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1 Singapore (Head Office) T F Beach Road, #19-01/04 The Gateway East Singapore Brisbane (Registered Office) T F Level 11, Waterfront Place, 1 Eagle Street, Brisbane Qld 4000, Australia GPO Box 3120, Brisbane Qld 4001, dartenergy.com.au ASX CODE DTE ABN November 2012 ANNUAL GENERAL MEETING PRESENTATIONS Please find attached the following presentations being delivered today at the Annual General Meeting of Dart Energy Limited. Chairman s Address by Nick Davies Dart Energy International by Eytan Uliel (DEI Chief Commercial Officer) Dart Australia by Robbert de Weijer (Chief Executive Officer Australia) Paul Marshall Company Secretary Reserves and resource estimates The reserve and resource estimates used in these 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 has consented to the use of the resource and reserve figures in the form and context in which they appear.

2 Dart Energy Limited (ASX: DTE) AGM PRESENTATION Nick Davies Chairman Brisbane, 27 November

3 THREE KEY MESSAGES FOR SHAREHOLDERS 1 2 Share price performance has been a major disappointment - BUT Business Build has continued on pace Extensive technical / drilling work done to date across portfolio Commercial options in place (pilot-to-power schemes, GSAs, etc) Multiple projects approaching production / revenues over next 18 months 5 year horizon building to a substantial, cash-generative production business Unconventional gas is an exciting sector to invest in Gas is a primary fuel of the future - share of energy mix to catch up with oil by ,2 Unconventional gas resources are larger than conventional natural gas resources 1 Unconventional gas as a business and investment is proven, not theory, having already changed the energy balance in North America / Australia 3 Dart is a compelling way to invest in the sector Leading global unconventional gas business Large asset base; unique global portfolio approach; certified resource / reserves Managed by an experienced team Notes: 1 DataFusion Associates 2 ExxonMobil report: 2012 The Outlook for Energy: A View to

4 Price - A$ Daily Volume (Millions) OPERATIONAL ACHIEVEMENT BUT MARKET DISAPPOINTMENT CORPORATE HISTORY KEY MILESTONES 16 July 2010 De-merged from Arrow Energy and changed name to Dart Energy 22 July February 2011 Dart Energy s listing on the ASX and A$36 million capital raising at A$0.69/share Acquired Apollo Gas (ASX listed) to expand NSW presence 28 February 2011 April 2011 A$100 million capital raising at A$0.75/share by parent, Dart Energy; oversubscribed and successfully completed Acquired Composite Energy, U.K. to expand European portfolio CORPORATE OBJECTIVE AT INCEPTION First 2 years: establish resource base in attractive markets; establish capabilities achieved Next 18 months: rapid commercialisation; initial developments and first cash flow December 2011 Acquired Greenpark, and BG Group s interest in Composite licences, as part of European expansion strategy March 2012 August 2012 Secured US$100 million debt facility from HSBC LOI for new Shale gas PSC in China; early mover in Chinese Shale Gas 2012 Restructuring to create international unconventional gas platform; DART ENERGY SHARE PRICE HISTORY Vol (Mil) Dart S&P/ASX200 Rebased

5 THE UNCONVENTIONAL GAS MISNOMER Unconventional ~ out of the ordinary; not confirming to convention or general agreement. US Natural Gas Production by Source, 1990 to 2035 (in Tcf) In 2010, Unconventional 1 14 Tcf (60%) Conventional 9 Tcf (40%) Total 23 Tcf By 2035, the EIA expects Unconventional 1 27 Tcf (77%) Conventional 8 Tcf (23%) Total 35Tcf Note: - Unconventional natural gas production includes shale gas, tight gas and CBM. Source: EIA Annual Energy Outlook 2012 THE MAJORITY OF NATURAL GAS IS COMING FROM UNCONVENTIONAL SOURCES, IS UNCONVENTIONAL GAS REALLY THAT OUT OF THE ORDINARY? 4

