AGM addresses by the Chairman and Managing Director

10 November 2016 AGM addresses by the Chairman and Managing Director Cooper Energy Limited (ASX: COE) releases the addresses to be presented by the Chairman and Managing Director at the Company s Annual General Meeting today at PwC, Level 11, 70 Franklin Street, Adelaide from 10:30 am (ACDT). Further comment and information David Maxwell Managing Director Don Murchland Investor Relations Advisor +61 8 8100 4900 +61 439 300 932 About Cooper Energy Limited (ASX:COE) is an ASX listed exploration and production company featuring low cost oil production, a growing portfolio of gas resources and exploration acreage and a management and Board team with a proven track record in building resource companies. Cooper Energy conducts oil exploration and production in the Cooper Basin and is working towards development of its Gippsland Basin gas resources to address emerging supply opportunities in south-eastern Australia. The company has a strong balance sheet, enjoys strong cash flow and is executing a clear strategy driven by shareholder return. www.cooperenergy.com.au Cooper Energy Limited Level 10, 60 Waymouth Street Phone: +61 8 8100 4900 customerservice@cooperenergy.com.au ABN 93 096 170 295 Adelaide, South Australia 5000 Fax (Aust): +61 8 8100 4997 www.cooperenergy.com.au ASX: COE GPO Box 1819, Adelaide SA 5001 1

Address by the Chairman, John Conde AO Cooper Energy Limited 2016 Annual General Meeting, Thursday November 10 2016 Good morning, and welcome to the 2016 Annual General Meeting of Cooper Energy Limited. You may recall that, in my address at last year s AGM, I noted an apparent disconnect between your company s valuation and the value and opportunity we considered were in our gas assets informing our strategy. At the time, I expressed the board s confidence that, as key strategy milestones were achieved and the pathway to gas project commercialisation became more certain, improved share prices would follow. Today, I am pleased to note that this is happening. This time last year, our company s market capitalisation was approximately $63 million and its share price 19 cents. At June 30, 2016, market capitalisation had increased 49% to $94 million, and the share price had risen to 21.5 cents. At yesterday s close, the company s market capitalisation was $181 million, just under three times that at last year s AGM date. Our share price is affected by the retail entitlement offer still in progress at a price of 28.5 cents per share and yesterday s movement in equity markets following the US election. Notwithstanding this, yesterday s closing price of 31 cents is still 63% higher than the level of 12 months ago. We remain confident that, as the company continues to advance its gas strategy, it will be reflected positively in the share price and the company s value. Shortly I will report on the status of this strategy and our expectations of it for the coming year. But first, I express, on behalf of the board and management, our appreciation for the loyalty and support of shareholders. The share price appreciation of the last twelve months has come after more than four years of patient and disciplined effort by the company to execute its strategy. Cooper Energy was an early mover in recognising the business opportunities likely to emerge in the supply of gas to south-east Australia. This enabled the company to build efficiently and economically a leading portfolio of gas assets. Being an early mover also meant patience was required by shareholders. Apart from acknowledging the loyalty of shareholders who have stayed the distance, I also express appreciation for the support given by shareholders to the capital raising in May this year at 310/11/2016 1

