ASX Release 20 October 2009 Annual General Meeting Presentation Attached is a copy of the presentation to shareholders for today’s Annual General Meeting at 10am. A copy of this presentation will also be available on the Company’s website www.audax.com.au. Yours faithfully Gary Roper Chairman

AUSTRALIA

VIENNA

Italy: GRPU15

Romania: AMI

Tunisia: Kerkouane & Chorbane

PERTHPEL 182

WA Mining

EUROPE & NORTH AFRICA

VIENNA

AUSTRALIA

Tunisia: Kerkouane & Chorbane

Italy: GRPU15

Romania: AMI

WA Mining

PERTHPEL 182

EUROPE & NORTH AFRICA

CHAIRMAN’S SESSION

DirectorsGary Roper ChairmanGary Roper ChairmanWolfgang Zimmer Managing DirectorP l Fi k T h i l Di tPaul Fink Technical Director

Company SecretaryPeter IronsidePeter Ironside

4

CHAIRMAN’S SESSION

Proxies Received

51 proxies

representing 39 791 220 sharesrepresenting 39,791,220 shares.

5

R l i 1CHAIRMAN’S SESSION

Resolution 1Adoption of Remuneration ReportAdoption of Remuneration Report

“Th t f th f S ti 250R(2) f“That for the purposes of Section 250R(2) ofthe Corporations Act 2001 and for all other

th R ti R tpurposes, the Remuneration Reportcontained in the 2009 Annual Report

hi h i d th N ti f A lwhich accompanied the Notice of AnnualGeneral Meeting be adopted byh h ld ”

6

shareholders”.

R l ti 1CHAIRMAN’S SESSION

Resolution 1Proxy details:Proxy details:

F 39 560 387For 39,560,387Against 130,833Abstain NilOpen NilOpen Nil

7

R l i 2CHAIRMAN’S SESSION

Resolution 2Re election of Mr Paul Fink as a DirectorRe-election of Mr Paul Fink as a Director

“That Mr Paul Fink who retires by rotation inaccordance with Clause 9.8 of the Company’sConstitution, and being eligible offers himselffor re-election, is hereby re-appointed adirector of the Company”.

8

R l i 2CHAIRMAN’S SESSION

Resolution 2Proxy details:Proxy details:

F 39 786 220For 39,786,220Against 5,000Abstain 1,900,000 Open NilOpen Nil

9

VIENNA

AUSTRALIA

Tunisia: Kerkouane & Chorbane

Italy: GRPU15

Romania: AMI

WA Mining

PERTHPEL 182

EUROPE & NORTH AFRICA

RESOURCE BASE HIGHLIGHTS

Sicily channel Sicily channel

700 million barrels resource*700 million barrels resource*

Onshore TunisiaOnshore TunisiaOnshore Tunisia

100 illi b l *

Onshore Tunisia

100 illi b l *100 million barrels resource*100 million barrels resource*

VIENNA

AUSTRALIA

Tunisia: Kerkouane & Chorbane

Italy: GRPU15

Romania: AMI

WA Mining

PERTHPEL 182

EUROPE & NORTH AFRICA

OUR VISION

All projects in countries with excellent fiscal terms. All assets kept despite global downturn!

Large Size Company Maker:Italy & Tunisia Offshore: SambucaProspect

Large Size Company Maker:Italy & Tunisia Offshore: SambucaProspect

Mid - Large Size Company Maker:Tunisia Offshore: Dougga Gas & Condensate Development

Mid - Large Size Company Maker:Tunisia Offshore: Dougga Gas & Condensate Development

Mid Size Company Makers:Tunisia Onshore: Chorbane ExplorationMid Size Company Makers:Tunisia Onshore: Chorbane Exploration

Low Risk Asset Foundation:Australia: PEL 182 Cooper Basin Vanessa gas /Low Risk Asset Foundation:Australia: PEL 182 Cooper Basin Vanessa gas /

Tunisia Onshore: Chorbane Exploration Romania10th Round: AMI Nexus & NZOGTunisia Onshore: Chorbane Exploration Romania10th Round: AMI Nexus & NZOG

Australia: PEL 182 Cooper Basin, Vanessa gas / condensate discovery MonetizeWA gold mining tenements

Australia: PEL 182 Cooper Basin, Vanessa gas / condensate discovery MonetizeWA gold mining tenements