6 UNCONVENTIONAL GAS - TRANSFORMATIVE AND GLOBAL CBM and shale have transformed the energy landscape in North America and Australia Europe and Asia have significant untapped unconventional gas resources The long-term sector dynamics are favourable and Dart is well placed to leverage on these Canada Natural gas reserves: 70 Tcf CBM resources: 1,660 Tcf Shale resources: 385 Tcf United Kingdom Natural gas reserves: 7 Tcf CBM resources: 71 Tcf Shale resources: 21 Tcf Russia Natural gas reserves: 1,575 Tcf CBM resources: 1,730 Tcf USA Natural gas reserves: 300 Tcf CBM resources: 740 Tcf Shale resources: 850 Tcf North America Case Study Over 20-year history of CBM production 23% of US natural gas in 2010 accounted for by shale gas 1 Proven natural gas reserves Source: EIA, Datafusion Germany Natural gas reserves: 3.5 Tcf CBM resources: 106 Tcf Shale resources: 7 Tcf Poland Natural gas reserves: 3.5 Tcf CBM resources: 106 Tcf Shale resources: 180 Tcf India Natural gas reserves: 42 Tcf CBM resources: 282 Tcf Shale resources: 60 Tcf Indonesia Natural gas reserves: 105 Tcf CBM resources: 450 Tcf Shale resources: 575 Tcf 37 China Natural gas reserves: 110 Tcf CBM resources: 1,300 Tcf Shale resources: 1,260 Tcf Australia Natural gas reserves: 135 Tcf CBM resources: 350 Tcf Shale resources: 390 Tcf Australia Case Study 70% of Queensland s gas supplied by CBM 4 th largest LNG exporter Expected to be the largest in <10 years once projects in development come online 1 EIA Annual Energy Outlook 2012 (Early Release) 5

7 KEY ACHIEVEMENTS: GROWTH IN RESOURCE AND RESERVE BASE 6

8 HIGHLIGHTS OF LAST 12 MONTHS CORPORATE Increased Dart Energy's 3P reserves by 39% and 2C resources by over 350%; and having commercial reserves confirmed in the UK, China and Indonesia Established a European shale gas portfolio with independently estimated gas-in-place volumes up to 143 Tcf (76 Tcf best estimate) 35 wells drilled across Australia, China, Indonesia, India, the United Kingdom and Poland Secured a reserve based borrowing facility of up to US$100 million from HSBC - will provide funding for early development projects internationally (initially, Airth in Scotland, Liulin in China and Sangatta West in Indonesia) AUSTRALIA Received all necessary regulatory approvals required to commence drilling at Fullerton Cove in NSW Signed a GSA with Maria's Farm Veggies for supply of gas from the Fullerton Cove project in New South Wales at A$7.50 per GJ The announcement of new policies by the NSW state government after 18 months of uncertainty that define a regulatory framework for CBM companies and landowners and enable Dart Energy's prospective assets to be developed swiftly 7

9 HIGHLIGHTS OF LAST 12 MONTHS (cont d) UK & EUROPE Achieved pilot production, first electricity generation and initial revenues from our flagship project in Airth Signed an expanded GSA with SSE, UK's second largest energy supplier for up to 60 Bcf of gas from the Airth project Acquired and successfully integrated Greenpark Energy Limited, doubling the size of our UK licences from 15 to 32 and creating one of Europe's largest unconventional gas businesses Restructured arrangements with BG and increasing our working interest in 14 UK licences from 50% to 100% Secured two licences in Germany, prospective for both CBM and shale gas ASIA Production testing at the Liulin project in China exceeding 1 MMscf/d, and on track to deliver gas sales in 2013 Received gas price in principle approval of US$7.90 per MMbtu for the Sangatta West pilot-to-power project by the Indonesian Minister of Energy and Resources Entering into a Production Sharing Contract for Xiushan shale gas licence in Chongqing Municipality, China Secured Bontang Bengalon PSC in Indonesia, adjacent to existing Sangatta West project area and offers potential development synergies Completed 15 core wells at Satpura block and secured all permissions to commence drilling at Assam block in India 8

