AUSTRALIA FOCUSED EXPLORATION & PRODUCTION COMPANY

AUSTRALIA FOCUSED EXPLORATION & PRODUCTION COMPANY ANNUAL GENERAL MEETING, CALGARY September 27, 2018 TSX: BNG

BENGAL ENERGY CORPORATE PROFILE Values at Fiscal Year 2019 Capitalization and Financials Shares Outstanding (MM) 102.30 Enterprise value (1) ($MM) $ 22.0 Cash flow from Operations ($MM) (Q1 FY 2019) $ 1.02 Corporate Reserves Value Btax PV 10 (Mar. 31/18)* (2) Proved + Probable ($MM) $ 140.90 Equivalent Value per Basic Share $ 1.38 Operational Results 36% Insider holdings Average daily production (BOPD) (Q1 FY 2019) 318 Operating Netback excluding Hedges (Q1 FY 2019) $ 70.02 Operating Netback including Hedges (Q1 FY 2019) $ 55.69 (1) Enterprise value is calculated as the market capitalization plus debt, minority interest and preferred shares, minus total cash and cash equivalents. (2) See "Fundamental Resource Definitions, Cautionary Statements and Oil and Gas Advisories at the end of this presentation. * Independent third party reserves evaluation 2

COOPER BASIN AUSTRALIAN GROWTH PLATFORM Fiscal stability, low government take and strong commodity pricing Production of ultralight oil with 2P OIIP over 100 million barrels ATP 752 - BARTA ATP 934 BARROLKA High impact exploration - gas (ATP 934) & oil (ATP 732) CUISINIER Barta Cuisinier Wompi ATP 752 - WOMPI ATP 732 TOOKOONOOKA Operated BNG 100% Tookoonooka ATP 732 Barrolka ATP 934 3 SA QLD Non-operated JV with Santos Existing pipelines A STRONG PLATFORM FOR FUTURE GROWTH HIGHLY PROSPECTIVE 930,000 GROSS ACRES (82% operated)

BENGAL ASSET HIGHLIGHTS OIL - Stable Ultra-light oil production base Forecast field netback of $54+/Bbl at $US 70 Brent Large oil in place ~ 102 Million Barrels (GLJ 2P) - Recovery factor to date < 3% Waterflood planning underway with potential recovery of ~25-30% Active pool development with multiple wells (starting Q1 2019) GAS - Vast natural gas position with ~1,462 km 2 permit in highly prospective gas jurisdiction In house proprietary seismic processing technology to de-risk exploration drilling and establish large gas resource Established infrastructure and market access Burgeoning east coast gas market with robust price outlook 4

RESERVES SUMMARY (100% Oil, 52 API) IMMEDIATE GROWTH POTENTIAL 8,000 CORPORATE RESERVES GLJ EVALUATION AS AT YEAR END MARCH 31 2P Volumes: 36% CAGR Annual Proved Plus Probable Corporate Reserves $160,000 PDP 0.4 MMBOE (7% of total) Volume MBOE 7,000 6,000 5,000 4,000 3,000 $140,000 $120,000 $100,000 $80,000 $60,000 Value Probable 3.8 MMBOE (60% of total) PDNP & PUD 2.1 MMBOE (33% of total) 2,000 $40,000 1,000 $20,000-2013 2014 2015 2016 2017 2018 2P Volume 2P Value $- PDP PDNP & PUD Probable 5 MANAGEMENT SEES SUBSTANTIAL UPSIDE BEYOND INDEPENDENT EVALUATOR S VALUE UPSIDE

BARTA PERMIT / CUISINIER FIELD (~112,700 GROSS ACRES) Limit of existing 3D Cuisinier PL 303 (15,815 acres) Approx. 3 MMbbls production to date from Cuisinier with 2P OIIP of 102 MMbbls and expected to increase substantially. SHEFU-1 DISCOVERY 52 degree API oil with oil price at premium to Brent. Currently producing 1,042 BOPD (318 BOPD Net). Development program of 9-10 wells starting in 2019 A scalable waterflood pilot is planned for Q2 2019 (online) Shefu-1 exploration success has established an oil column of > 51 meters and further extends the producing Cuisinier pool thus de-risking a southwesterly trend extension GLJ 2P Areal Assignment Mar.31, 2018 (8,069 Acres) GLJ 3P Areal Assignment Mar.31, 2018 (11,702) Lowest Known Oil (LKO) (21,000 Acres) Existing Wells 2019 Drilling Locations Water Injection Pilot PL 1028 (2,965 acres) 1 km 0 250 500 750 METERS 6 HISTORY OF DRILLING SUCCESS AND POOL SIZE EXPANSION

