Company Presentation

June, 2015 Disclaimer

This presentation is confidential and its content may not be copied, reproduced, redistributed, quoted, referred to or otherwise disclosed, in whole or in part, directly or indirectly, to any third party, except with the prior written consent of Linc Energy Ltd (“the Company”). This presentation is for informational purposes only, and does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any securities, nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever. This presentation contains interpretations and forward-looking statements that are subject to risk factors associated with the oil and gas, and coal industries. You are cautioned not to place reliance on these forward-looking statements, which are based on the current views of the Company on future events. The Company believes that the expectations reflected in the presentation are reasonable but may be affected by a variety of variables and changes in underlying assumptions which could cause actual results to differ substantially from the statements made. These include but are not limited to: production fluctuations, commodity price fluctuations, variations to drilling, well testing and production results, reservoir risks, reserves estimates, loss of market, industry competition, environmental risk, physical risks, legislative fiscal and regulatory changes, changes to petroleum licences/regimes, economic and financial market conditions, project delay or advancement, approvals and cost estimates. The Company and its Directors, agents, officers or employees do not make any representation or warranty, express or implied, as to endorsement of, the fairness, accuracy or completeness of any information, statement, representation or forecast contained in this presentation and they do not accept any liability for any statement made in, or omitted from, this presentation. The information contained in this presentation noted above are subject to change without notice. This presentation is intended only for the recipients thereof and may not be forwarded or distributed to any other person and may not be copied or reproduced in any manner.

1 Summary

Significant upside and near term value being realised from key US E&P assets

. Low cost oil production from ~150 wells across 14 fields in the Gulf Coast Basin of Texas and Louisiana Low Cost Gulf Coast . Quality operating team realising development upside and with potential to drive growth Oil Production . Near-term focus on highly economic recompletion inventory

. Large Alaskan development project at Umiat with Certified 2P Reserves of 155 mmbls Significant Alaskan Oil . Detailed development concept in place with near term catalysts further unlocking value and well defined Development export options

Significant Upside in Broader Portfolio

o Potential for enhanced oil recovery from existing production in Wyoming with 10,000 – 15,000 bopd Wyoming EOR after CO2 EOR development

o Linc Energy is world leader in UCG technology with existing commercial operations in Asia and a strong UCG global pipeline of new developments

Shale Oil in South o Unconventional oil assets in South Australia located on 16mm continuous acres of the Arckaringa Basin Australia and estimated risked unconventional prospective resources of 3.5 bboe at 51% liquids

o Strong operating team and management team with a track record of successful monetisation, including Strong Team $655mm sale of Carmichael coal mine

2 Strategic Plan

October 2014 Strategic Plan Approved by the Board

. Mission Statement To become an industry leading Oil & Gas Company.

. Our Vision going forward is… To create an oil and gas asset portfolio focused on extracting significant value through resource development, application of advanced technology and operational optimisation.

. Critical Success Factors – Next 3 Years  Divest non-core assets and deleverage the balance sheet Sustainable Capital Structure  Reduce cash burn and increase revenue  Establish Heavy Oil business  Commercialise UCG  Explore and develop SAPEX assets

3 The Past 8 Months….

 Successfully negotiated a 25% repayment of Convertible Notes and an extension of the Redemption Put Date from April 2015 to April 2016

Completion of a Receivable Factoring Facility Agreement with a third party Financial Institution in relation to the  second tranche of the Adani Receivable  Further initiatives to strengthen the liquidity of the group well progressed (commercially sensitive)  US O&G operations switched from prioritising production to: 1. Low capital expenditure program: recompletions and new wells selected and drilled based on risked NPV analysis 2. Low operating cost mindset: improved operational efficiencies allowed for a 22% reduction in LOE’s and a total operating cost below USD 29/net bbl  Organisational restructure: 38% reduction in employee numbers and 76% reduction in contractor numbers  Maintenance costs of all non-core business assets and facilities reduced by 37%  Divestment of conventional coal business to United Mining Group