10 A SIMPLE BUSINESS MODEL NOTHING HAS CHANGED RAPID RESOURCE MATURATION + RAPID COMMERCIALISATION IDENTIFY AND ACCESS APPRAISAL AND FIRST PRODUCTION LONG-TERM PRODUCTION & CASHFLOW Large CBM and shale gas resource base in attractive markets Diversified portfolio Established strong relationships Attractive pipeline Large contingent resources; Initial reserves certified (independently) 5 projects near first production / initial development Drilling across portfolio Best-in-class team 2 GSAs in place Early pilot-to-power projects underway Visibility on production Other commercialisation options being developed 9

11 INDUSTRY PRESENTS A SUBSTANTIAL VALUE CREATION OPPORTUNITY NORTH AMERICA SHALE 2010: acquired by Exxon for US$41bn 2010: 2 nd largest US producer; CNOOC US$2bn+ strategic investor 2010: acquired by Royal Dutch Shell for US$4.7bn AUSTRALIA CBM 2010: A$3.5bn acquisition by Shell / CNPC 2009: A$5.2bn acquisition by BG Group 2009: A$5bn CBM- LNG JV with ConocoPhillips INTERNATIONAL UNCONVENTIONALS 2000 s 2000 s Europe Asia Global 2012 Source: Reuters 10

12 THANK YOU

13 Dart Energy Limited (ASX: DTE) DART ENERGY INTERNATIONAL AGM PRESENTATION Eytan Uliel Chief Commercial Officer Brisbane, 27 November

14 THE LAST 12 MONTHS - RECAP. Europe UK & EUROPE Pilot production, electricity generation and initial revenues from flagship project at Airth Expanded GSA with SSE for up to 60 Bcf of gas from Airth project Exploration and pilot drilling across the portfolio Greenpark acquisition doubled licences / created one of Europe s largest unconventional gas businesses Restructured BG arrangements and increased working interest in 14 licences to 100% Secured 2 new licences in Germany CBM and shale prospects ASIA Asia Exploration, pilot and production drilling across the portfolio Liulin production >1 MMscf/d Established $7.80/ Mcf price for Tanjung Enim pilot-to-power scheme PSC for Xishuan shale gas PSC in China Awarded Bontang Bengalon PSC strategic acreage in East Kalimantan Commenced Tata Steel drilling in India revenue generating 2

15 A HIGH QUALITY INTERNATIONAL CSG PORTFOLIO 450 Near term development projects have the potential to create a sizeable cash generating production business in the medium term PEDL Remainder of the portfolio offers exploration upside potential Sangatta West Liulin Cheshire Tanjung Enim and Muralim 200 Saxon I West & Saxon II Staffordshire South Wales Scottish Midlands Assam Satpura East Midlands Solway USCB 50 0 Milejow Chelm OGIP Prospective 2C 3P 2P 6,000 Bcf 4,000 Bcf 2,000 Bcf 1,000 Bcf 500 Bcf 250 Bcf 100 Bcf 25 Bcf 0 EXPLORATION 100 CORE DRILLING & 200 PILOT TESTING 300 INITIAL 400 EARLY 500 FULL 600 TESTING DEVELOPMENT PRODUCTION PRODUCTION 3

16 FLAGSHIP PROJECT: AIRTH, UK DELIVERING VALUE IN NEAR-TERM. Airth Project, PEDL 133, Scotland, UK 100% Dart ownership Exploration Appraisal and Field Planning Development Plan Funding Commercialisation Completed and technical case established (coal, gas content, saturation, permeability) Technical case validated via pilot testing; commercial flow rates observed Development plan and FEED completed Planning approval process well advanced Next 18 months: commence and ramp up sales under GSA; drill c. 10 wells and complete gathering and compression plant Thereafter, drill additional wells Estimated spend over 18 months c. $80m HSBC facility for development (expect to utilise c. US$80m over next 18 months) Small scale electricity generation from pilot gas 8-Year SSE gas sales agreement in place Over $500m revenues at current prices Reserves and Resource Scale options 72 Bcf 3P / 38 Bcf 2P reserves (NSAI) 597 Bcf 2C resource (upside potential) 2C resource provides option to expand project; expected over 100 well field in aggregate 4