CUISINIER PREVIOUS FRAC RESULTS Pre and Post Frac Rates (Bopd) Pre and Post Frac Reserves (Mbbls)* 140 300 120 250 100 200 80 150 60 40 100 20 50 0 CUISINIER 5 BARTA NORTH 1 CUISINIER 14 CUISINIER 12 CUISINIER 9 CUISINIER 3 0 CUISINIER 5 BARTA NORTH 1 CUISINIER 14 CUISINIER 12 CUISINIER 9 CUISINIER 3 Qi Pre-Frac Bopd Qi Post Frac Bopd EUR Pre Frac Mbbls EUR Post Frac Mbbls (1) See "Fundamental Resource Definitions, Cautionary Statements and Oil and Gas Advisories at the end of this presentation. * GLJ 2P Reserves, Mar 31, 2018 7 Positive preliminary indications showing Post-Frac incremental increase of approx. 230 Bopd from 3 wells in 2018 campaign

CUISINIER 2019-2021, CONCEPTUAL DRILLING & WATERFLOOD EXPANSION PLAN 1 km Cuisinier 24 Water Injection Pilot Plan to develop and appraise the field in multiple phases Drill projects to be considered dual purpose producer /injector until evaluated, with injector wells to be identified to provide pressure support for each area. Notional plan envisages injectors added as each specific pool area is fully developed. Pilot (C-24) 2019; phased implementation 2020 to 2021. 8 SIGNIFICANTLY IMPROVED CAPITAL COST EFFICIENCIES + GROWTH IN DEVELOPMENT RUNNING ROOM

CHOOKOLA 1: RESULTS Cuisinier PL 303 The Chookola 1 tested a large structure on the newly acquired 3D seismic. PCA 207 PCA 206 Confirmed top structure was high at Murta, Birkhead/Hutton and Doonmulla Oil shows in 5 separate sands at the Birkhead/Hutton and Basal Jurassic levels No pay was identified and well was P&A on September 21-18 Chookola 1 LKO Murta Depth Map However, the JV expects to retain over 91,000 acres of land in two separate PCA s based on the drilling of this well for a period of 10 years. Further exploration potential has been identified on this land. No negative impact from this well is expected on Cuisinier PL 303 reserves. 9

EASTERN AUSTRALIA NATURAL GAS MARKET Rapid price increase driven by the expansion of Eastern Australia s LNG capacity. Eastern Australia disconnected from Northern Territory and Western Australia markets. Exports commenced from the first of three LNG projects in Queensland in early 2015. Expected to export over 1,400 Petajoules (PJ) of gas a year. Projects will reach full production between 2018 and 2019. 10 320 PJs/y 1,135 700 Local demand Contracted LNG Additional LNG capacity Source: McKinsey & Company, Australia, March 2017 Meeting East Australia s Gas Supply Challenge PIPELINES 1. Moomba to Sydney 2. Queensland Gas 3. Roma to Brisbane 4. South West Queensland 5. Carpentaria 6. Moomba to Adelaide 7. Eastern Gas 8. SEA Gas 9. Tasmanian Gas 10. Longford to Melbourne Gas 11. NSW Victoria Interconnect Australia, East Coast Gas Flows ONSHORE/OFFSHORE BASINS IN WESTERN AUSTRALIA ~ 1,300 KMS FROM KEY COOPER BASIN INFRASTRUCTURE ATP 934 Source: Grattan Institute LNG Facilities Gladstone Queensland Curtis Australia Pacific

QUEENSLAND World Class Economics EXPECTED OIL ECONOMICS BRENT SPOT PRICING: US $70-75/Bbl EXPECTED NATURAL GAS ECONOMICS SPOT PRICING: AEMO AVERAGE trailing 12 months (from April 2017) SYDNEY AUS $8.90/GJ WELLHEAD PRICING: AUS $82-96/Bbl (4% Premium to Brent, FX $.76) WELLHEAD PRICING: AUS $9.00/GJ ATP 934 situated near intersection of major pipelines FIELD NETBACK: AUS $60 65 /Bbl NET WELLHEAD PRICE: AUS $7.85/GJ (assumes Pipeline Tariff of $1.15 to Wallumbilla) 11