4 Capital Structure

Balance Sheet as at 31 March 2015 Current Debt Summary

A$mm Face Value Trading per US$100 of Trading Value (US$mm) Face Value (1) (US$mm) Cash and cash equivalents 18.8 Convertible Bond 133.3 86.35 115.1

Other current assets 146.1 First Lien Senior Secured 125.0 85.00 106.3 Notes (2) Total current assets 164.8 Second Lien Senior 265.0 22.50 59.6 Intangibles 256.3 Secured Notes (2)

Oil and gas assets 519.4 Total Face Value 523.3 281.0

Other non-current assets 35.2 (1) April 30, 2015 (2) Notes have limited recourse to the non-US assets other than a cross charge of default on the Total non-current assets 810.9 Convertible Bonds

Total assets 975.7

Borrowings 0.2 Proposed Restructure

Other current liabilities 77.9**

Total current liabilities 78.0 . Debt restructuring activities intended to establish appropriate capital structure

Borrowings 675.0 underway

Other non-current liabilities 68.9 . Linc Energy has received approval from debt holders of the Second Lien Senior

Total non-current liabilities 743.8 Secured Notes to PIK interest in both October 2015 and April 2016,

Total liabilities 821.9 demonstrating support for a solution

Net assets 153.8

Total equity 153.8

. 6 Jan-15 redeemed US$50.0mm of the outstanding Convertible Notes due 2018 . 4 May-15 redeemed US$5.0mm of the outstanding Convertible Notes due 2018 . 21 May-15 redeemed US$11.7mm of the outstanding Convertible Notes due 2018

** Includes A$37mm of interest payable which was paid subsequent to balance date. Other Current Liabilities now at ~A$35mm Source: Company announcements, Bloomberg

5 Gulf Coast, U.S. Onshore, conventional low cost Gulf Coast production of ~3,600 boe / day (Q1 2015) gross

Key Highlights Asset Location

 Production from ~150 wells across 14 fields, increasing overtime as wells are drilled out  Low operating costs following a substantial cost reduction program to reposition for the lower price environment  Near-term focus on highly economic recompletion inventory  Quality operating team capable of aggregating surrounding assets an realising existing development upside

Asset Overview . Primary Gulf Coast oil fields are associated with salt domes or salt related structures . Production from stacked reservoirs primarily in normally pressured Miocene and Frio sands at depths to 7,500 feet . Minimal historical drilling below 7,500 feet . Deeper drilling potential (Yegua, Hackberry, and Wilcox) . Significant 3‐D seismic coverage

Key Statistics Reserves & Resources by Category

Proved Reserves 8.2mmboe (94% oil, 18% PDP) 18% PDP Prospective Resources 3.1mmboe (82% oil) 28% 1% PSI Working Interest / Net Revenue Interest 100% / 78% PNP 19% Fields / Producing Wells 14 / ~150 PUD PV-10 US$350 - US$400mm (WTI at Consensus pricing) 34% Prospective

6 Gulf Coast, U.S. | Operating Cost Improvement and Resource Upside Review

Gulf Coast Strategy: Fit for $50/bbl Price Environment

. G&G team working with reprocessed 3D seismic to fully develop suite of subsurface maps for core fields Asset Optimisation . Efforts led to identification of 10+ drill-ready prospects in High Island Review Nearly Completed – Only 20% of High Island reviewed to date . In Barbers Hill, only 60% of dome has been fully reviewed

. Cost review for each field and well . Focus on 60 day payout for workover and recompletion activities Field Level Efficiencies . Renegotiate fixed costs with vendors Being Executed . Purchase order cost control system in place . Majority of contractors eliminated

. Payroll of $22mm in 2014 reduced to $10mm in 2015, salaries down 54% yoy and Headcount down 45% yoy Corporate Overhead . Closed non-critical offices Reductions Largely . Completed Reduction-In-Force process Complete . In-house contractors released and only critical staff maintained . Key Geologist and Geoscience talents deployed to identify new reserves to replace depletion

