For personal use only

For personal use only

Reserves and Resources Upgrade and Summary November 2019

For personal use only

Key Takeaways

1C P90 BOE Resource = 182 Million Barrels of oil equivalent

Net Present Value of oil and gas reserves up 98% to US$34 Million (AUD$50.4 Million)

1C P90 Oil Resource up 12% to 60.6 Million Barrels of Oil (90% Probability)

1C P90 Gas Resource up 13% to 609 Billion Cubic Feet of Gas (0.61 TCF) (90% Probability)

Gas potential in excess of 1 Trillion Cubic Feet (P10 Contingent resource = 1.02TCF ) Pathfinder comparable to Colorado's Wattenberg Field ? has produced 2.8 TCF of gas and could

yield 5.2 TCF more Based on comparative Pathfinder/Wattenberg well logs, Niobrara, Codell and Greenhorn

Formations are similar in both fields

Analogous geology now confirmed by 2 independent world leading Companies Schlumberger (Petrophysical Analysis) Gustavson Associates ( Reserves & Resources report)

Wattenberg transactions selling for up to US$16,945 per acre ? validates Pathfinder's potential value

J.W. Powell Well During Flow Testing

Oil and Gas Resources

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PATHFINDER PROPERTY - GROSS CONTINGENT OIL & GAS RESOURCES

1C

2C

3C

P90 - 90% probability

P50 - 50% probability

P10 - 10% probability

Oil

60.6 Million barrels

83.3 Million barrels

119.7 Million barrels

Gas Total BOE

609 Billion cubic feet 182 Million BOE

787 Billion cubic feet 240.7 Million BOE

1.02 Trillion Cubic Feet 323.8 Million BOE

1C BOE Resource = 182 Million BOE

Maiden Barrels of Oil Resource Estimate (6:1)

1C OIL Resource = 60.6 Million BO

Up 12% from 54 Million BO in 2018

1C GAS Resource = 609 Billion Cubic Feet

Up 13% from 540 BCF in 2018

BOE = Barrels of Oil Equivalent 6:1, CF = Cubic Feet. P = Probability

Current Oil and Gas Reserves

For personal use only

Reserves Category Proved Developed Producing

Colorado Kentucky Total Proved Undeveloped Total Proved Probable Developed Non-Producing Probable Undeveloped - Niobrara Probable Undeveloped - Pierre Total Probable

Total Proved plus Probable

Net Oil Reserves (MBO)

Net Gas Reserves,

MMcf

Net Present Value, millions of US$ Discounted at

0%

10%

102.22 12.27 114.49 170.34 284.83 100.32 2,934.75 746.71 3,781.78

4,066.61

0.00 0.00 0.00 0.00 0.00 1,901.00 29,347.54 1,111.49 32,360.03

32,360.03

$2.13 $0.135 $2.27 $3.04 $5.31 $8.80 $119.38 $6.10 $134.27

$1.35 $0.116 $1.47 $1.56 $3.03 $4.43 $25.40 $1.12 $30.94

US$139.58 Million US$33.97 Million

? Net Present Value of oil and gas reserves = US$34 Million - AUD$50.6 Million (FX=1.48) ? NPV10 USD$ 34 Million = US$1,750 per acre (19,417 acres) ? Price per acre based off current market capitalisation of AUD$14 mil = US$490 per acre

** M = Thousand, MM = Million, BO = Barrels of Oil , CF = Cubic Feet. Exchange rate = 1.48

Pathfinder's Niobrara Formation ~twice as thick as the Wattenberg Field

For personal use only

Depth (ft) Thickness (ft) Porosity (%) Water Saturation (%) Thermal Maturity (Ro) Resistivity (ohm-m) Reservoir Pressure (psi/ft) Gas-oil-ratio (GOR)

Frac'ability of Rock

Lithology Clay Content Total Organic Carbon

DJ Basin/Wattenberg Niobrara 6,000 - 8,000 150 - 300 6-10% 35-90 0.5-1.4 cutoffs 20-30 0.42-0.6 0-10,000

Pathfinder - Niobrara 5,141 - 5,681 537 6-10% 37-42 0.72

30 ? 50 in reservoir benches 0.38

NOT YET ESTABLISHED

Brittleness varies, 250' frac length Brittleness varies, 300' frac length

Chalk/Marlstone, multiple intervals Chalk/Marlstone, multiple intervals

10-40%

10-17% in reservoir benches

3%

3.5%

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