ATP 934 BARROLKA PERMIT (BNG 100% AND OPERATOR) PERMIT NEIGHBOURING PRODUCING GAS FIELDS & GAS PIPELINES FEEDING EASTERN AUSTRALIA Cum Prod to Dec 2017 (1) Whanto Large, undrilled 1,462 km 2 permit in gas jurisdiction. Active area with 30 gas wells drilled in the last 3-4 years. Barrolka: 21.89 BCF (1) Ramses Coonaberry 6.4 BCF (1) Producing gas fields offsetting with numerous gas pipelines crossing the permit. 6 offsetting gas pools producing 24.6 MMcfd with 1,058 Bbls LPG/condensate per day (1). Coolah Snefru Discovery Ghina Wareena 7.7BCF (1) Bengal has mapped 7 prospects on this permit based on 2D seismic interpretation using proprietary seismic processing technology. Actively pursuing a farm-out on the permit, to attract funding and materially de-risk the project in 2019. 12 Durham Downs/ Durham Downs North: 51.3 BCF (1) 15 km Tartulla 14.1 BCF (1) Gas Pools Bengal Prospects (1) Production volumes cited are cum. to December 2017. Source: State of Queensland Department of Employment, Economic Development and Innovation (DEEDI). SURROUNDED BY GAS POOLS; CUM. REC. TO DATE 4+ BCF/WELL

ATP 732 TOOKOONOOKA, PUMA PROSPECT The Puma prospect was identified on proprietary 2D seismic acquired by Bengal in 2012 in the southern part of the permit (in an area where seismic had never been acquired before). Puma is located on a re-activated rift structure similar to those east of the permit where established producing pools are located. (Note: on-trend oil shows at Kercummurra) Re-activated Rift Structures PUMA PUMA Kercummurra N Jackson oilfield ~ 49MM Bbls to date 13 THE PUMA PROSPECT STRUCTURE REPRESENTS AN AREA OF UP TO 29 km (2)

SUMMARY COMMENTS Robust Base: Large, well established light oil reserves base with history of growth vast development opportunity (only ~ 3% of 2P OIIP produced to date). Large increase in recovery expected through field-wide waterflood Compelling Economics: Strong netbacks and cash flow combined with continued capital cost improvement Exploration Upside: Attractive exploration opportunities - large gas resource in ATP 934 and exciting Puma oil prospect in ATP 732 Commodity Price: Compelling gas market conditions in Eastern Australia; crude oil priced at a premium to Brent Further Opportunities: Company actively pursuing attractive, producing and cash-flowing, operated opportunities to generate accretive growth 14 LARGE POOL OF HIGH IMPACT EXPLORATION SUPPORTED BY ROBUST, HIGH-VALUE & GROWING RESERVES BASE