Detailed Development Plan 2015 / 2017

Field Prospect Count Barbers Hill 18 Linc Energy has developed the High Island 17 Hoskins Mound 10 following prospect inventory list Port Neches 4 Galveston Bay 4 which describes the drilling upside Black Bayou 3 Other - Total 56

7 Gulf Coast, U.S. | Recompletion Inventory Driving Further Value

Recompletion Overview Barbers Hill – Field Development Schematic

. Near-term focus on highly economic recompletions

. To date Linc Energy has successfully performed over 70 recompletions for a cost of ~$13mm (average cost of ~$185,000)

. Linc Energy has over 70 recompletions in inventory based on 160 proven location

. Kirby B #41 in Barbers Hill was a legacy well with several uphole recompletions (3 performed to date)

. Successful recompletions illustrated below

Kirby B #41 Production History – Three Successful Recompletions

1,000

100

bbls bbls Day / 10

1 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15

8 Alaska – Umiat | Large Operated Potential Oil Development Significant potential Alaskan development with certified 2P Reserves of 155mmbls

Key Highlights Asset Location

 High quality project with a series of upcoming milestones that will continue to de- risk and unlock value  Material Reserves position with attractive economics Trans-Alaska  Well defined export options Pipeline System (“TAPS”)  Targeting peak production of 50,000 bbl / day

Linc Energy Asset Overview Snow Road UMIAT . OOIP: One billion barrels . Formerly part of the National Strategic Petroleum Reserve . Located within the National Petroleum Reserve of Alaska . Advanced engineering and approvals . Potential peak production of ~50,000 gross bbl / day . Potential upside from deeper oil and gas reserves through reprocessing 3D seismic to identify deeper potential

Key Statistics

Total 2P Reserves 154.6mmboe

Precent Oil 100%

Working Interest (min) 84.5%

Average Net Revenue Interest (min) 67.6%

Net Acreage 18,540

9 Alaska – Umiat | Near Term Catalysts & Project Development Plan There are several upcoming milestones that will build on work already completed to drive value going forward

Work Completed Upcoming Milestones to De-risk and Unlock Value

 Established campsite and in-field ice pads • Ongoing resource modeling  Mobilised drill rig • Complete EIS and permitting process  Drilled and cored vertical well • Construction of roads and pipelines  Stacked rig on location • Construction of process facilities  Construct a 100-mile snow road • Commence development drilling  Drill and flow test horizontal well • Construction of TAPS facilities and connection  Completed engineering study to determine potential road / pipeline alignments • Upon completion of the appraisal phase of the project, Linc will enter into the and infield pad footprints concept select stage

Development Plan Overview

2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Environmental Field Work Application Preparation Regulatory / Permitting Drilling Engineering Winter Drilling Drill Rig Design / Procurement Production Drilling - Low er Production Drilling - Upper Subsurface Engineering Facility Engineering Long Lead Procurement Fabrication Installation

Source: Worley Parsons

10 Alaska – Umiat | Reserves & Project Economics Independently certified 2P Reserves of 155mmbbls

Reservoir Model Successful Exploration Seasons . 13 Pads +/- 150 wells . Mobilised rig and support equipment to Umiat . Oil water contact noted in red 2012 / 2013 . Drilled Umiat #18 . Wells laid out on a 40 acre pattern -Vertical Cored Well . Well spacing 450’ . Drilled Umiat 23H . Wells with ~3,000’ lateral length - Horizontal well drilled to 4,100’MD, 986 TVD and -390SS 2013 / 2014 - Production test . Demobilised all equipment

Reservoir Model Layout Flow Testing Confirms Ability to Produce at Economic Rates . A total of 4 flow and build-up test periods were performed at different rates and pressures . Main objective was to collect build up data for reservoir modeling . Sustained flow rates of up to 250 bbl / day . Excellent quality 38.5 API gravity oil