17 MULTIPLE OTHER PROJECTS TO FOLLOW Other key projects in each geography progressing to production and income LIULIN SANGATTA WEST TANJUNG ENIM / MURALIM PEDL 159 CMM LOCATION Shanxi Province, China East Kalimantan, Indonesia South Sumatra, Indonesia Canonbie, Scotland United Kingdom Jharkhand, India RESOURCES & RESERVES OGIP: Prospective: Contingent 2C: Reserves (3P): 571 Bcf 80 Bcf 87 Bcf 49 Bcf OGIP: 1,041 Bcf Prospective: 192 Bcf Contingent 2C: 440 Bcf Reserves (3P): 38 Bcf OGIP: 3,587 Bcf Prospective: 1,641 Bcf Contingent 2C: 256 Bcf Reserves (3P): Underway OGIP: 363 Bcf Prospective: 43 Bcf Contingent 2C: 123 Bcf Reserves (3P): 47 Bcf N.A. STATUS Production testing Commercial flow Reserves certified Production testing Commercial flow Reserves certified Exploration done Appraisal underway Resources certified Exploration done Pilot planned Reserves certified Degassing planning complete NEAR-TERM COMMERCIALITY CNG sales into GSA Commence field development Pilot-to-power Commence field development Pilot-to-power Commence field development Commence field development Secure GSA Fee for service degassing 3 wells in 2013 LONG-TERM POTENTIAL >80 wells >100 Bcf field Production ramp up from 2014 >80 wells >100 Bcf field Production ramp up from 2015 >350 wells >200 Bcf field each Production ramp up from 2014/2015 >70 wells >100 Bcf Production ramp up from 2014 Broaden cooperation with other coal miners 5

18 SHALE PORTFOLIO ADDS TO EXPLORATION UPSIDE POTENTIAL Portfolio has embedded but low-cost shale gas potential, offering exploration upside and a long term growth option 200 Xiushan* 150 Milejow 100 Chester Basin Saxon I West & Saxon II Midland Valley 50 0 Gainsborough Trough (East Midlands) OGIP Prospective 40,000 Bcf 30,000 Bcf 20,000 Bcf 10,000 Bcf 5,000 Bcf 2,000 Bcf 1,000 Bcf 200 Bcf 0 EXPLORATION 50 CORE DRILLING & 100 PILOT TESTING 150 INITIAL 200 PRODUCTION 250 TESTING DEVELOPMENT * Dart internal estimates 6

19 THE IPO All preparatory work completed Marketing to qualified institutions and investors commenced in October An industry participant with oil and gas interests in Asia has proposed a broader ranging strategic relationship with DEI, including a material participation in the IPO Currently evaluating / negotiating this as as a precursor to proceeding with the IPO Expect to be in a position to update the market on status by year-end IPO process will resume immediately thereafter, with a view to at the earliest appropriate opportunity in

20 THE NEXT 12 MONTHS KEY OBJECTIVES PEDL 133 Complete planning permissions, rig tenders etc next month Spud first production wells Dec / Jan Installation of compression facilities mid-2013 First gas sales 3Q/4Q 2013 Indonesia Pilot-to-power gas sales to commence at two projects 2Q/3Q 2013 Development and funding options UK & Europe Commitment drilling 6+ wells in 2013 Strategic farm-out / partnership 1H2013 China Complete installation of first phase of Liulin surface gathering system 2Q 2013 First Liulin gas sales 2Q 2013 Finalise Henan PSC and commence work 1Q/2Q 2013 India First revenues from Tata Steel degassing project / broader cooperation next month 8

21 THANK YOU

22 Dart Energy Limited (ASX: DTE) DART AUSTRALIA AGM PRESENTATION Robbert de Weijer Chief Executive Officer Australia Brisbane, 27 November

