RIU GOOD OIL CONFERENCE FREMANTLE, WA

RIU GOOD OIL CONFERENCE FREMANTLE, WA September 2010

ITALY AND PO VALLEY Gas Consumption Growing at High gas prices Gas Production Europe s 2nd largest onshore gas province Europe s largest onshore oil field 3 tcf p.a. 2-3% p.a USD11/mcf 27 tcf to date Po Valley Val D Agri Po Valley/Northern Adriatic was monopoly of ENI/Agip for 50 years Page 1

PVE JANUARY 2005 ITALIAN GAS PRICE: EUR14cents/cubic metre Castello 100% Undrilled Sillaro 100% Undrilled Sant Alberto 50% 1 well drilled Page 2

PVE MAY 2010 ITALIAN GAS PRICE: EUR27cents/cubic metre Castello 100% 1 well drilled + Surface plant installed + Production Sillaro 100% 2 wells drilled + Surface plant installed + Production Sant Alberto 100% 1 well drilled + Production concession appl. Bezzecca 100% 1 well drilled + Production concession appl. Fantuzza 100% Drilling planned for 2 nd half 2010 Correggio 100% Drilling planned for 2011 Offshore adriatic 12 Exploration Projects 100% Preliminary award 100% Gradizza, Cembalina planned for drilling in the next 18 months Page 3

Po Valley Assets RESOURCE BASE 11 License areas 2 Production projects Sillaro Castello 2 Drilling projects Sant Alberto Bezzecca 5 Gas Discoveries for appraisal 12 Gas Exploration prospects 2 Oil opportunities Page 4

PRICES RISING DUE TO FALLING EUR AND RISING OIL PRICES ITALIAN ENI GAS RELEASE PRICE: SEPTEMBER UPDATE Source: ENI Gas Release and forecast sourced from Alba Soluzioni; Driver parameters and forward curves sourced from Bloomberg Page 5

PVE RESERVE & RESOURCE CATEGORIZATION Page 6

RESERVES AND RESOURCES MANAGEMENT ASSESSMENT PROJECT CURRENT ASSESSMENT (BCF) RESERVES 1P 2P TIMING OF RESERVES / RESOURCES REVIEW CASTELLO 0.1 3.7 Completed SILLARO 8.1 8.8 Completed TOTAL RESERVES 8.2 12.5 CONTINGENT RESOURCES 1C 2C SANT ALBERTO 8.0 12.9 4Q 2010 BEZZECCA 0.7 3.1 Completed FANTUZZA 1.5 5.4 Completed CORREGGIO - 35.0 Started AR.168PY LICENCE TBD TBD 1Q 2011 RAVIZZA TBD TBD 1Q 2011 BAGNOLO IN PIANO TBD TBD 1Q 2011 TOTAL CONTINGENT RESOURCES TOTAL REMAINING RESERVES & RESOURCES 10.2 56.4 18.4 68.9 Page 7

2010/2011 GAME PLAN Produce steadily from Sillaro and look to expand through Fantuzza-1 Drill new Castello well and recommence at original target production rates Achieve preliminary development approval for Sant Alberto and Bezzecca Secure full award of Cadelbosco di Sopra (Correggio) and AR168PY (Azzurra) licences and drill Correggio-1 Commence Gradizza and Cembalina exploration drilling funded by farm-outs Generate free cashflows, EBITDA and reduce debt levels Continue to build and strenghten management team Page 8

SILLARO SUCCESSFULLY DRILLED AND TESTED 6 reservoir levels confirmed 2 new previously untested levels Well completed safely on schedule on budget Initial Production Page 9

SILLARO PLANT 100% COMPLETE AND IN PRODUCTION On the left side the Major of Medicina town visiting the plant with Po Valley Chairman ON THE LEFT SIDE THE REPRESENTATIVE OF BOLOGNA MINISTRY MR. GIACCHETTA AND THE MAJOR OF THE MEDICINA TOWN MR. RAMBALDI VISITING SILLARO PLANT Page 10

SILLARO PRODUCTION SUMMARY: 18 MAY- 28 AUGUST 2010 Page 11

FANTUZZA CAN FEED INTO SILLARO Targeting 2,600m Miocene structure Previously drilled and tested by ENI 50km of seismic acquired and processed Fantuzza-1 site selected, drilling approvals in process, equipment purchased and drilling rig contracted Sillaro surface plant and pipeline sized to process Fantuzza (2km away) Cost 4m Key uncertainties: reservoir quality, producibility Page 12

CASTELLO PLANT INAUGURATION: 12 JANUARY 2010 Page 14

CASTELLO STRUCTURE Page 15

CASTELLO PRODUCTION SCENARIO Action Plan: Acquire key seismic Plan and secure approval to drill new well Drill Vitalba-1dirA NEW WELL Connect to Castello plant Page 16

SANT ALBERTO SEISMIC TO BE ACQUIRED 3 rd QRT Block 5 Page 18

BEZZECCA-2 (CASCINA S.PIETRO PERMIT) a a a da inserire Target depth 2000m Pliocene - Miocene Contingent Resources 3.1Bcf a Page 19

