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1 It is n ot th e nu m ber o f h ou rs in th e w o rk in g d ay th at s im p o rt an t it s th e w o rk th at g et s a chiev ed in t h os e hou rs th at c o nc erns A nde rs on Lee. Ove rtim e i s n o t e nc o ur age d exc ep ts on t h o s e rar e o cc as ion s wh en it is ab sol ute ly nec es sa ry. A nde rs on Lee prefe rs em p lo yee s t o w o rk ef fici en t ly in th e s eve n a n d a h alf h ou rs ava ilabl e ea ch d ay. EMPIRE OIL & GAS NL An der so n Le e s t riv es to cre ate a pr o du ct ive an d po s it ive wo rk in g e nv iro nme n t. T h e co m p an y h a s a g ive an d tak e at t itud e A B N w h en it c ome s t o it s S t i r l i n g H i g h w a y em p lo yees. It rewa rd s har d wo rk b y off erin g C L A R E M O N T W E S T E R N A U S T R A L I A em p lo yee s i nc en tiv es like, flex ibl e w or k hou rs a n d t ime in leu. T ime in le u T E L E P H O N E ena b le s emp loye es w ho h ave wo rke F d A w C it S h I M d iligenc I L E e + an 6 1 d effi 8 9 cie 2 8 n 4 t ly 6 t 5 o 8 tak 8 e tim e of f d urin g qui ete r time s o r en jo E My a Al oi ng L week i n f o d e mo r pex i rt eo nide l. cd oho m lid. a ay u. W E B w w w. e m p i r e o i l. c o m. a u 1 August 2014 The Manager Company Announcements Office Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000 Revised Empire Quarterly Cashflow Report () June 2014 Empire advises that the Quarterly Cashflow Report () for the June 2014 which was lodged with the ASX on 31 July 2014 had errors in Sections 7.7 and 7.10 regarding the outstanding options on issue. Please find attached an amended Quarterly Cashflow Report () for the June The report lodged on 31 July 2014 incorrectly categorized that 140,000,000 options had expired during the June These options are still on issue with an exercise price of 1.7 cents each and do not expire until 28 November Empire apologizes for any inconvenience that this may have caused. Yours faithfully Kent Quinlan Company Secretary

2 Rule 5.3 Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10. Name of entity EMPIRE OIL & GAS NL ABN Quarter ended ( current ) June 2014 Consolidated statement of cash flows Cash flows related to operating activities Current Year to date (12 months) 1.1 Receipts from product sales and related debtors* 1,706 6, Payments for (a) exploration and evaluation (51) (3,571) (b) development (337) (5,281) (c) production (1,199) (3,319) (d) administration (1,404) (3,898) 1.3 Dividends received 1.4 Interest and other items of a similar nature received Interest and other costs of finance paid (2) (8) 1.6 Income taxes paid 1.7 Other (net GST receipts/payments) # Net Operating Cash Flows (993) (9,328) Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (3) 673 (260) (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other ## (10) (122) Net investing cash flows Total operating and investing cash flows (carried forward) (333) (9,037) * Proceeds actually received in the from the sale of condensate only (including Empire s share of the backpayment of escrowed condensate sales; gas supplied to Alcoa Australia Limited was prepaid pursuant to the Gas Sales Agreement. # Includes Research & Development refund /05/2013 Page 1

3 1.13 Total operating and investing cash flows (brought forward) (333) (9,037) Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1,000 2, Repayment of borrowings 1.18 Dividends paid 1.19 Other capital raising costs Net financing cash flows 1,000 2,000 Net increase (decrease) in cash held 667 (7,037) 1.20 Cash at beginning of /year to date 1,190 8, Exchange rate adjustments to item Cash at end of 1,857 1,857 Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities Current $A' Aggregate amount of payments to the parties included in item 1.2 (203) 1.24 Aggregate amount of loans to the parties included in item Explanation necessary for an understanding of the transactions Quarter 4 payments are directors fees of $37,505 and $165,940 to ERM Power Limited for seconded key management personnel. Noncash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows Nil 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest N/A Page 2 01/05/2013

4 Financing facilities available Add notes as necessary for an understanding of the position. 3.1 Loan facilities 3.2 Credit standby arrangements *** Amount available Amount used 3,000 2,000 *** The terms of the credit facility were disclosed in the December 2013 halfyearly financial statements. On 30 June 2014, the credit facility was increased to $3 million and its expiry extended to 31 August Estimated cash outflows for next 4.1 Exploration and evaluation Development 1, Production 2, Administration 777 Total 4,957 Prepaid gas is supplied to Alcoa Australia Limited pursuant to the Gas Sales Agreement. The sale of condensate is based upon the USD$ per barrel Brent oil price. Total JV condensate sales for June to August (receipts in September ) is projected at 22,300 barrels. The Company s interest in the proceeds of condensate sales will be at 76.39% (approximately $1.7m). Estimated cash outflows for the are higher as a result of Empire paying for the Red Gully1 B Sand Perforation Program and some of the Red Gully Facility maintenance shutdown, Development cashflows also include some initial costs of the improvement projects for the Red Gully Facility. The above cashflows do not include the repayment of the credit facility if it were to occur. Reconciliation of cash Reconciliation of cash at the end of the (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. Current Previous 5.1 Cash on hand and at bank 1, Deposits at call Bank overdraft 5.4 Other (provide details) Total: cash at end of (item 1.22) 1,857 1,190 Changes in interests in mining tenements 6.1 Interests in mining tenements relinquished, reduced or lapsed Tenement reference EP 389 Nature of interest (note (2)) Increased interest due to Defaulting Party Interest at beginning of Interest at end of 68.75% 76.39% 01/05/2013 Page 3

5 6.2 Interests in mining tenements acquired or increased Issued and quoted securities at end of current Description includes rate of interest and any redemption or conversion rights together with prices and dates. Total number Number quoted Issue price per security (see note 3) (cents) 7.1 Preference + securities (description) 7.2 Changes during : (a) Increases through issues (b) Decreases through returns of capital, buybacks, redemptions Ordinary securities 6,294,307,442 6,294,307, Changes during : (a) Increases through issues (b) Decreases through returns of capital, buybacks Convertible debt securities (description) 7.6 Changes during : (a) Increases through issues (b) Decreases through securities matured, converted 7.7 Options (description and conversion factor) 7.8 Issued during 7.9 Exercised during 7.10 Expired during 7.11 Debentures (totals only) Amount paid up per security (see note 3) (cents) 140,000,000 Exercise price $0.017 Expiry date 28 November 2014 Page 4 01/05/2013

6 7.12 Unsecured notes (totals only) Compliance statement 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4). 2 This statement does give a true and fair view of the matters disclosed. Sign here: Date: 31 July 2014 Chief Executive Officer Print name: K Aitken Notes 1 The ly report provides a basis for informing the market how the entity s activities have been financed for the past and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report. 2 The Nature of interest (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and Issued and quoted securities: The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report. 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with. 01/05/2013 Page 5