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Drilling Update & TSX Listing May 2011

Key Messages

- Planned listing Toronto Stock Exchange 3-6 months

- Active 3 well oil and condensate programme planned for 2011

- Unconventional prospective recoverable resource 16 Billion bbls, c.45,000 km2 (10 million acres, 100% Operatorship, Majority Equity)

- First company to promote unconventional potential central Australia

- Focus on early liquids (oil/condensate) production for potential cash flow

- Leveraged to near-term unconventional drilling by Hess, PetroFrontier and Rodinia

- 270,000 km2 (70 million acres) prospective ground, 4 basins


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