22 cents, the recent institutional entitlement offer at 28.5 cents and that shown thus far for the current retail entitlement offer at the same price. The support given by shareholders to these initiatives has been important to securing your company s liquid financial position. At a time when gas supply to south east Australia has become so highly valued, the company s portfolio will, after completion of the acquisition of the Santos Victoria assets, include gas contracts with quality customers, producing and uncontracted gas reserves, gas plants, projects and exploration targets. Cooper Energy is poised for transformational growth this financial year, with a four-fold increase in its annual production and an eight-fold increase in its Australian reserves. I shall not dwell on the results for the financial year ended 2016, which have been detailed in the company s annual report and other ASX releases. In summary, the financial results (a statutory net loss of $34.8 million and an underlying net loss after tax of $2.8 million) were reflective of the impact on asset valuations and revenue of lower oil prices. Even so, direct operating cash costs of A$29.71 per barrel, and cash generated from operating activities of $7.9 million point to the robustness of the company s Cooper Basin oil operations, even at low prices. One aspect of the year s results which I highlight proudly is the excellence in safety management. The company completed the year with zero incidence of lost time injuries and a zero total recordable case frequency rate. This result was achieved in the context of 963,000 hours worked in Australia, Indonesia and Tunisia. While a zero result is the performance standard to which we aspire always, it is only achievable through the diligence of every employee and every contractor at every location for every hour of the working year. On behalf of shareholders, I commend and thank all involved not only for this result but for their ongoing efforts in safety management. Strategy status and outlook The strategy pursued by the company since 2012 has been to build a portfolio-style multibasin gas business to supply contract opportunities foreseen emerging in south-east Australia. It is worth noting that when the company initiated this strategy in 2012 it did not possess any gas assets in south-east Australia and its portfolio was internationally diverse and focussed on oil. Your company is now well placed to deliver on its strategic vision. In the coming 3 to 5 months we expect the transactions will complete and investments committed, setting in motion the projects and activities expected to increase production more than 20 times current levels over the next five years, based on current equity interests. 310/11/2016 2

Points of focus In 2017 this will involve four key points of focus. 1) Completing Victorian gas asset acquisition First, completion of the transaction announced on 24 October for the acquisition of Santos Victorian Gas Assets. This is scheduled to occur by early 2017. Without wishing to labour the label of transformational, that is an accurate description of the significance of this transaction, the impacts of which include: A shift from oil to gas: Cooper Energy will become a company that generates the major share of its revenue from the sale of gas under stable long term contracts, instead of the current sole reliance on oil. Apart from the change in mix, this will substantially reduce exposure to oil price volatility. A step up in production: Expectations of production for FY17 will increase from approximately 0.3 million barrels of oil equivalent to 1 million barrels of oil equivalent, 70% of which is expected to be gas. More gas: The company will acquire proved and probable gas reserves estimated to be 54 petajoules at completion as well as an additional 121 petajoules of 2C Contingent Resources of Gas. The gas reserves acquired include 45 petajoules available for contracting from 2018 onwards, at a time when the shortfall between forecast demand and currently contracted supply increases. Increased reserves: We will be issuing a revised statement of reserves and resources after completion of the acquisition. Current indications are that total Australian proved and probable reserves will increase from the 1.3 million barrels as at 30 June to approximately 10 million barrels of oil equivalent. Technical and operating capabilities and profile: Cooper Energy will have the opportunity to become operator and add staff from Santos currently performing technical, engineering and project operation roles. We will be moving to apply for operatorship of the Sole and Casino/Henry joint venture. The company is now focussed on the tasks for completion of the acquisition and effective integration of the Victorian assets and operations. 2) Gippsland Basin gas resources The second point of focus is commercialisation of our Gippsland Basin gas resources. Our Gippsland Basin interests comprise the Orbost Gas Plant, Sole gas field, the Basker and Manta resources and, on completion of the Santos asset acquisition, the Patricia Baleen gas field and associated infrastructure. Our plans to develop Sole to supply gas from the March quarter of 2019 have advanced considerably since last year s AGM. 310/11/2016 3