11 Alaska – Umiat | Export Options

Access Route Selection Goals The Potential Routes

. Provide the potential infield road alignments, locations for drill sites, facility pads and gravel mine sites . Provide the potential Umiat route alignments, bridge length estimates, geotechnical evaluation, wetlands comparison and gravel mine site

. Estimate Road/Pipeline/Bridge Cost of technically feasible routes . Project will leverage existing export infrastructure with low risk tie-in to TAPS pipeline

Access Route Selection Process

. 12 potential routes initially identified . Reduced to six potential routes based on technical and permitting constraints  Maximum allowable road grade  Proximately to environmentally sensitive areas  Proximity to Toolik Research Station . Reduced to three potential routes based on selection criteria . Option to build a road or maintain pipeline through remote access

12 Alaska – Umiat | Target Production and Cash Flow Profile

Targeting Peak Production >50,000 bbl / day

18 50

16 45

14 40

35

12 30 10

mmboe 25

8 mbblday / 20 6 15 4 10 2 5 0 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047

Project Cash Flow

2,000 Ryder Scott PV10: US$2.5 billion(1)

1,500

1,000

500 US$mm

-

(500)

(1,000) 2018 2023 2028 2033 2038 2043 Oil Revenue Production and Ad Valorem Tax LOE and Other Costs Capex Alaska Government Rebate Net Cash Flow

13 (1) PV10 based on original Ryder Scott Report. Project Cashflow Flow based on delayed WOR development plan Wyoming Enhance Oil Recovery Project EOR Development in Wyoming with 3P Reserves of 54mmboe

Key Highlights Asset Location

 31 producing wells across 3 fields in the Powder River Basin  Potential for enhanced oil recovery development using waterflood, carbon dioxide EOR and horizontal drilling

 Expected peak production of up to 10,000 – 15,000 bopd  Has 3P Reserves of 64 mmboe and net PDP of 765 mboe, 100% in oil

Asset Overview . 27,821 net acres across three field areas in the established Powder River Basin: Big Muddy, South Glenrock and South Cole Creek

. EOR to be used for Wyoming properties including CO2 injection

. Reservoir modeling, pre-feasibility study of CO2 pipeline routes and FEED study on the CO2 recycle facility have been completed

. Entered agreement with ExxonMobil to provide up to 25 mmcf per day of CO2 on an interruptible basis . Original oil-in-place for the combined fields is c.467 mmbbl with cumulative production of ~90 mmbbl (19%)

14 Underground Coal Gasification Operations

Overview Linc Coal and UCG Assets

. Linc Energy is a world leader in underground coal gasification Poland Alaska 53,374 acres . It has a commercial operating facility in Asia and a large portfolio of future potential 167,917 acres Coal Exploration Lease operations Coal Exploration Tracts Cook Inlet Basin and Interior . The Company has developed its UCG process to be more energy and cost efficient, Uzbekistan improving its attractiveness for global application Yerostigaz Facility 917 acres Linc’s UCG Projects and Technology Coal Tenements Wyoming . Linc Energy operates the world’s longest running commercial UCG facility in Uzbekistan 180,651 acres Coal Leases Queensland . The Company owns the world’s only UCG to liquids demonstration facility at Chinchilla, Powder River Chinchilla UCG Australia and Washakie Basins - Demonstration Facility (1) . Currently developing a UCG to GTL project in South Africa in partnership with Exxaro 80,803 acres Resources. A strategic license and JV agreement to develop UCG in Sub-Saharan Africa Coal Tenements Sub saharan Africa Surat Basin was signed with Exxaro in June 2013 Signed formal agreement with Exxaro to develop commercial UCG projects . Linc Energy owns 17 applications and published patents and 16 registered trademarks on South Australia ( A$30 million licence fee with royalty its proprietary UCG technology 1,067,989 acres payments and consultancy fees ) Coal Tenements : Coal exploration tracts, leases, and tenements . In negotiations with several potential JV partners in SE Asia to develop UCG in the region Walloway and Arckaringa Basin : UCG facilities and agreements

