingham 3,273 acres TXN EFS #4 (EF) (M) (EF) (S) (EF) (SF) 2nd TXN EFS WELL TESTING TXN EFS #3 New TXN EFS leases 1463 acres 1 mile scale Gross Acres: 6,387 acres Nett Acres: 5,914 acres Proposed EFS well by: (M) Murphy EFS wells waiting on Frac: (SF) Swift (EF) Enduring (S) Swift well being tested 21

23 EFS 1 Production Facilities bbl tanks, 6 oil + 2 water 1 High Pressure Separator 1 Low Pressure Separator 1 3 High Pressure Meter Run 1 2 Flash Gas Meter Run Capacity: 1200 bopd + 3mmcfgpd Readily Expandable Leighton Eagle Ford Tank Battery and Separators 22

24 Pipelines Sutton Enterprise New Pipeline 2012 (30 ) Mosman Rockingham Planned new pipe line TXN EFS #4 Leighton TXN EFS #2 TXN EFS #1 MR 1 TXN EFS #3 Laser (6 ) New Leases Enterprise (2x6 pipelines) Regency (10 ) 23

25 Eagle Ford YE 2011 Possible Outcome (1) Well locations around 4 EFS Wells (YE 11) Feb 11 new Eagle Ford Leases (1,400 Acres) PDP PUD PROB POSS POTENTIAL Overall 70 Production well locations (1) Texon assessment subject to success of EFS Wells Nos. 2, 3, 4 PDP: Proved developed producing well location PUD: Proved undeveloped well location PROB: Probable well location POSS: Possible well location Potential: Other well location in LMRS Leases 24

26 Eagle Ford The Resource Equation Area (gross) : 6,387 Acres Wells : 70 (80 ac spacing) Resources per well (1) : 475,000 boe Oil + Gas Liquids : 86% Total Potential : 33.2 mmboe TXN average WI : 92.6% Potential to TXN WI : 31 mmboe Possible TXN WI resource around First 4 EF wells (2) : 18 mmboe (1) Resource comprises Oil / Gas / Gas Liquids in Proved, Probable and Possible Categories (2) TXN estimate 42 Proved, Probable and Possible well locations 25

27 Eagle Ford 2011 Plan Test 2 nd well Reduce cost Further 2 wells mid year Mid Year Project Development Plan Increase nett lease holding 26

28 Olmos Leighton Indicated Potential 2.2 mmboe (1) 10 Production Wells Oil 50% 25 undrilled well locations Well payout 10 months (1) As to TXN s WI 27

29 Olmos Leighton Sutton Leighton Sutton (1,651 Acres) 10 PDP 12 PUD 9 Probable 1 Possible 3 Potential Leighton Tyler #2 Tyler #1 Tyler #4 Tyler #5 Sales Meter Tyler Oil Tanks Peeler Oil Tanks Peeler #1 Peeler #2 Texon leases (Ave. 84% Olmos, 82% EFS) 777 acres Tyler #6 Tyler #3 Texon leases (50% Olmos, 82% EFS) 874 acres Tyler #8 Tyler #7 Laser Pipeline 28

30 Olmos Leighton Production Facilities bbl tanks, 6 oil + 1 water 1 test separator 1 High Pressure separator 1 Low Pressure separator 1 Heater Treater 2 3" meter runs 1 2" meter run for test separator 1 horizontal suction scrubber Leighton Olmos Tank Battery and Separators Capacity: 1200 bopd mmcfgpd Readily Expandable 29

31 Olmos Leighton Wells Olmos Leighton PDP PUD PROB POSS POTENTIAL Overall 35 Production well locations 30

32 Olmos Leighton 2011 Plan Q1 3 wells drilled Q2 4 4 more production wells 31

33 Eagle Ford / Olmos Gas 65% of TXN gas is from Eagle Ford and Olmos (EF/O) (1) EF/O calorific value ca.1,300 btu/cf including NGL s EF/O price per mcf uplift cf dry gas x 1.7 (2) $4.5 per mmbtu Calorific value 1,300 btu per cubic foot $7.6 per mcf Henry Hub Gas EF/O Gas (1) January 2011 (2) Average 6 months June Nov