Front End Engineering and Design of the Sole gas project is nearing completion, defining a project that will produce approximately 25 petajoules per annum for 9 years and involve capital expenditure estimated to be approximately $550 million. Binding sales agreements have been secured already for up to 77 petajoules of the field s 241 petajoule total production in contracts with O-I Australia, AGL Energy and Alinta Energy. Interest continues from gas buyers and the company anticipates contracting further sales as may benefit the overall financial structure of the project. Cooper Energy will hold a 100% interest in Sole following the completion of the Santos asset acquisition. We have commenced a process to determine the optimal venture and financing structure for the project and our shareholders. We expect to conclude that process and take the project to a final investment decision in the March quarter of 2017. In respect of the adjacent Manta gas resource, the last 12 months have seen the company secure retention leases, move to a 100% interest and identify substantial exploration potential in reservoirs below the currently known gas pools. We are hopeful of reconstituting the Manta joint venture structure in the current financial year and commencing planning of the Manta-3 appraisal well. Completion of our objectives for the Gippsland Basin in the coming months will see: the completion of pre-fid gas contracting from Sole; the determination of Sole joint venture and financing structures; and the submission of a final investment decision (FID) proposal for board approval. Sole represents a significant production and value uplift opportunity within the company s portfolio. 3) Portfolio concentration The third key point of focus will be completing the concentration of our portfolio on Australia. Our desire to conduct this in an orderly manner to protect shareholder value and honour permit commitments has resulted in this being an extended process. Our withdrawal from international operations is expected to be completed within the next three months. During the 2016 financial year the company divested its Indonesian exploration assets and, in Tunisia, withdrew from the Hammamet Joint Venture and agreed terms to exit the Nabeul permit. Subsequently, the company has announced the agreement with Bass Strait Oil Company for the divestment of its remaining Indonesian interest, the Tangai-Sukananti KSO with a completion date in January 2017. The only remaining international interest is the Bargou permit in Tunisia where, with work programs nearing completion, the company has advised the joint venture of its intention to withdraw. 310/11/2016 4

Once these divestments and exits are completed, Cooper Energy will concentrate its capital and management completely in Australia and in particular on the core operations in the Gippsland, Otway and Cooper Basins. 4) Cooper Basin operations The fourth point of focus is our Cooper Basin operations, principally our 25% interest in the PEL 92 joint venture. The completion of the Victorian gas asset acquisition will reduce the relative significance of this asset within our portfolio. While it may account prospectively for a minority and declining share of our production, it remains a valuable, first class onshore oil business. With a direct operating cost below A$30.00 per barrel, PEL92 operations have continued to be cash flow positive even at the low prices recorded in FY16. We are looking forward to the spudding of Penneshaw-1 later this month, our first exploration well in the Cooper Basin for 18 months, to be followed with an appraisal well on the Butlers field. Closing comments Before inviting David to speak there are two closing points I would like to express. The first is that the past 12 months have been successful for your company and I record our thanks and appreciation to our Managing Director, David Maxwell, and his small team. Their contributions and their focussed commitment have seen your company s shares perform well above its sector and peer group and have set the company up for significant further growth. We think we are on track to become Australia s leading mid-cap gas company. On behalf of the board, and shareholders generally, I say thank you to David and the team he leads. We have a very full work program! My second and closing point returns to the beginning of my address today Cooper Energy s market value and the outlook for it twelve months ago. Those sentiments and aspirations are still relevant twelve months on as we meet today. Sole, Manta and the contracting of uncontracted gas at Casino Henry all hold the potential for further value uplifts in 2017 and beyond. Your board and management team remain resolved to pursue our strategy and deliver the consequential increases in value for all shareholders. I now invite David Maxwell to address us. 310/11/2016 5

Address by the Managing Director, Mr David Maxwell to the Cooper Energy 2016 Annual General Meeting 10 November 2016 Thank you Chairman, and good morning fellow shareholders ladies and gentlemen. As the Chairman has said, I will brief you on the assets we have contracted to acquire from Santos with an effective date of 1 January, how they fit with our existing portfolio and our plans on how we expect to generate value from their operation. First, some background which goes to the critical questions of fit with our strategy and our confidence in the assets acquired. Since the announcement on 24 October, we have been complimented on the speed with which the transaction was settled and, in one sense, this is correct. But the reality is that the three week engagement period followed four years of investigation, analysis and portfoliobuilding which made Cooper Energy a logical acquirer of the Victorian gas assets and able to rapidly commit to a transaction. As the Chairman has noted, when we began our gas strategy we had no gas assets. Our analysis said that valuable gas supply opportunities could be expected to emerge in Victoria, South Australia and New South Wales following the commencement of LNG production in Queensland. But the important question for us was which gas is best placed to win and profit from the new contracts required? We did more analysis and found some clear, if unsurprising, winners. Slide: Gas market supply analysis (refer slide pack following) The Gippsland and Otway Basins, close to market, with existing producing fields, plants and pipelines were lowest on the cost curve and could be expected to be first in line. Some other regions offered the prospect of larger reserves and, in some cases, cheap development cost but, when looked at from a customer perspective, it was the Otway and Gippsland that offered the most viable and competitive delivered gas. Our first move in 2012 was a merger/acquisition with Somerton Energy, one of the larger acreage holders in the onshore Otway Basin. Hector Gordon, the Managing Director of Somerton joined our company and oversaw our exploration and production efforts. The technical analysis conducted by Hector and his team confirmed the gas prospectivity of the Otway Basin and included a review of the offshore Otway, which we came to view as highly attractive for Cooper Energy. We have had a number of opportunities to look at various Otway Basin assets over the years and, while we may not have been successful in our bids, we built our understanding and our enthusiasm for the region. In the Gippsland Basin, we invested in Bass Strait Oil Company which had acreage in the region and conducted technical analysis and reviews. We acquired a 65% interest and operatorship of the BMG gas and liquids resource, which in turn made Cooper Energy the 10/11/2016 8:42:31 AM 1