23 AGENDA What has happened in the industry during 2012? What do the NSW CSG market fundamentals look like today? What is the opportunity for Dart Australia? What are our objectives for the next 2 years? Summary CSG is safe & ready now. We continue to communicate with government, regulators and the broader community about our approach to developing CSG, a cleaner source of energy for NSW.. we aim to provide sustainable solutions that benefit shareholders, drought proof farms and provide jobs and revenue streams for government at a time of economic uncertainty. 2

24 2012 SNAPSHOT CSG in NSW lags behind QLD but has enormous growth potential NSW QLD Exploration/appraisal wells drilled (1H '12) 0 47 Production wells drilled (1H '12) Prospective resource [PJ] 54,000 64,000 Annual gas consumption [PJ]) Total active wells 259 3,249 Direct employees 248 5,266 CSG industry employees ,538 Community contributions $85,000 $13,572,000 Extremely low level activity in NSW during the last 18 months CSG supplies > 90% of QLD domestic demand already NSW has the potential to build a large scale CSG industry Source 1: APPEA Source 2: 2011 Gas Statement of Opportunities, AEMO 3

25 NSW MARKET FUNDAMENTALS NOW VERY STRONG FOR UPSTREAM PLAYERS 1. Supply / demand projections 95% of NSW gas is imported All of NSW gas production is currently CSG NSW s long term gas contracts expiring large industrial users in NSW use ~63Pj Industrial users are big employers 2. Gas prices increasing towards LNG netback 3. NSW supply = cheapest marginal cost gas 4. Government strongly supports CSG 5. Further CSG regulation now in place 6. CSG licences renewed 7. Community concerns turning the tide NSW gas supply/demand projections Source 1: 2010 Gas Statement of Opportunities, AEMO Source 2: Dart Energy research (publicly available information) East Coast gas price forecasts Source: ACIL Tasman and MMA data compiled by UBS 4

26 NSW HAS LOW COST RESOURCES WAITING TO BE DEVELOPED QLD, NSW and the Cooper all have very large amounts of Gas in Place (GIP) QLD ~ 77,000 PJ 2P + 2C reserve / resource ~39,000PJ of 2P reserves today NSW ~ 23,000 PJ 2P + 2C reserve / resource only 2,900PJ of 2P reserves today Dart: 500PJ of 2C and 12,300 PJ of prospective resource cheapest marginal cost gas Cooper gas: ~ 8,900 PJ 2P + 2C reserve / resource Only 1,300 PJ of 2P today Longer term and higher priced Source 1: 2011 Gas Statement of Opportunities, AEMO Source 2: Dart Energy internal estimates (publicly available information) 5

27 CSG IN NSW STACKS UP ECONOMICALLY Cooper Basin shale* NSW coal seam gas Proximity to markets No Yes Need for hydraulic fracturing Yes No Adequate services industry No Yes Liquids Contents Dry gas Dry gas Methane Contents Low (~60-70%) High (~98%) CO2 contents High (~30-40%) Low (<2%) Water contents Low (but water needed for hydr fracturing) Moderate Technology Developing Well developed Vertical well cost ~ $10m < $1m Breakeven cost > $6/Gj (at the wellhead) Much less Access issues No Yes Viable today No Yes (meets >90% of Qld demand) *Assumes gas situated close to Moomba plant 6

28 NOW STRONG GOVERNMENT SUPPORT FOR A CSG OF SCALE IN NSW Hon Chris Hartcher MP, NSW Minister for Resources and Energy: (2012 APPEA CSG Conference & Exhibition - 9 October 2012) NSW is well and truly open for [CSG] business The NSW Government is extremely conscious of the need to ramp up the industry to avoid gas shortages and higher prices. The ongoing multi-billion dollar investments being made by CSG companies is an economic opportunity with enormous benefits for NSW that can t be overlooked. If we are to satisfy the State s own demand for gas, exploration needs to recommence and quickly to reach a significant level of production before the last of the supply contracts expire in