34 Eagle Ford / Olmos Production (1) Gas Oil (1) TXN NRI beneficial production (as converted to 6:1); includes small contribution from Yegua wells in 2011, pre 2011 only Olmos and other gas production. (2) After sale of 20% WI in Leighton Olmos (3) The 2 nd EFS well(teal EFS #1H) and 3 Olmos production wells are forecast to contribute to production beginning Q2/11 (4) Mid year EFS, Olmos, Coolangatta wells are forecast to contribute production beginning Q3/11 33

35 Cash and Margins US$ / boe Revenue Cost of Sales LOE etc + Admin (1) (10.4) (9.6) (11.1) DDA (2) (20.5) (12.1) (20.9) Gross Margin (1) Lease operating expenditure, production taxes, and allocated administration costs (2) Depletion, Depreciation and Amortization 34

36 Eagle Ford Olmos 6 Month Outcome Well Eagle Ford (1) (Horizontal) Olmos (Vertical) Production in 1 st 6 months (mboe) Proportion of well cost recovered in 1 st 6 months (%) (1) 3P 35

37 Emerging Projects (1) Potential Resource (1) (mmboe) 1. Wilcox Oil Under Review 2. Olmos MR Oil 4 3. Scarborough Gas / Liq Coolangatta Gas / Liq 4 5. Other Prospects Gas Pearsall Gas / Liq Expanded Mapping Projects Oil / Gas 40 New Prospects Targeted. (1) As to TXN WI; TXN currently has % WI mmboe 36

38 Gas USA gas price increased 25% in past 5 months New gas plants generate power at 30% less cost than wind / nuclear / solar / clean coal (1) World wide natural gas demand likely to rise Potentially enhanced value of gas prospects from Expanded Mapping Project (1) Source: John W. Rowe, Chairman, Exelon Corporation. Remarks to American Enterprise Institute March 8,

39 Wilcox Oil Potential : Under Review Nil Producing Wells Oil 38

40 Wilcox Oil Depth : 5,000 7,000 Thickness : Under Review Porosity : up to 30% (average 18 20%) Permeability : up to 400 md (1) (mostly 1 10) Oil shows : up to 17% in SWC (2) Possible Area : Under Review Possible OIP (3) : Under Review TXN WI : 50 97% Vertical Well Cost : US$0.8 Million (4) (1) md = milidarcy (2) SWC = Side Wall Core (3) OIP = Oil in Place (4) Including frac and connection 39

41 Wilcox Oil Plan Drill and test vertical well 2011 In success case, consider vertical and horizontal wells 40

42 Olmos Mosman Rockingham Potential : 4 mmboe (1) Producing Wells : 1 Oil : 50 80% TXN WI : 95% Vertical Well Cost : US$1.5 Million Potential for multiple vertical / horizontal wells Success case payout 13 months (1) TXN 95% WI 41

43 Olmos Mosman Rockingham Eastern limit of planned 3D Survey EFS#2 Mosman Laser Pipeline Areas of Predicted superior reservoir quality 3,273 Acres TXN 96% WI Rockingham MR#1 (Hoskins Unit #1) 3D Seismic available in Q3 to identify superior reservoir quality Possible Well Locations 42

44 Olmos Mosman Rockingham Plan 3D Seismic : Q2 / 2011 Review 3D : Q3 / 2011 Vertical Well : Q3 / 2011 or early 2012 Horizontal Wells : In success case, potentially 4 times cost, 10 times production uplift. 43

45 Scarborough Potential 28 mmboe (1) Gas / Liquids TXN WI : 96% Vertical Well Cost : US$2.0M (dry hole) (2) Possible Initial Rate : 10 mmcfgpd Success case payout : 4 Months Drill Q3 / 2011 (1) As to TXN WI (2) US$3.2M drill, complete, connect 44

46 Scarborough Resource Potential: 170 bcf mmbbl Proposed location Proposed location 45

47 Coolangatta Potential 4 mmboe (1) Gas / Liquids TXN WI : 94% Vertical Well Cost : US$1.6 Million (dry hole) (2) Possible Initial Rate : 3 4 mmcfgpd Success case payout : 7 months Drill Q2 / 2011 (1) As to TXN WI (2) US$2.2M drill, complete, connect 46

48 Coolangatta Resource Potential: 24 bcf mmbbl A A Proposed A location Proposed location Proposed location Analog Field A 47