logical partner when Santos sold down half of its 100% interest in the Sole gas field and Orbost Gas Plant in December 2014. We built our engagement with, and understanding of, the gas market and the needs and drivers of south-east Australian gas buyers. This not only produced the contracts we currently hold with O-I Australia, AGL Energy and Alinta Energy but it also built relationships and understanding with a range of other buyers with whom we have been engaged for the purpose of building out our customer portfolio. So, when the opportunity came to acquire Santos entire Victorian portfolio, we were ready. Slide: Victorian Gas Asset portfolio overview (refer slide pack following) So what have we acquired? I will give a quick summation of each asset shortly, but will first address the critical question of strategic fit. West of Melbourne we have bought Santos interests in the Otway Basin. This includes gas production, uncontracted reserves, exploration acreage and an interest in the Minerva Gas Plant. To the east of Melbourne we have acquired a 50% interest in the Sole Gas Project and Orbost Gas Plant, which will make us 100% owners of these assets and 100% interest in the largely depleted Patricia Baleen gas field. There are two points to be made on strategic fit. First, the acquisition has set us up for the multi-basin gas supply we have been seeking to build from the start and match with a portfolio of gas contracts. As you can see from the map, the Otway Basin interests connect to the SEA Gas pipeline with links to Adelaide and Melbourne. The Gippsland Basin assets on the other hand can access the Eastern Gas Pipeline through the Orbost Gas Plant and, through that, the markets in Melbourne, Sydney and the ACT. This multi-basin supply portfolio gives Cooper Energy optionality in supplying customers, reduces reliance on any one particular market and set of transport economics and enables more optimal pricing for both the company and our customers. The second important fit with our strategy is that the portfolio clearly satisfied the 3 critical criteria we have maintained for acquisitions: 1. The assets needed to be low on the cost curve: i.e. they need to be among the most cost-competitive sources of supply for their markets; 2. Development and commercialisation has to be foreseeable within 5 years; and 3. The assets had to add value to Cooper Energy and Cooper Energy had to add value to the assets. Our strong balance sheet has given us the opportunity to look at many oil and gas assets over the past four years and there have been very few assets available that have satisfied our requirements of alignment with our strategy and acquisition criteria. 10/11/2016 8:42:31 AM 2

