BANDANNA ENERGY LIMITED ACN 009 356665

Registered Office :C/- DFK Richard Hill, Level 12, 32 Martin Place Sydney, 2000 Brisbane Business Office : Level 12, 410 Queen Street, Brisbane, Qld, 4000.

Telephone 07 3221 1433, Facsimile 07 3221 1455 Sydney Business Office: Suite 2, Level 1 80 Mount Street North Sydney, 2060

Telephone 02 9923 1520; Facsimile 02 9923 1528 Email : Info@bandannaenergy.com.au; website www.bandannaenergy.com.au

14 November 2008 ASX RELEASE General Manager, The Company Announcements Office Australian Stock Exchange Limited Electronic Lodgement System Dear Sir/Madam, Attached please see a copy of a Corporate Briefing presented at the Rodman and Renshaw Annual Global Investment Conference this week in New York by Bandanna Energy Limited’s Chairman, Mr Jeremy Barlow. Yours faithfully, Dr Raymond D Shaw Managing Director.

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BANDANNA ENERGYC B i fi J B lCorporate Briefing ‐ Jeremy Barlow 

Rodman & RenshawAnnual Global Investment Conference, Nov 2008

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DisclaimerDisclaimerImportant Information

Purpose of this documentPurpose of this documentThis is a private and confidential document which has been prepared by Enterprise Energy Limited (Company) to provide the recipient (Recipient) with information and a preliminary understanding of the Company and its business.

This document is not a recommendation, offer or invitationThis document is not a recommendation, offer or invitation by any person or to any person to sell or apply for securities in the Company.

This document is not a prospectusThe document is not a prospectus or other disclosure document under Australian law or under any other law. It is for information purposes only. Accordingly, this document neither purports to be exhaustive nor contain all of the information which a prospective investor or the Recipient may require to make an investment decision and it does not contain all of the information which would otherwise be required by Australian law or any other law to be disclosed in a prospectus orwhich a prospective investor or the Recipient may require to make an investment decision and it does not contain all of the information which would otherwise be required by Australian law or any other law to be disclosed in a prospectus or other disclosure document. Application for shares in the Company can only be made pursuant to a prospectus issued by the Company. Any decision to subscribe for shares in the Company should be made solely on the basis of the information to be contained in the prospectus.

Exclusion of representations or warrantiesThe only representations or warranties in relation to the preparation of this document and the information in it (such as its accuracy, reliability, completeness or reasonableness of any assumptions) are those which are implied by law and which cannot be excluded by law. Otherwise, all such representations or warranties are excluded and the Recipient releases the Company, Bandanna Coal Pty Ltd (Bandanna), ABN AMRO Morgans Corporate Limited, their advisors and the officers of each of the aforementioned entities from any liability or responsibility for this document (including without limitation, loss or damage arising by negligence).

This document is confidentialThis information contained in this document is confidential and is given only to provide information about the Company to the Recipient and its advisors and for no other purpose. It must not be copied or distributed and the Recipient must keep confidential all matters contained in it. On request, the Recipient must promptly return all material received about the Company or any of its affairs, including this document, without retaining copies.

Events after date of this documentThe Company, Bandanna and their officers have no responsibility or obligation to inform Recipients of any matter arising or coming to their notice, after the date of this document, which may affect any matter referred to in this document.

No relianceThe document is provided to the Recipient on the basis that the Recipient must rely on their own inquiries and seek appropriate professional advice in relation to the information and statements in relation to the proposed prospects, business and operations of the Company. The proposed merger of the Company and Bandanna is subject to various conditions, including the Company obtaining Shareholder approval. For convenience some statements in this document assume that the merger has been or will be completed, and the Recipient should bear in mind that the merger has not yet taken place. Shares will only be issued under the prospectus if the merger has taken place.

The forward looking statements included in this presentation involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, the Company. In particular, they speak only as of the date of these materials, they assume the success of the Company’s business strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward looking statements and the assumptions on which those statements are based. Given these uncertainties, the Recipient is cautioned to not place undue reliance on such forward looking statements.

JurisdictionThe distribution of the document in jurisdictions outside Australia may be restricted by law. Any Recipient who receives this document outside Australia must seek advice on and observe any such restrictions. This presentation must not be distributed into the United States or to any US person.

JORC – Statement of ComplianceThe information compiled in this document relating to resources is based on information compiled by Mr Gordon Saul, who is a member of the Australian Institute of Geoscientists and who is employed by Resolve Geo Pty Ltd, and is a director and shareholder of that company. Resolve Geo Pty Ltd is a shareholder in Bandanna, and Mr Saul is a director of Bandanna. Mr Saul has sufficient experience which is relevant to the style of mineralization and types of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the JORC Code. Mr Saul consents to the inclusion in this document of the matters based on his information in the form and

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context in which they appear.