29 COMMUNITY ENGAGEMENT Messages are getting out there Recognition of gas shortage and cost of living pressures Realisation this is a safe industry and that we value our social license Realisation that there is both a financial and social value proposition for all Action by advocacy groups, increased media Legislative resolution We are here Broad stakeholder acceptance Most recent survey results from APPEA Employment and cost of living concerns rising. CSG concerns falling as industry job offers rise More accepting that CSG and farming can co-exist (now only 10% opposed) Advocacy groups organise/ Media interest Some stakeholder action Issue develops 8

30 WHAT IS OUT STRATEGY TO CREATE VALUE FROM THIS OPPORTUNITY? Optimise and strengthen our upstream gas position, leverage our capability and cost efficiency 1. Maturation of existing assets: Focus on key tenements 2. Expand upstream position: East coast consolidation Geographic diversification Optimise portfolio photo 3. Innovative commercialisation and monetisation of our assets 9

31 LEADING THE WAY TOWARDS A CSG INDUSTRY OF SCALE IN NSW Technology Channel to market Stakeholders Environment Cutting edge horizontal well technology Assets close to large market opportunities Appraise natural gas to supply energy to domestic end users Our strategy: engage, engage, engage Establish strong social license to operate, minimise impact Working with other industries to find opportunities for mutual benefit Environmental studies: above and beyond Aquifers fully protected Very small footprint, large subterranean reach Very low water extraction compared to e.g. Surat 10

32 NSW PORTFOLIO FOCUSING WHERE WE SEE MOST VALUE TODAY Area (km 2 ) OGIP (Tcf) Prospective (Tcf) 3C (Tcf) 2C (Tcf) 23, Resources and Reserves are net to Dart Focus on two key NSW tenements: (7 in total; 6x 100% Dart): Newcastle PEL exploration wells drilled to date. Approval granted for commencement of production pilot. Hunter Valley PEL exploration wells drilled to date. Santos to drill pilot and core hole. For personal use only NSW resource position (net to Dart): 11

33 MULTI LATERAL WELLS - SMALL FOOTPRINT, LARGE REACH 12

34 OUR AWARD WINNING MARIA S FARM VEGGIES PROJECT The project A $65 million glasshouse development to produce high-quality vegetables for Australian markets Dart plans to supply natural gas to the glasshouse for climate control purposes. Increased investment and economic activity that will benefit local businesses Gas price at A$7.50/Gj Benefits 10x food productivity, no pesticides Near zero CO2 emissions Beneficial re-use of CSG water Creating 125+ new local jobs Excess power to grid Indicative example of a similar greenhouse project Fullerton cove pilot design 13

35 WORK PROGRAM AND OBJECTIVES Firm Zero HSE&S incidents Drill and test Fullerton Cove Pilot and release results Permit compliance (including work commitments) Portfolio optimisation Contingent on Regulatory Approval Drill and test PEL456 Pilot and release results Play expansion - drill and test core hole PEL456 Play expansion - drill and test core hole PEL458 Complete construction of Maria s Farm Veggies project First production licence PEL458 Fullerton Cove Success Up to 65 PJ 2P and 300 PJ 3P reserves by end 2013 Up to 125 PJ 2P and 1000 PJ 3P reserves by end 2014 First revenue by H new licence areas 14

36 PROPOSED EXPENDITURE 2013 Highly cost competitive: Strong, small, highly efficient team Flat decision making structure Smart local contracting strategies Optimal well designs Pragmatic risk management High HSE standards Business Development BD team, some consultancy fees $$ in the ground - production pilot, wells 2013: circa 18 million A$ Multiple funding options: Flexibility in portfolio Farm outs Sell downs Strategic partnering Permit compliance Ext l stakeholder man t, regulatory compliance, license fees Running a ASX listed company - Board, ASX fees, share registry fees, Management, Office etc 15

37 SUMMARY NSW is open for business Dart is very well positioned to take advantage of the opportunity in NSW: Very large prospective resource in NSW close to market Technological / cost of supply edge over competitors ~ 3,000 wells required by 2020 for State to become self-sufficient Gas resources can be developed with low well density developments allowing other land uses to continue. Co-existence with minimal interference. Strategic focus on NSW expansion outside of NSW on an opportunistic basis Objectives bold but achievable 16

38 THANK YOU 17