BEZZECCA CAN FEED INTO CASTELLO Page 20

CORREGGIO: STRONG ADDITION TO THE PORTFOLIO Quaternary potential Pliocene potential Pliocene potential Production to date ~240 bcf Potential P50 gas discoveries ~ 35 bcf Planned 3D seismic coverage Quaternary and Pliocene targets Page 22

EXPANSION OFFSHORE: AZZURRA (AR168PY) Major gas production zone in Italy Shallow water depth ~20m Full 3D seismic coverage 4 drilled and tested prospects Azzurra Adele Ginevra Irma/Carola Preliminary award to Po Valley: July 2008 G&G work underway Pipeline connection through licence Court Case decided in favour of Ministry and Po Valley Page 23

12 NEW PROSPECTS Page 25

2010/2011 GAME PLAN Produce steadily from Sillaro and look to expand through Fantuzza-1 Drill new Castello well and recommence at original target production rates Achieve preliminary development approval for Sant Alberto and Bezzecca Secure full award of Cadelbosco di Sopra (Correggio) and AR168PY (Azzurra) licences and drill Correggio-1 Commence Gradizza and Cembalina exploration drilling funded by farmouts Generate free cashflows, EBITDA and reduce debt levels Continue to build and strenghten management team Page 26

PO VALLEY CAPITAL STRUCTURE Substantial Shareholders Shares (m) held as at 31 August 2010 % Michael Masterman 26.0 23.6% Hunter Hall 13.3 12.1% Beronia Investments 7.1 6.5% Other Investors 63.7 57.8% TOTAL SHARES 110.1 Market Capitalization (at A$0.25*) ( 19.5m) A$27.5m Cash at Bank (July 10) ( 1.9m) A$2.8m Drawing on 20m BOS Facility ( 7.0m) A$10.1m Enterprise Value ( 24.7m) A$34.8m * At 31 August 2010 Page 27

BANK OF SCOTLAND - RESERVOIR FACILITY Facility Size: Use of Funds: 20 million (Current Borrowing base EUR8m) Put Castello in production (EUR3m) Drill Sillaro 2 and Install Surface plant (EUR7m) Term: 5 years expiring 15 November 2013 Borrowing base limit set on semi annual basis Interest Rate: - Current EURIBOR +300bp Margin = Currently 3.4% - Post Completion EURIBOR +180bp Margin = Currently 2.2% Drawings: -Current 7 million (30 August 2010) - Target 5 million (31 Dec 2010) *Civil Works and Well Equipment purchased Page 28

BOARD OF DIRECTORS Mr Graham Bradley Non-executive Chairman Mr David McEvoy Non-executive Director Former CEO - Perpetual, Blake Dawson Waldron Director Singtel Chairman HSBC, Stockland, Boart Longyear 33 years Exxon/Esso Director - Woodside Petroleum, AWE, Innamincka Petroleum Mr Greg Short Non-executive Director Dr Byron Pirola Non-executive Director 33 years with Exxon Non Executive Director of MEO Australia and Pryme Oil and Gas Limited 23 years McKinsey/Port Jackson Partners Limited Founder and major shareholder Mr Michael Masterman Chief Executive & Managing Director 8 years McKinsey 7 years CFO Anaconda Nickel Executive Chairman Caspian Holdings Plc Founder and major shareholder Page 29

MANAGEMENT TEAM Mr Giovanni Catalano Deputy Chief Executive Officer Mr Franco Benelli Chairman Technical Mr Pierluigi Vecchia Operation Manager Mr Giorgio Bertuzzi Exploration and New Projects Manager Mr Christian Masini Petroleum Engineer Ms Sara Edmonson Finance and Administration Manager 32 years experience in the upstream oil and gas industry Chief Executive Officer of Mediterranean Oil & Gas Plc Prior Business Manager for Woodside Energy 35 years with ENI Formerly ENI VP Exploration (Po Valley) Over 300 wells drilled 13 years with Northsun Italia/PVE Senior consulting geologist for E&P operators in Italy 32 years with Eni /Agip Exploration Manager (north Italy); Prefeasibility Studies Manager (Italy); Exploration, Planning and control (W&E Africa) 7 years experience in the oil and gas industry Formerly with Shell and Eni/Agip 5 years with Ernst & Young Transaction Advisory Services 2 years Oil & Gas finance Page 30

GROWTH AND PROFIT OUTLOOK Gas Production with strong growth potential Active appraisal and exploration program funded by farmouts Completed reserve review solid base to build Conservative balance sheet Profit and earnings growth Page 31

Disclaimer This presentation should not be considered as an invitation or recommendation to purchase securities in PVE. PVE has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, PVE makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation. You should not act or refrain from acting in reliance on this presentation material. This overview of PVE does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of PVE s prospects.you should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation and making any investment decision. The contents of this presentation are confidential. This presentation is being provided to you on the condition that you do not reproduce or communicate it or disclose it to, or discuss it with, any other person without the prior written permission of PVE. Page 32