So it is pleasing to finally find assets that pass those tests so emphatically and which offer the scale of upside this portfolio presents. I also want to acknowledge the Santos senior management involved in the transaction discussions. Their commitment to identifying a win:win outcome and prompt execution was a significant factor in the mutually beneficial agreement that resulted in good time. Let s take a closer look at what we are buying and our plans. Slide: Otway Basin assets acquired (refer slide pack following) The Otway Basin assets are clustered around two producing gas projects offshore Victoria: Casino Henry and Minerva. At Casino Henry we will acquire a 50% interest in the project and the surrounding VIC/P44 exploration permit. Casino Henry is currently producing and supplying gas to EnergyAustralia, so this acquisition will see Cooper Energy enter the south-east Australian gas market as a supplier. It is the production from Casino Henry, of which our share is estimated to be approximately 7 PJ each year, which is expected to more than double our annual revenue and change Cooper Energy from oil producer to a gas and oil producer from the beginning of 2017. We are enthusiastic about the upside we see in and around Casino Henry. Of the 54 PJ of proved and probable gas reserves we expect to acquire, approximately 45 PJ are uncontracted. We look forward to the opportunity to start marketing this gas into what looks to be a strong market for sellers. The surrounding acreage contains a number of gas exploration prospects, the economics of which are enhanced considerably by the existing infrastructure and the future prices that are expected. I know from comments made by our prospective joint venture partners in the past 3 weeks that there is a shared enthusiasm to address the gas prospectivity in our acreage. Our technical staff are keenly anticipating the opportunity to work with our joint venture partners to address the potential of an area we have been studying for some time. Based on our current portfolio and plans, we expect Casino Henry to become our principal source of production and cash generation for the next two and a half years until the Sole gas field comes on stream. Production from Casino Henry is forecast to extend well into 2025 with the drilling of a development well in 2020. Santos is currently the operator of the Casino Henry project and we will be looking to assume that role as soon as practicable. The procedures and regulatory approvals involved mean that this process is likely to be completed around mid-calendar 2017. We will acquire a 10% interest in the nearby Minerva gas field and the onshore Minerva Gas Plant. The field is approaching the end of its producing life, which we expect to occur in mid- 2017. The plant is another matter; it is well located, in good order and with nameplate capacity of 150 TJ per day; we believe it possesses value as a hub for Otway gas supply well into the future. 10/11/2016 8:42:31 AM 3

Slide: Gippsland Basin assets acquired (refer slide pack following) In the Gippsland Basin, we will hold 100% of the Orbost Gas Plant and VIC/RL3 which contains the Sole gas field, and acquire full ownership of Patricia Baleen. Our plans for Sole and the Orbost Gas Plant are well publicised. Shifting from 50% to 100% simplifies the pathway for financing and commercialising the project and enables a better value outcome for Cooper Energy shareholders. The analysis we have performed has revealed Sole offers highly attractive cash generation and returns; such that the best outcome for Cooper Energy shareholders is for the company to hold a greater share than the 50% equity position we currently hold. Equally, the engagement work thus far has reinforced that potential partners would prefer a greater equity stake than Cooper Energy would like to give up if we still held a 50% stake. Completion of the acquisition removes this conflict, enabling Cooper Energy to retain the higher stake in the project we desire and still offer partners the stake of 2o% to 35% that seems to be preferred. We plan to use the opportunity given by 100% ownership of the Sole Gas Project to fully evaluate and drive the best funding and joint venture structures for our shareholders and the project. This will probably result in the final investment decision for the project being in the March quarter next year. This is later than the December quarter timeline previously envisaged. Importantly this change does not impact the time for first gas of March quarter 2019 as we are rescheduling work and initiating orders for long lead items. Moving to a 100% interest will give us another 121 PJ of Sole gas to market. We have already commenced discussions on the contracting of this gas, and indicative volumes from interested buyers are already in excess of the available gas volumes. Production from Patricia Baleen ceased in 2008 and the field still has infrastructure in place. As this map shows, Patricia Baleen has strategic significance, being close to other gas fields and offering pipeline transportation to the Orbost Gas Plant. Patricia Baleen provides the point for gas from the nearby Longtom gas field, currently suspended, to access the Orbost Gas Plant and is capable of playing a similar role for other adjacent fields, including Manta. We will have responsibility for our share of abandonment liabilities associated with the assets we acquire in the Otway and Gippsland basins. I do not wish to underplay them; they are real liabilities that will arise when the assets reach the end of their useful life. The anticipated cost of these liabilities in real terms has been incorporated into the acquisition price and in the project economics and pricing of the producing fields. With the exception of the Minerva subsea production facilities, we do not anticipate abandonment being required prior to 2027. Cash flow generated by Minerva s production is expected to largely fund the company s 10% of the anticipated abandonment requirement. Slide: FY17 production impact So what does Cooper Energy look like with the transaction completed? This slide shows the change in our production with: 10/11/2016 8:42:31 AM 4