Background to UCG . Underground coal gasification has the potential to monetise stranded coal assets . Underground Coal Gasification involves the gasification of underground coal to produce synthesis gas (syngas) made of carbon monoxide, hydrogen and methane . UCG syngas and by-products can then be used as feedstock for different downstream processes:  Power generation (gas turbines, boilers, gas engines);  Conversion into synthetic crude (syncrude) using the GTL Fischer-Tropsch synthesis process and then refined into liquid transportation fuels (Diesel, Jet Fuel) and chemical feedstock (Naphtha);  Conversion into Synthetic Natural Gas;  Conversion into chemical feedstock; and  Enhanced Oil Recovery

15 Linc Energy Proprietary Technology | UCG’s Potential across Stranded Coal Assets

UCG’s Potential – Asian Stranded Coal Deposits

(in billion tonnes) (in billion tonnes) c.100.0

64.1 Mongolia

Korea

Estimated available Estimated available China Japan coal reserves for UCG coal reserves for UCG (Bt) (Bt) India (in billion tonnes)

(in billion tonnes)

51.8 14.3 Indonesia

Estimated available coal reserves for UCG (Bt) Estimated available coal reserves for UCG (in billion tonnes) (Bt)

Australia 44.0

Areas with coal reserves / UCG potential Estimated available Major oil & gas markets coal reserves for UCG (Bt)

16 Linc Energy Proprietary Technology | Heavy Oil

Current Heavy Oil Technology

. Current Heavy Oil production technologies fall into two main types, steam and combustion technologies . Steam production technologies include Cyclic Steam Stimulation and Steam Assisted Gravity Drainage, both of which are commercial technologies . Combustion technologies include Fireflood and Toe to Heal Air Injection, however these methods are not commercial as yet in most cases

MIGD Detailed Overview MIGD Diagram

. Reservoir engineering has indicated 100bopd can be produced, with Oil Production

commercial well designs to produce 300 to 500 bopd, with potential Air Injection for over 700 bopd

. Oil production per well shows a flat profile over typical lifetime of 5 to Burned Zone 10 years Combustion Zone Production Well . Oil can be sold at the wellhead with no further processing Cracking Zone Injection Well . Capital costs are expected to be $35,000/bopd, at scales of 10,000 Steam Zone

bopd Hot Zone . Next steps involve proving MIGD in practice in the field in a brownfield development, before expanding to over 2,000 bopd of production and a large scale greenfield commercial project of 10,000 bopd or more

Heavy Oil Extraction Technology

. Moving Injection Gravity Drainage (“MIGD”) is an in-situ combustion method of extracting heavy oil . Expected to work on reservoirs not suited to steam technology Oil Drains To Production Well

including thin, fractured, low permeability shale and heterogeneous reservoirs

. Technology promises improved performance compared to steam extraction including lower cost of oil extraction, lower water and natural gas usage, less water requiring treatment and higher quality of oil produced

17 SAPEX Australian Shale Oil

Key Highlights Asset Location  Light, sweet crude oil findings at the Maglia-1 well

 Two independent estimates of unrisked prospective resources for unconventional reservoirs at 103 and 233 bboe  Lease position located on 16mm continuous acres of the Arckaringa Basin  Estimated risked unconventional prospective resources of 3.5 bboe at 51% liquids

Asset Overview

. Linc Energy holds 7 exploration licences and 2 licence applications in their entirety for the Arckaringa basin . The current acreage position covers ~16mm contiguous acres representing about 80% of the Basin

. Independent consultants DeGolyer and MacNaughton (D&M) and Gustavson Associates estimate unrisked prospective unconventional resources of 103 and 233 bboe respectively . Upside potential through conventional oil targets which Gustavson estimate to be 125 bbbl . Maglia-1 provided live oil samples and proof of an active petroleum system in the Arckaringa Basin