FORWARD-LOOKING STATEMENTS, CAUTIONARY STATEMENTS AND OIL & GAS ADVISORIES Certain information regarding Bengal Energy Ltd ( Bengal or the Company ) set forth in this document contains forward-looking statements or financial outlooks (collectively, "forward-looking statements") under applicable securities law. The use of any of the words plan, expect, project, intend, believe, should, anticipate, estimate or other similar words, or statements that certain events or conditions may or will occur are typically intended to identify forward-looking statements. Forward-looking statements are not based on historical facts, but rather on Bengal s internal projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, regulatory hurdles, plans for and results of drilling activity, environmental matters, business prospects and opportunities. These statements are only predictions, not guarantees, and actual events or results may differ materially. In particular, forward-looking statements included in this document include, but are not limited to, statements with respect to: Bengal s corporate strategy, growth strategy and future work programs; the potential for substantial upside beyond the Company's independent reserves report; the Company s well drilling programs, the planned waterflood in the Cuisinier field, field extension opportunities at ATP 752; and the 9-10 development well program in 2019/2020; the timing to reach full production of the Company s projects; the anticipated effect of gas prices on the East Australian gas market; future seismic; the drilling, completion, performance of future wells; infrastructure development; the prospects/leads on the ATP 934 Barrolka permit; the farm-out and ability to fund and de-risk the gas exploration opportunities of ATP 934; the farm-out and timing of drilling the Puma oil prospect on ATP 732; performance of current wells; estimates of resources, reserves and ultimate recovery per well; demand for oil and natural gas in Australia and globally; results of operations; future production, current production; production decline rates; future production capacity;; future acquisitions and exploration opportunities; future netbacks, operating and transportation costs; and oil and gas prices. In addition, statements relating to reserves or resources are by their nature forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources described can be profitably produced in the future. With respect to forward-looking statements contained in this document, Bengal has made assumptions regarding: current and future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; access to capital to fund the Company s exploration programs; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; royalty rates; future operating and transportation costs; and other matters. Although the forward-looking statements contained in this document are based upon assumptions which management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause actual results to vary, including but not limited to risks associated with: the impact of general economic conditions in Canada, Australia and globally; industry conditions, including changes in laws and regulations, including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced, in Canada and Australia; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; imprecision in reserve and resource estimates; the production and growth potential of Bengal s assets; production, transportation and marketing constraints; failure to obtain required approvals of regulatory authorities, in Canada, and Australia; risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil and natural gas; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and natural gas industry; ability to access sufficient capital from internal and external sources; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could effect Bengal s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Certain Oil and Gas Metrics and Abbreviations: Finding and development costs, reserves replacement and netbacks do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies or used to make comparisons and should not be unduly relied upon. "OIIP" means oil initially in place. Billion Cubic Feet or "Bcf" is a volume measurement of natural gas. Million Cubic Feet or "MMcf" is a volume measurement of natural gas. Million Barrels or "MMbbls" is a volume measurement of oil. "BOPD" means barrels of oil per day. Bbls" means barrels. Reserves Estimates: Other than the reserves estimates disclosed on slides 2, 3, 5, 6, 7, and 10 the recovery, reserves and resources estimates provided herein are internal estimates only. The reserve estimates disclosed on slides 2, 3, 5, 6, 7, and 10 were prepared by GLJ Petroleum Consultants Ltd. dated May 10, 2018 with an effective date of March 31, 2018 in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and using GLJ Petroleum Consultants Ltd.'s forecast prices at March 31, 2018. There is no guarantee that the estimated reserves or resources will be recovered. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Analogous Information: Certain noted drilling, completion, production, reserve and resource data provided in this document may constitute analogous information under applicable securities legislation, such as reserve and resource estimates or the reserves and resources present on the Company s lands, and near by lands, total production and production-rates from wells drilled by the Company or other industry participants located in geographical proximity to lands held by the Company. This information is derived from publicly available information sources (as at the date of this document) that the Company believes are predominantly independent in nature. The Company believes this information is relevant as it helps to define the reservoir characteristics in which the Company may have an interest. The Company is unable to confirm that the analogous information was prepared by a qualified reserves evaluator or auditor or in accordance with the Canadian Oil and Gas Evaluation Handbook and therefore, the reader is cautioned that the data relied upon by the Company may be in error, may not be analogous to the Company s land holdings and/or may not be representative of actual results of wells anticipated to be drilled or completed by the Company in the future. Third Party Information: Certain other information contained in this presentation has been prepared by third-party sources, which information has not been independently audited or verified by the Company. No representation or warranty, express or implied, is made by the Company as to the accuracy or completeness of the information contained in this document. 15

CAUTIONARY STATEMENTS AND OIL & GAS ADVISORIES (cont d) Netbacks: Netback is a term that is not defined under International Financial Reporting Standards and is used by Bengal as a supplemental measure in evaluating Bengal s financial position and performance. Bengal calculates netbacks as revenues minus royalties and transportation and operation costs. Future Oriented Financial Information. This document, in particular the information contained in the slides entitled Bengal Asset Highlights, Barta Permit/Cuisinier Field, Eastern Australia Natural Gas Market, Queensland World Class Economics, contains future oriented financial information (FOFI) within the meaning of applicable securities laws. The FOFI has been prepared by Bengal's management to provide an outlook of the Company's activities and results. The FOFI has been prepared based on a number of assumptions including the assumptions discussed on slide 14 and assumptions with respect to the costs and expenditures to be incurred by the Company, capital equipment and operating costs, foreign exchange rates, taxation rates for the Company, general and administrative expenses and the prices to be paid for the Company's production. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in this document, and such variation may be material. The Company and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is highly subjective and subject to numerous risks including the risks discussed on slide 14, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, Bengal undertakes no obligation to update such FOFI and forward-looking statements and information. Barrels of Oil Equivalent (BOE): When converting natural gas to equivalent barrels of oil, Bengal uses the widely recognized standard of 6 thousand cubic feet (mcf) to one barrel of oil (boe). However, a boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. MMboe means a million barrels of oil equivalent. MMbbls means a million barrels. This presentation is provided for informational purposes only as of September 27, 2018 is not complete, and may not contain certain material information about Bengal, including important disclosures and risk factors associated with an investment in Bengal. This presentation does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it and does not constitute an offer to sell or a solicitation of an offer to buy any security in Canada, the United States or any other jurisdiction. The contents of this presentation have not been approved or disapproved by any securities commission or regulatory authority in Canada, the United States or any other jurisdiction, and Bengal expressly disclaims any duty on Bengal to make disclosure or any filings with any securities commission or regulatory authority, beyond that imposed by applicable laws. 16