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Bandanna Energy Limited (ASX: BND)Bandanna Energy Limited (ASX: BND)

d l l f ll “b k d ” l• New, mid‐tier coal exploration company, following “back‐door” listing

• Recently raised $10 mil to fund forward 2y program 

• Experienced industry‐connected board and management team withExperienced, industry connected board and management team with proven operational success

• Extensive exploration interests in Bowen and Galilee Basins 

• 100% owned coal tenements (except Dingo West and Alpha Project JVs)

• 723 MT inferred resources, 17 MT indicated resources (Q4 08)

• Active drilling underway in Dingo West, Alpha and Springsure Creek areas

• Significant stock re‐rating as resource inventory increases (Q1 09) and production commences, subject to Macarthur completion of farm‐in (Q1 11)For

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Bandanna Asset Wanella

Portfolio

• Near major infrastructure

• Within main coal production and exploration fairway of Bowen Basin and Dingo

Westemerging Galilee Basin

SpringsureCreek

West

Alpha

4

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Proven Business Model Managed RiskProven Business Model, Managed Risk

Off i j t di ifi ti i li t JV ti l dOffering project diversification, specialist JV parties, sales and farm‐outs ‐ this is NOT a single project company

• Proven business model: – identify exploration acreage, add value, introduce strategic co‐venturers to 

manage later stage exploration/developmentmanage later stage exploration/development

• Strong asset portfolio:M j i f i bli h d l d i b i i h i f– Majority of assets in established coal producing basins with infrastructure access

– 100% ownership except where key risks are better managed by other partiesMi f t ti l l d t th l PCI d ki– Mix  of potential coal products – thermal, PCI and coking. 

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Dingo WestDingo West 

Cornerstone asset underlying value of Bandanna portfolioCornerstone asset, underlying value of Bandanna portfolio

• 91 1 Mt inferred resource targeting 40 Mtmeasured resource91.1 Mt inferred resource,  targeting 40 Mt measured resource

• Low volatile coal yielding PCI and thermal products

• Attractive location – nearest to Gladstone port on Blackwater rail line

• Fully funded to initial production by Macarthur Coal Bandanna  retains 30% free carry interest

• All infrastructure provided and funded by Macarthur Coal including port and• All infrastructure provided and funded by Macarthur Coal including port and rail allocation

• 2 Mtpa PCI open cut mine, production scheduled for Q1 2011 – BND to net 600,000 t p.a.

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Springsure CreekSpringsure Creek

Large low ash export thermal coal project• 100% owned

• 221 Mt inferred resource 17 6 Mt indicated resource• 221 Mt inferred resource, 17.6 Mt indicated resource

• Aggressive drilling program with exploration target 417 – 600 Mt

• Excellent coal quality results (average raw coal – air dried basis):q y ( g )

Ash: 9% Sulphur: 0.24%

Specific Energy: 26.2 GJ/t Volatile Matter: 30.0%

• Geology appears benign

Specific Energy: 26.2 GJ/t Volatile Matter: 30.0%

AFT: 1320 – 1450°C Moisture : 9.7%

• Geology appears benign

• Approx $7 cost advantage per product tonne (no wash plant required,crushing & screening only) For

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Alpha Project LargeAlpha Project Large 

Strategic alliance in the Galilee Basin, positioned to become a significant future source of export coal

• AMCI farming‐in to earn up to a 50% interest by funding a 3 year exploration and development program

• Drilling underway to identify target areas & JORC resource (exp Q1 2009)

• Adjoins the Waratah Coal Inc project ‐ recently declared a significant project by the Queensland Governmentproject by the Queensland Government

• Coal intersections indicate a substantial volume of export thermal coal suitable for open cut & underground mining.

• Several potential infrastructure options available ‐ strong support provided by AMCIFor

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Other Bandanna Coal Exploration AssetsOther Bandanna Coal Exploration Assets

f l f l d• Portfolio of Bowen Basin exploration assets – 100% owned:

Arcadia Fernlee/Denison

Arcturus Gemini

Carnarvon Wanella

• Flexibility for future developments and farm‐out potential 

• Potential to contain significant coal resources across a range of coal types (thermal through to hard coking coal)(thermal through to hard coking coal)

• 411 Mt current total inferred resources in two of the tenements

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Board & ManagementBoard & Management

l hMr Jeremy Barlow – Non Executive ChairmanOver 38 years of diverse technical and commercial experience in coal and petroleum

Dr Ray Shaw – Managing DirectorDr Ray Shaw – Managing DirectorOver 25 years in the resources sector

Mr Robert Johansen – Non Executive DirectorMr Robert Johansen  Non Executive DirectorOver 10 years in the resources sector

Mr David Graham – Non Executive DirectorAn extensive history in the financial sector

Management – Brisbane Based. COO – Ex BHP  widespread coal industry experience 

CFO – Ex Foxleigh Chartered Accountant widespread coal industry experienceFor

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Current capital structureCurrent capital structure

h• Shares on Issue : 332,180,143

• Shares Quoted (ASX: BND): 30,305,137

• Shares Restricted (26 Sep 09): 59 871 803Shares Restricted (26 Sep 09): 59,871,803

• Shares Restricted (9 Oct 09): 242,003,203

• Options – Employee – 300,000 exercisable at $1.50 before July 2009

– 300,000 exercisable at $2.00 before July 2010

– 1 200 000 exercisable at $1 201,200,000  exercisable at $1.20

– 1,270,000 exercisable at $1.60 

• Cash at Bank ~$11.00 million

• Debt – Nil 

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Recent capital raisingRecent capital raising

l $ llCapital raising ‐ $10 million

• Fully underwritten by ABN AMRO Morgans Corporation Limited. 