. Exploration rights exceed 10 years over prospective areas

Unrisked Unconventional Resources

Formation D&M Gustavson Stuart Range 16.2 bboe 13.3 bbbl Boorthanna 15.2 bboe 12.5 bbbl Pre-Permian 71.5 bboe 207.1 bbl Total 103 bboe 233 bboe

18 SAPEX Australian Shale Oil | Basin Geology

Basin Geology

. Bulldog Shale – Dark grey mudstone deposited in an epicontinental sea Eromanga Basin . Cadna-Owie Formation – Sandstone deposited in marginally marine to non-marine environment (artesian acquifer) . Aglebuckina Sandstone – Conglomerate quartz deposited in braided fluvial system (artesian acquifer)

. Mount Toondina – Interbedded sandstones and siltstones deposited in restricted marine and fluvio-deltaic environment overlain by lacustrine carbonaceous shales and coals Arckaringa Basin . Stuart Range – Restricted marine organic rich laminated black shales interbedded with some minor sandstones . Boorthanna Formation – Glacigene sediments (diamictites), sandstones, and minor mudstones and carbonates

. Pre-Permian – Neoproterozoic in age and was formed on crystsalline basement as an intracratonic downwarp initiated by extension of the crust. The basin Officer Basin was contemporaneous with the Amadeus, Ngalia, Georgina and Warburton Basins of Australia

19 SAPEX Australian Shale Oil | Arckaringa Basin Comparison

Arckaringa Basin Properties Comparison

Arckaringa Basin Eagleford Bakken Age Permian, Pre-Permian Cretaceous Devonian, Mississippian Lithology Marine shale, siltstones, carbonate Luminous Shale Sandstone, Carbonate Depth 2,000 – 6,500+ ft / 600 – 2,000+ m 7,000-14,000 ft / 2,100-4,300 m 8,500-10,500 ft / 2,600-3,200 m Thickness of Target Zones 230 – 1000+ ft / 70 – 300+ m 150-300 ft / 45-90 m 10-150 ft / 3-45 m Porosity 5 – 17% 6-14% 3-8% Permability (nd) 5,000-210,000 1,100-1,300 4,000-10,000 Kerogen Type Type I / II Type II Type I/II TOC 4.5 - 10% 2-6% 7-22% Vitrinite Reflectance (Vro) 0.5 – 1.35% 0.5-1.4% 0.5-1.0% Tmax ~825o F / ~440o C 833o F / 445o C 800o F / 425o C Estimated Recoverable Resource ~ 3.5 billion boe 10.8 billion boe 5.4 billion bbl Play Acreage (‘000 km2 / m acres) 16.2 / 4.0 19.7 / 4.9 16.9 / 4.2

20 Board and Management Experienced Management and Board Management Board

. Craig Ricato | Chief Executive Officer & Managing Director . Peter Bond | Chairman – Served as both an Executive Director and most recently as a Non- – Successful track record in the coal and mining industries, both in Executive Director on Linc Energy’s Board since 2010 and was Australia and overseas appointed CEO and Managing Director on 1 October 2014 – Business interests include mineral, mining and associated operations in – Brings a broad range of international corporate and commercial Australia and South East Asia experience to Linc Energy across the energy and resources industry

. Michael Mapp | Chief Operating Officer – Successful mining professional who has been working in the industry . Ken Dark | Non-Executive Director for more than 20 years – Ken Dark was appointed to the Linc Energy Board in October 2004 and – Joined Linc Energy from Intra Energy where he held the position of was Chairman from September 2011 to October 2014 Chief Operating Officer

. Chris Munday | Chief Financial Officer – 20 years’ experience as a Chartered Accountant, including six years as . Jon Mathews | Non-Executive Director a Partner in the Transaction Advisory Services division of EY – Over 30 years of experience in the coal mining industry