the bar on the left illustrating the production anticipated from our current Australian asset base (excluding exploration success) of approximately 300,000 barrels of oil; the bar in the middle showing the production of 1 million barrels of oil equivalent (MMboe) we anticipated for FY17 after completing the acquisition effective 1 January, i.e. including six months production; and the bar on the right illustrating the change in annualised terms, as if the assets had been held for a year which would give annual production of 1.7 MMboe. Apart from the substantial uplift in production, the other conspicuous feature is the introduction and dominance of gas, shown by the red sections of the chart. Slide: Production outlook (refer slide pack following) Looking to the longer term, our production profile changes materially. This slide shows the long term production profile from our existing asset base on the left and the step change as a consequence of the acquisition on the right. As you can see from the chart on the right, the acquisition provides strong growth in production over the next two financial years, with increased production and ongoing growth out to 2020 and beyond. As these charts have been prepared on the basis of our existing asset base they have been calculated using 100% ownership of the Sole and Manta fields. Our current expectation is that we will retain a large majority shareholding in these fields. Slide: People (refer slide pack following) One aspect which has not received much attention, but is equally transformational has to do with our team. Cooper Energy currently employs approximately 26 full time equivalent (FTE) employees and contractors in Australia. We choose to operate with low overheads, whilst maintaining the technical and professional resources to execute our strategy and growth projects. Those who have watched the company will know that we follow closely a set of corporate values which has total shareholder return and care for the environment, our team members and the communities in which we operate as non-negotiable criteria for the decisions we make. Remuneration has been weighted to performance for incentivisation and alignment with shareholder wealth. 100% of our Australian staff employees are shareholders directly or indirectly through performance rights that accrue on total shareholder return (TSR) objectives. Completion of the acquisition will bring change to our workforce size, composition and geographical distribution. We expect FTE employees and contractors will increase to some 50 to 55 employees and contractors with almost all the additional employees being directly connected to the production, operations and management of the development of the Gippsland gas projects in particular Sole. What will not change is our focus on being a low cost operator, with low overheads and performance based remuneration closely linked to shareholder and care outcomes. 10/11/2016 8:42:31 AM 5

It will be remiss of me not to mention the engineering and planning work that has been undertaken over the last year or so to ready the Sole Gas Project for the final investment decision. The project team lead by Santos has worked to ensure the front end engineering and design (FEED) work has been completed on time and the required regulatory approvals are in place. This team accounts for a large share of the people we are looking to transfer from Santos to Cooper Energy. That concludes my review on the acquisition. It s very encouraging to see the strategy we have followed for 4 years falling into place with assets that align perfectly with our vision and at the right time in the market. I hope I have conveyed a sense of the excitement and responsibility present within the team as we complete the acquisition and prepare for integration of the assets, people and systems. We have a great sense of opportunity as we look ahead. We are excited about getting stuck into the gas contracting and structuring of joint ventures, financing and finalisation of project proposals. We know these activities will underwrite the substantial growth we have in prospect and we are determined that this be translated into further value for our shareholders. I look forward to reporting further on our progress. 10/11/2016 8:42:31 AM 6

2016 Annual General Meeting Address by the Managing Director Mr David Maxwell

Gas market supply analysis Otway and Gippsland basins emerged as clear winners for south-east Australia supply opportunity Market Market-driven approach Targeting portfolio of customers & contracts Built out understanding of customer needs & drivers Analysed delivered cost to user Onshore Otway Basin Gas exploration acreage close to markets and pipelines in South Australia and Victoria Conventional gas opportunities Offshore Otway Basin Gippsland Basin Gas resources, prospects and projects Largest gas supply source for Eastern Australia s domestic market Conventional gas, close to market & pipelines Gas production, development & exploration Currently supplying south-east Australia Contracted & uncontracted reserves