49 Other Prospects Corindi / Windang / Toowoon / Sunshine / Pebbly Potential 10 mmboe (1) Gas / Liquids TXN WI : 100% Success case payout : 6 months Farmout (1) As to TXN WI 48

50 Pearsall 100 strong gas shows (1,000 2,000 units) with fluorescence 111 pay (NuTech) 13,500 Likely present across 6,387 gross acres Potential GIP : bcf Potential Resource : mmboe (1) TXN WI : 92.6% Horizontal well cost : US$8 9M (2) Initial rate possibly : 5 6 mmcfgpd Success case payout : 20 months Farmout (1) As to TXN WI (2) Drill, frac, complete, connect 49

51 Expanded Mapping Project Purpose : Strengthen mapping capability to increase prospect output Goal : Create 40 Prospects that meet TXN criteria on page 13 Timing : Q2 / 2011 through mid year D Surveys : Very Important refer to Supplementary Slides 50

52 The Prospect Factory TXN Wandoo Prospect Generation Agreement Term: until May 2014 TXN has exclusivity to Prospects 180 3D Surveys 24,000 sqkm Contracting 10 Professional / Technical staff Observe technical learnings Success case multi well follow up important Prospect quality to be suitable for farmin partners 51

53 2011 Work Programme Eagle Ford Olmos Wilcox Pearsall Yegua Scarborough Coolangatta Expanded Mapping Project EF 2 Frac EF 3 & EF 4 Poss EFS Vertical Frac Leases L/S Wells M/R 3D Seismic Poss M/R Well Poss Well Farmout 2011 Q1 Q2 Q3 Q Acquire more Seek partner to drill horizontal test well Monetize and redeploy capital Strengthen with more staff increase prospect output L/S: M/R: Leighton / Sutton Mosman / Rockingham 52

54 SUPPLEMENTARY SLIDES

55 Top 20 Shareholders (1) Rank Name Units % of Units 1. MR DAVID JAMES MELVILLE MASON 15,000, NATIONAL NOMINEES LIMITED 5,594, MACQUARIE BANK LIMITED 4,850, BERNE NO 132 NOMINEES PTY LTD <52293 A/C> 4,193, RESOURCE & LAND MANAGEMENT SERVICES PTY LTD <THE SKERMAN SUPER FUND A/C> 4,009, MACQUARIE BANK LIMITED <METALS & ENERGY CAP DIV A/C> 3,976, UBS NOMINEES PTY LTD 3,798, HOTLAKE PTY LTD <HALCYON SUPER FUND A/C> 3,550, JP MORGAN NOMINEES AUSTRALIA LIMITED <CASH INCOME A/C> 2,677, DOUGLAS FINANCIAL CONSULTANTS PTY LTD 2,550, GASCORP AUSTRALIA PTY LTD 2,447, MR JOHN D ARMSTRONG 2,078, MR ALEXANDER JOHN MARSHALL 2,045, ABN AMRO CLEARING SYDNEY NOMINEES PTY LTD <CUSTODIAN A/C> 2,026, A N DOUGLAS MANAGEMENT PTY LTD <A N DOUGLAS PRIVATE INV A/C> 1,840, CITICORP NOMINEES PTY LIMITED 1,798, MR DAVID FREDERICK OAKLEY 1,725, HANCROFT PTY LTD 1,500, SHANRAY PTY LTD 1,500, G DOUGLAS MANAGEMENT PTY LTD <GORDON DOUGLAS PRIV INV A/C> 1,380, Totals: Top 20 holders of FULLY PAID ORDINARY SHARES (TOTAL) 68,540, Total Remaining Holders Balance 130,883, (1) As of 28 March 2011 Supplementary 1

56 Texon Wandoo Seitel Seitel Data Ltd (Seismic Data Owner) Owns the 180 onshore Texas 3D seismic surveys (24,600 sqkm) 30,000km 2D seismic Wandoo Licences the 180 3D surveys and 30,000km 2D surveys Wandoo Generates Prospects from the 3D surveys Texon has first right of refusal to all Prospects generated by Wandoo from the surveys Texon Leases and drills prospects Produces successful wells Seitel is a significant company which acquires, processes and sells seismic data. It has a 20% non dilutable interest in Wandoo, and an interest in TXN Supplementary 2

