For personal use only

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1 Investor Update: FY 2012

2 Disclaimer This document has been prepared by Quest Petroleum NL, ( Quest ) in connection with providing an overview to interested analysts and investors. The information in this document that relates to oil exploration results and reserves, is based on information compiled by the Company s Technical Director, Mr Saxon Palmer, who is a Director of the Company. Mr Palmer consents to the inclusion of the reserves and resource statements in the form and context in which they appear. This presentation contains forward looking statements which involve subjective judgement and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors associated with the oil and gas industry, many of which are outside the control of and may be unknown to Quest. No representation, warranty or assurance, express or implied, is given or made in relation to any forward looking statement. In particular, no representation, warranty or assumption, express or implied, is given in relation to any underlying assumption or that any forward looking statement will be achieved. Actual and future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements were based. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements, and should rely on their own independent enquiries, investigations and advice regarding information contained in this presentation. Any reliance by a reader on the information contained in this presentation is wholly at the reader s own risk. Quest and its related bodies corporate and affiliates and their respective directors, partners, employees, agents and advisors disclaim any liability for any direct, indirect or consequential loss or damages suffered by a person or persons as a result of relying on any statement in, or omission from, this presentation. Subject to any continuing obligations under applicable law or any relevant listing rules of the ASX, Quest disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this presentation to reflect any change in expectations in relation to any forward looking statements or any such change in events, conditions or circumstances on which any such statements were based.

3 Overview Corporate: Quest is an oil and gas exploration company focussed on Sumatra, Indonesia The Indonesian economy is one of the fasting growing in the world and has rapidly expanding domestic energy demand Indonesia is one of the largest oil and gas producers in the world Quest has an experienced Board and management team with a proven track record in the oil and gas sector and operating in Indonesia Project: The Ranau Production Sharing Contract (PSC) covers 2,191 km 2 of prospective extensions of the prolific South Sumatra Basin Quest has an 80% interest in the Ranau PSC Four project areas (Sub Basins) identified, initial exploration focus on an extension of a proven sub Basin After tax profit splits of 65:35 for gas and 75:25 for oil are some of the most favourable in Indonesia Ranau PSC located close to the South Sumatra West Java Gas Pipeline Value catalysts:. Immediately begin a seismic acquisition program to further refine drill targets Drill prospects with Tcf (or 100 s MMbbl) potential Quest actively sourcing additional oil and gas opportunities in Indonesia

4 Quest Current Snapshot Shares on Issue Cash¹ 2,038m (post Merric acquisition) $3.4m; No debt Listed Options 336m 1.5c, 30 June 2016 Share Price (cent ts) For personal use only Market Cap $8m 1) Including bank guarantee and funds held in a performance bond to be drawn down as work program progresses QPN Historical Share Price

5 Location Map Sumatran gas is sold into the lucrative Singapore market Ranau PSC Established domestic and industrial gas markets in West Java

6 Experienced Board of Directors Mr. John (Gus) Simpson Chairman brings an extensive range of corporate and commercial expertise to the company. He is currently Executive Chairman of Peninsula Energy Limited a Wyoming focused energy developer and he has over 20 years experience in the management of companies with international operations. Mr. Saxon Palmer Technical Director is a geologist with over 20 years of experience and has appraised oil & gas opportunities in most of the major gas basins in the world. He has held senior management positions with BP and BHP Billiton and was most recently Exploration Manager (Australia/Asia) for BHP Billiton. Mr. Palmer brings extensive technical oil and gas expertise to the Board. Mr. Greg Lee Non executive Director is an experienced petroleum engineer with 28 years of experience in oil and gas field development and management, petroleum/production engineering and drilling operations. Mr Lee operates as an independent consultant petroleum engineer to major oil and gas companies. Mr. Brett Mitchell Non executive Director has worked for both for the past 19 years as a corporate finance executive. Mr Mitchell holds a Bachelor of Economics degree from the University of Western Australia and has specific c epe experience ecein the financial ca markets sand the resource sector. Mr Mitchell is currently Director of Transerv Energy Limited, Wildhorse Energy Limited and Tamaska Oil and Gas.