Victorian gas assets portfolio overview Multi-basin gas position enables optimal gas marketing Fits Cooper Energy stated criteria for value creating gas assets: low on the cost curve near term and achievable development options adds value to Cooper Energy and Cooper Energy adds value to the assets

Otway Basin assets acquired Producing gas fields with uncontracted gas and development opportunities Ownership post Transaction completion - COE: 50%, Operator 1 (previously Santos) - AWE: 25% - Mitsui: 25% Description - Otway Basin, offshore Victoria (field water depths: 63-65 m) - Gas processed through Iona Gas Plant, owned by QIC (previously owned by EnergyAustralia EA ) and operated by Lochard Energy Production (50% equity share) - FY16: 10 PJ (1.7 MMboe) - FY17 2 : estimated 8 PJ (1.5 MMboe) - Current production rate ~50 TJ/day Reserves 3 (50% equity share acquired) - 54 PJ (9.3 MMboe) estimated 2P gas reserves at 31 December 2016-45 PJ 2P uncontracted gas 1 Transfer of Operator subject to the approval of the joint venture partners (AWE Ltd & Mitsui E&P Australia Pty Ltd). 2 Equity share of expected FY17 production. COE interest is 50% and to be effective from 1 January 2017. 3 Reserves estimates based on COE assessment of Santos Victorian Gas Assets for 31 December 2016 using information provided by Santos. In accordance with ASX Listing Rules, COE expects to announce its assessment of reserves and contingent resources attributable to the Victorian Gas Assets of Santos after the Transaction has completed.

Gippsland Basin assets acquired Cost competitive resource, existing plant and production planned for March quarter FY19 Ownership post Transaction completion VIC RL/3 (Sole): COE: 100%, Operator (previously 50% Santos & Operator, 50% COE) Orbost Gas Plant: COE: 100%, Operator (previously 50% Santos & Operator, 50% COE) Description - VIC/RL3 (Sole): Gippsland Basin, offshore Victoria (water depth 125 m) - Orbost Gas Plant currently in care and maintenance, connected to Eastern Gas Pipeline and adjacent fields Contingent resources¹ (50% equity share acquired) - 121 PJ (20.7 MMboe) 2C contingent resources at 30 June 2016 1 Estimate of contingent resources attributable to Santos 50% share of Sole announced to the ASX on 26 November 2015. Refer notes on calculation of reserves and resources accompanying this presentation..

FY17 production impact Transformational uplift in production FY17 production forecast (MMboe)¹ 1.7 0.2 1.0 0.1 1.3 0.6 0.3 0.3 0.3 Minerva Casino-Henry COE Australia COE Australia standalone COE post Transaction COE annualised post Transaction 3.9x uplift in FY17 standalone forecast production post Transaction 6.8x uplift in FY17 standalone forecast production on an annualised post Transaction basis Post Transaction includes six months production from 1 January 2017 for Casino-Henry and Minerva of 4 PJ gas (0.7 MMboe) Annualised post Transaction includes full year of Casino-Henry and Minerva production at same rates as are forecast to be achieved from January to June 2017 Production profile shifts from 100% oil to predominantly long term gas ¹ Transaction effective date is 1 January 2017.

Production outlook (MMboe) Transaction provides production bridge to Sole start-up (March quarter FY19) + undeveloped reserves Current Portfolio: 12 Post Transaction: uplift now and higher for longer 12 10 10 8 8 6 6 4 4 2 2 0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Cooper Basin Sole (50%) Manta (100%) 0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Cooper Basin Minerva (10%) Casino-Henry (50%) Sole (100%) Manta (100%) Note: Sole and Manta forecast potential production shown Post Transaction is 100%. COE may sell down some of its stake in Sole and Manta, and hence may not own 100% of production for each asset across the forecast period.