• Fully subscribed issued 12 5 mil shares @ $0 80 per share (post 1 for 10Fully subscribed, issued 12.5 mil shares @ $0.80 per share (post 1 for 10 consolidation) to raise $10 mil. 

• Offer opened and closed during September 2008 

Use of funds

• Majority of proceeds from the capital raising will be used to fund a 2 year• Majority of proceeds from the capital raising will be used to fund a 2 year exploration program  focused on the Springsure Creek Project , where Bandanna holds 100% interest.

• Rapidly increase coal resources from the current 741 Mt 

• Dingo West and Alpha activity already funded by joint venture partners.For

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Comparative Enterprise ValuesComparative Enterprise Values

/ ( $/ )EV / Tonne (A$/t)

2.002.00

1.501.50

1.001.00

0.500.50

0.00GCL NHC FLX MCC WHC CEY COK CCD BND NEC WCI

0.00GCL NHC FLX MCC WHC CEY COK CCD BND NEC WCI

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Implied Valuations Recent TransactionsImplied Valuations ‐ Recent Transactions

( $/ f l )Recent transactions (A$/t of Total JORC Resources)

5.10

6.00

5.10

6.00

3.49

5.10

3.65 3.56

4.80

3.553.804.00

5.00

3.49

5.10

3.65 3.56

4.80

3.553.804.00

5.00

1.60 1.46

2.05

1.462.00

3.00

1.60 1.46

2.05

1.462.00

3.00

0.81 0.730.93

0.00

1.00

Peabody / CVRD / Xstrata / Sojitz / Xstrata / Xstrata / Anglo / Xstrata / Guangdong Macarthur / Noble / Kores + BMA / New J-Power &

0.81 0.730.93

0.00

1.00

Peabody / CVRD / Xstrata / Sojitz / Xstrata / Xstrata / Anglo / Xstrata / Guangdong Macarthur / Noble / Kores + BMA / New J-Power &Peabody /Excel

CVRD /AMCI

Australia

Xstrata /Gloucester

Coal

Sojitz /Moolarben

Xstrata /Anvil Hill

Xstrata /Tahmoor

(AOU)

Anglo /Foxleigh

Xstrata /Newpac(RSP)

Guangdong/ Narrabri(WHC)

Macarthur /CustomMining

Noble /Monto CoalJV (MCC)

Kores +Kepco /

Moolarben

BMA / NewSaraji

J Power &EDF /

Narrabri

EV/ t Resource Avg Avg Met coal Avg Steam coal

Peabody /Excel

CVRD /AMCI

Australia

Xstrata /Gloucester

Coal

Sojitz /Moolarben

Xstrata /Anvil Hill

Xstrata /Tahmoor

(AOU)

Anglo /Foxleigh

Xstrata /Newpac(RSP)

Guangdong/ Narrabri(WHC)

Macarthur /CustomMining

Noble /Monto CoalJV (MCC)

Kores +Kepco /

Moolarben

BMA / NewSaraji

J Power &EDF /

Narrabri

EV/ t Resource Avg Avg Met coal Avg Steam coal

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Bandanna Energy Positioned for GrowthBandanna Energy Positioned for Growth

l ll l ld f lCoal will remain essential to world prosperity for a long time to come

Australia will remain the largest supplier to the seaborne market withAustralia will remain the largest supplier to the seaborne market with many advantages for investment and Queensland is the preferred state

Bandanna Energy is well positioned for growth with:

– large and growing resources in the Bowen and Galilee Basinslarge and growing resources in the Bowen and Galilee Basins

– a range of projects, some derisked, covering both thermal and coking coal

– an expert and highly focused management team

f bl l i l i i– favourable valuation relative to its peers

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Contact DetailsContact Details

B d E Li i dBandanna Energy LimitedLevel 12, 410 Queen Street,Brisbane, QueenslandAustralia, 4000.

Jeremy BarlowChairmanTel (61) (7) 3118 8561jeremy.barlow@resourceassets.com

Dr Ray ShawExecutive ChairmanExecutive ChairmanTel (61) (2) 9923 1520rayshaw@bandannaenergy.com.au

h f b b d fFurther Information can be obtained from ‐Web Site : www.bandannaenergy.com.au

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Thank YouThank You

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