7 Indonesian Economy Indonesia s economic performance remains positive, and future potential is even greater Growth moderated slightly in Q but still came in at a robust 6.5 percent year on year The World Bank; Indonesia Economic Quarterly, June 28, 2011 Indonesia Economy Expands 6.9% in Fourth Quarter, Fastest Pace Since 2004 Bloomberg; Feb 7, 2011 Indonesia: Towards a one trillion dollar economy The Jakarta Post; October 05, 2011

8 Indonesian Gas Markets Govt promises to solve supply shortage The Jakarta Post, Jakarta Mon, 03/15/2010 LNG Terminals to relieve Indonesia s gas shortage OIL & GAS JOURNAL 06/28/2010 RI to import 4.5m tons of LNG starting in 2013 The Jakarta Post, Jakarta 02/24/2011

9 Indonesian Gas Prices $8.00 Gas Prices (Domestic Industrial Customers) (SOURCE) $7.00 $6.00 $5.00 $4.00 $3.00 PT PGN Industrial USD/Mcf $2.00 $1.00 $0.00 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 For personal use only

10 Regional Oil and Gas Markets Ranau area is adjacent to the recently completed South Sumatra West Java (SSWJ) gas transmission pipelines and processing infrastructure SSWJ pipelines supply large markets in Sumatra, West Java and Singapore Domestic gas markets are growing rapidly as distribution networks are built Ranau PSC Gas prices achieved in Indonesia are currently US$5 7/Mcf

11 Regional Gas Markets mscfd BCF mm For personal use only 1,500 25,000 1,200 20,000 15, , US Gas West Production Java Gas and Supply/Demand Imports Gas Supply Gas Demand South Sumatra Non-Energy CNOOC HC&I PHE - ONWJ Power Pertamina South Sumatra to Imports West Java Pipeline Addition Production 5, Year

12 Petroleum Basins of Sumatra North Sumatra Basin Sumatra has 3 extremely oil and gas prone basins Central Sumatra Basin These have been explored and produced since 1885, yet remain under funded and have significant potential for further development South Sumatra Basin Basin Oil & Gas Fields Discovered Reserves (MMboe) North Sumatra Basin 62 5,352 Central Sumatra ,143 Basin South Sumatra Basin ,112

13 Scale Comparison Sumatra is the 6 th largest til island din the world The petroleum basin area is equivalent to the North West Shelf of Australia with a much higher density of oil & gas fields and resources

14 South Sumatran Sub Basins Oil/gas field Field Sub-Basin South Sumatran oil and gas fields occur in, and around, discrete sub Basins Sub Basins are the focus for deposition of oil/gas prone source rocks and act as depocentres for reservoir quality sands Quest has identified 4 new and very lightly explored sub Basins that form an extension of the prolific South Sumatra Basin. The Ranau PSC gives Quest a dominant position of 2,191km 2 over these sub Basins. Ranau PSC

15 Ranau PSC Granted 21 st November 2011 Quest holds an 80% interest in the PSC 30 year contract with initial 6 year exploration period After tax profit splits of 65:35 for gas and 75:25 for oil are some of the most favourable in Indonesia Located within 50km of large oil and gas producing areas Quest has identified 4 new and very lightly explored subbasins that are extensions of the South Sumatra Basin. Inexpensive, onshore wellsin simpledrilling conditions

16 Ranau PSC Project areas Raja Sub-Basin Gogan Sub-Basin Residual Gravity Anomaly map represents depth to economic basement. Blue indicates sub- Basins where oil and gas can be generated. Prospects occur in surrounding high areas. Ratu Sub-Basin Jaya Sub-Basin Line of Cross-section km

17 Ranau PSC Structural Cross section Gravity data has been used to identify very large prospects (>25km 2 ) within Sub-Basins. These have the potential to hold Tcf of gas or 100 s MMbbl oil. These will be further defined by 2D seismic to select optimal drilling locations. Ratu Sub-Basin Jaya sub-basin Prospect Prospect 0 ) 10km

18 Schematic Petroleum System Wai Tahmi Oil Seep Schematic Petroleum System identical to the prolific South Sumatra Basin Trap in structure associated with basement fault Trap in structure associated with basement fault Sandstone Reservoir Oil and Gas Source rock in Sub Basin Migration of oil andgas along permeable beds 0 4km

19 Ranau Block Sub Basin Potential Jaya Ratu Raja Gogan Sub Basin Sub Basin Sub Basin Sub Basin Area: 550km 2 320km 2 430km 2 280km 2 Hydrocarbon type: Gas with possible oil Gas with possible oil Most likely oil Most likely oil Potential prospect sizes: 0.2 3Tcf Tcf MMbbl MMbbl Priority for exploration:

20 Ranau Gas Project Planned Activity 2H H H H 2013 Jaya Sub Basin 2D Seismic Well planning Drilling Ratu Sub Basin 2D Seismic Well planning Drilling Raja Sub Basin 2D Seismic Well planning Drilling Gogan Sub Basin 2D Seismic Well planning Drilling

21 Value Proposition Questisanoilandgasexplorationcompanyfocusedon Sumatra, Indonesia Immediately begin a seismic acquisition program to further refine drill targets at Ranau Drilling prospects with Tcf (or 100 s MMbbl) potential Quest well positioned to access further oil and gas opportunities in Indonesia

22 This presentation contains forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. All references to dollars, cents or $ in this presentation are to U.S. currency, unless otherwise stated.