People Upgrade to technical and operating resources while maintaining corporate focus on TSR & care Currently ~ 26 FTE employees and contractors*, priority on being low overhead, incentivised team resourced sufficiently to fulfil growth projects Key performance criteria for all decisions: - Total Shareholder Return - Care for environment, team members and the communities in which we operate 100% of Australian employees are direct or indirect shareholders Acquisition offers opportunity to upgrade technical and professional staff consistent with strategy aspirations - Santos project and operational staff to be offered employment - FTE anticipated to increase to approximately 50 to 55 employees and contractors plus project staff on contract Commitment to low cost overheads and remuneration structure weighted to incentivised performance will continue * Excludes short term contractors working on projects (eg Sole)

Notes on calculation of reserves and resources Estimates of reserves and contingent resources are based on COE assessment using information provided by Santos. COE expects to announce its assessment of reserves and contingent resources in accordance with ASX Listing Rules attributable to the Victorian Gas Assets of Santos after the Transaction has completed. The approach for all reserve and resource calculations is consistent with the definitions and guidelines in the Society of Petroleum Engineers (SPE) 2007 Petroleum Resources Management System (PRMS). The resource estimate methodologies incorporate a range of uncertainty relating to each of the key reservoir input parameters to predict the likely range of outcomes. Project and field totals are aggregated by arithmetic summation. Aggregated 1P or 1C may be a conservative estimate and aggregated 3P and 3C may be an optimistic estimate due to the effects of arithmetic summation. Totals may not exactly reflect arithmetic addition due to rounding. Reserves COE undertakes its Cooper Basin reserve assessments and incorporates information supplied by the respective Operators (Beach Energy Limited and Senex Energy Limited. The Cooper Basin totals comprise the arithmetic aggregation of PEL 92 project fields and the arithmetic summation of the Worrior project reserves. The 1P, 2P and 3P reserves totals respectively include 0.03, 0.05 and 0.09 MMbbl oil reserves used for field fuel. The Indonesia totals include removal of non-shareable oil (NSO) and comprise the probabilistically aggregated Tangai-Sukananti KSO project fields. Totals are derived by arithmetic summation. Notes on calculation of contingent resources Sole gas field Contingent resources have been assessed using probabilistic simulation modelling for the Kingfish Formation at the Sole Field. This methodology incorporates a range of uncertainty relating to each of the key reservoir input parameters to predict the likely range of outcomes. The conversion factor of 1PJ = 0.172MMboe has been used to convert from Sales Gas (PJ) to Oil Equivalent (MMboe). The date of the Sole Contingent resource Assessment is 26 November 2015 and the assessment was announced to the ASX on 26 November 2015. COE is not aware of any new information or data that materially affects the information provided in that release and all material assumptions and technical parameters underpinning the assessment provided in the announcement continues to apply. Manta gas and oil field Contingent and prospective resources have been assessed using deterministic simulation modelling and probabilistic resource estimation for the Intra-Latrobe and Golden Beach Sub-Group in the Manta field. This methodology incorporates a range of uncertainty relating to each of the key reservoir input parameters to predict the likely range of outcomes. The conversion factor of 1PJ = 0.172MMboe has been used to convert from Sales Gas (PJ) to Oil Equivalent (MMboe). Contingent resources for the Manta Field have been aggregated by arithmetic summation. The date of the Manta contingent resource assessment is 16 July 2015 and the assessment was announced to the ASX on 16 July 2015. COE is not aware of any new information or data that materially affects the information provided in that release and all material assumptions and technical parameters underpinning the assessment provided in the announcement continues to apply. Basker gas and oil field Contingent resources have been assessed using deterministic simulation modelling and probabilistic resource estimation for the Intra-Latrobe Sub-Group in the Basker field. This methodology incorporates a range of uncertainty relating to each of the key reservoir input parameters to predict the likely range of outcomes. The conversion factor of 1PJ = 0.172MMboe has been used to convert from Sales Gas (PJ) to Oil Equivalent (MMboe). Contingent resources for the Basker Field have been aggregated by arithmetic summation. The date of the Basker contingent resource assessment is 15 August 2014 and the assessment was announced to the ASX on 18 August 2014. COE is not aware of any new information or data that materially affects the information provided in that release and all material assumptions and technical parameters underpinning the assessment provided in the announcement continues to apply.