– During his career, Chris has gained extensive experience developing – Prior to joining Linc Energy in 2009 was a consultant to the coal mining, and implementing financial restructuring, refinancing and business transport and waste industries growth strategies for publically listed companies

. Lim Ah Doo | Non-Executive Director . Janelle van de Velde | Chief Administrative Officer / Company Secretary – Brings vast experience and wide knowledge as a former senior banker and corporate executive – Janelle joined Linc Energy in August 2006 and in this time has held many diverse roles including investor relations, corporate – Also an Independent Director and Chairman of the Audit Committees of communications and stakeholder relations Sembcorp Marine Ltd, GP Industries Ltd and ARA-CWT Trust Management (Cache) Limited

. Ong Tiong Soon | Non-Executive Director

– Chief Executive Officer of the Energy Division of Genting Berhad

21 Company History

Date Event October 1996 Incorporation of Linc Energy N.L. to develop and commercialise Underground Coal Gasification (UCG) technology May 2006 Listed on the Australian Securities Exchange – LNC October 2007 Acquires controlling interest in Uzbekistan's Yerostigaz – the only commercially operating UCG company in the world October 2008 Produces first syncrude from a UCG to GTL facility at Linc Energy’s Chinchilla pilot plant. October 2008 Acquires South Australia petroleum and gas explorer, SAPEX Limited. Providing exploration opportunities in the Arckaringa and Walloway basins for UCG and Oil Shale September 2009 First United States acquisition with the purchase of 92,059 acres of Powder River Basin coal leases from GasTech Inc. December 2009 Acquired an additional 81,268 acres of coal lease areas in Wyoming, Montana and North Dakota, United States from GasTech, Inc. March 2010 Expands globally - opening an office in Denver, USA July 2010 Acquires Alaskan oil and gas leases located in the Cook Inlet Basin, Alaska from GeoPetro Alaska LLC (NYSE Amex: GPR) August 2010 Linc Energy sells Carmichael coal mine in the Galilee Basin in Queensland to Adani Enterprises Ltd, for $A500 million and a $2/t royalty for 20 years of coal production October 2010 Acquires 10 per cent of AFC Energy, a UK listed company focused on the development and construction of low cost hydrogen fuel cells for the cleanest power generation February 2011 Acquires producing oil fields in Wyoming from Rancher Energy Corp., securing oil production and a significant carbon dioxide enhanced oil recovery opportunity July 2011 Purchased an 84.5% working interest in the Umiat oil field in Alaska October 2011 Acquires 14 oil fields covering approximately 13,400 acres in Texas and Louisiana Gulf Coast Region from ERG Resources LLC November 2011 Secures coal exploration lease in Poland for UCG, in the south eastern part of the Upper Silesia Coal Basin. June 2013 Signs formal agreements with Exarro Resources to develop commercial UCG projects in Sub-Saharan Africa December 2013 Listed on the Mainboard of the Singapore Exchange (SGX: TI6) and delisted from the Australian Securities Exchange August 2014 Sells Carmichael Mine Royalty to the Adani Group for AU$155 million October 2014 Peter Bond becomes Chairman of the Board and fellow Board member, Craig Ricato, appointed to the position of CEO and Managing Director February 2015 Sells its conventional coal business to United Mining Group

22 Summary

High quality, global asset portfolio in all stages of development, from 1 exploration through to production.

Conventional oil & gas assets with significant reserve base and low cost 2 production.

A leader in UCG technology - strategically positioned and equipped to 3 capitalise on robust demand for oil and gas in Asia, and, in particular, the switch from oil to gas in regional markets.

Low cost opportunity to apply UCG based technology to the recovery of 4 Heavy Oil.

Targeted capital expenditure program and low operating cost mindset to 5 reduce cash burn and increase revenue from existing assets.

Corporate focus on capital restructuring to achieve a sustainable capital 6 structure.

23