57 Cost / Revenue Cost: Mineral Owners Royalty Other Royalties Revenue ORRI Overriding Royalty Interest e.g. 25% Texon with 100% Working Interest (WI) Pays 100% of Cost Texon entitlement before Costs and taxes for 100% WI NRI Nett Revenue Interest e.g. 75% Supplementary 3

58 Operations Contractors / Consultants Vertical Wells Pioneer Drilling / Scott Hines Production Scott Hines Oil Sales / Revenue Scott Hines Gas / Liquids Marketing Laser Midstream Horizontal Wells Unit Drilling Co / Total Energy Services Log Analysis NuTech Fraccing Halliburton / BJ Reserves Gruy / NSAI Supplementary 4

59 Oil Price US$ / BBLS NYMEX Oil Futures Most Recent Settle As of 8 March aver : US$103.25/bbl 5 Year aver : US$103.20/bbl J 07 M 07 S 07 J 08 M 08 S 08 J 09 M 09 S 09 J 10 M 10 S 10 J 11 M 11 S 11 J 12 M 12 S 12 J 13 M 13 S 13 J 14 M 14 S 14 J 15 M 15 S 15 J 16 M 16 S 16 Supplementary 5

60 Gas Price US$ /mmbtu NYMEX Gas Futures Most Recent Settle As of 8 March aver : US$4.22/mmbtu 5 Year aver : US$5.08/mmbtu J 07 M 07 S 07 J 08 M 08 S 08 J 09 M 09 S 09 J 10 M 10 S 10 J 11 M 11 S 11 J 12 M 12 S 12 J 13 M 13 S 13 J 14 M 14 S 14 J 15 M 15 S 15 J 16 M 16 S 16 Supplementary 6

61 Diagram of Key 3D Seismic Characteristics Texon Prospect Analogue Producing Well Undrilled 3D Seismic Response Analogous to producing well Red/Black combination is signature of oil/gas* * Red/black combination can also be due to rock effects other than oil and gas. Supplementary 7

62 Why is access to a large number of 3D Seismic Surveys valuable? Access to 180 3D seismic surveys is exceptional for a small Company 3D enables better definition of prospects than other methods 3D can point to prospects with possible 3D oil and gas signatures Ground floor access to prospects Less dependent on farmouts deal maker not deal taker Wide area to choose prospects from spreading risk and enhancing chance of success Pipeline of prospects for 3 more years, supporting a multi year drilling inventory. Supplementary 8

63 Corindi Resource Potential: 10 bcf Proposed location A A A Proposed location A Supplementary 9

64 Windang Resource Potential: 30 bcf One of six Windang Prospects Channel scour Supplementary 10

65 Toowoon Bay Resource Potential: 4.5 bcfe Additional Opportunities In Area = 25 bcfe A Proposed Location A A Proposed Location A Supplementary 11

66 Sunshine Resource Potential: 4 12 bcf A A Proposed locations A A Proposed locations Channel scour Possible drained area Old well Supplementary 12

67 Pebbly Resource Potential: 2 4 bcf B B B Channel scour Proposed location B Supplementary 13

68 Glossary A$M: Million dollars Australian Ac: acre Av: average bbl: barrel bcf: billion cubic feet bcfe: billion cubic feet equivalent (includes oil converted to gas equivalent on basis of 1 bbl to 6 mcfe) boe: barrels of oil equivalent boepd: barrels of oil equivalent per day (including gas converted to oil equiv barrels on basis of 6mcf to 1 barrel of oil equiv) bopd: barrels of oil per day Btu/cf: British thermal units / cubic feet C: Chairman Ca: Circa CEO: Chief Executive Officer EFS: Eagle Ford Shale GIP: Gas in Place H: Half Year IP: Initial Production rate IPO: Initial Public Offering mcf: thousand cubic feet mcfgpd: thousand cubic feet of gas per day mmcfgpd: million cubic feet of gas per day mm: million mmbbl: million barrels mmboe: million of barrels oil equivalent mmbtu: million British thermal units mmcfgpd: million cubic feet of gas per day NGL: Natural Gas Liquids NRI: Net Revenue Interest OIP: Oil in place PGA: Prospect Generation Agreement PDP: Proved developed producing PUD: Proved undeveloped PROB: Probable POSS: Possible Q: Quarter Sec: Company Secretary SPP: Share Purchase Plan Sq km: square kilometres TXN: Texon WI: Working Interest YE: Year End 3P: Proved plus Probable plus Possible Supplementary 14