ACHIEVEMENT OVERVIEW 2009

SAMBUCA PROSPECTSicily Channel: 3D seismic will further reduce the risk of this company maker project, DRILL IN 2010 preparations

SAMBUCA PROSPECTSicily Channel: 3D seismic will further reduce the risk of this company maker project, DRILL IN 2010 preparations

DOUGGA FIELD (Kerkouane, offshore Tunisia)75 mmboe net to AuDAX with 117 mmboe upside: A n independent review by TRACS (AGR) – a leading UK reserves certifier has shown the viability of this project and transformed it

DOUGGA FIELD (Kerkouane, offshore Tunisia)75 mmboe net to AuDAX with 117 mmboe upside: A n independent review by TRACS (AGR) – a leading UK reserves certifier has shown the viability of this project and transformed it

p j p pwell underway, reduction in rig ratesp j p pwell underway, reduction in rig rates

y p jinto a significant asset for AuDAX shoot 3D seismic

y p jinto a significant asset for AuDAX shoot 3D seismic

CHORBANE (onshore Tunisia)High industry interest in this asset culminated in DNO, a proven Norwegian E&P operator, offering to enter the license on a 2:1 promote deal

PEL 182PEL 182

ROMANIA AMIWe are well prepared for the 10th Round which now has been announced for the areas as per our anticipation.

ROMANIA AMIWe are well prepared for the 10th Round which now has been announced for the areas as per our anticipation.

license on a 2:1 promote deal.

PEL 182We successfully have added value by decreasing exploration risk through application of innovative seismic processing and added new leads and prospects

PEL 182We successfully have added value by decreasing exploration risk through application of innovative seismic processing and added new leads and prospects

TUNISIA & ITALYTUNISIA & ITALY

TUNISIA & ITALY ASSETS

Tunisia & Italy: Sicily Channel BlocksChannel Blocks

ITALYITALY

CHORBANE BLOCK100% AuDAX

LIBYAALGERIA

SAMBUCA DRILLING in 2010: 3 TARGETS

southwest northeastSAMBUCA -1

SEABOTTOM: 620 m TVDSS

Birsa Oil Reservoir*127 - 595 MMBBLS127 595 MMBBLS

1500 meters TVDSS

Ain Grab Oil*42 – 248* MBBLS

Abiod Gas Condensate*91 – 244 MMBOE2380 meters TVDSS

* FIGURES ARE P50 TO P10 UNRISKED RECOVERABLE RESOURCES

DRILLING PROJECT ON TRACK

Project Management Drilling Manager relocated to Tunis from early September Upgrade of AuDAX (Alpine) office facilities to better support planned drilling operations

Well Design and Engineering Completed and Approved

Drilling Rig Contracting Tenders evaluatedTenders evaluated Final clarifications in progress with shortlisted contractors Recommendation and approvals expected by mid November, to be followed by LOI and contract

award

Long Lead Items Procurement (Wellheads / Surface Conductor / Casing)Long Lead Items Procurement (Wellheads / Surface Conductor / Casing) Tenders in evaluation Contract award and placing of Purchase Orders expected to commence during November

Drilling Services Contracting Tenders being issued in stages in order of priority to operations First stage tenders have been issued with responses due mid November. Evaluation to follow with contract awards commencing January 2010

ALL PREPARATIONS TO DRILL SAMBUCA ARE PROGRESSING TO PLAN

COMBINED ABIOD RESERVOIR P50 RECOVERABLE RESOURCES:

DOUGGA APPRAISAL COMBINED ABIOD RESERVOIR P50 RECOVERABLE RESOURCES:

70 MMBLS CONDENSATE + 50 MMBLS LPG + 910 BCF SALES GAS(EQUIVALENT TO 271 MMBOE)

DOUGGA - SAMBUCA-NORTHNORTH NORTH

Dougga Discovery :*75 MMBOE

Sambuca:*270 MMBOE

* FIGURES ARE UNRISKED RECOVERABLE RESOURCES, DOUGGA ABIOD RESOURCES FROM TRACS

LARGE STAND ALONE DOUGGA OR JOINT SAMBUCA – DOUGGA OFFSHORE GAS CONDENSATE DEVELOPMENT

ABIOD RESOURCES FROM TRACS REVIEW

DOUGGA DEVELOPMENT CONCEPT Conceptual Study Tracs Conceptual Study Tracs -

genesis: FPSO development . Dry raw gas stream to onshore separation and CO2 removal plant, approx. 40 km (Miskar: 130 km offshore!)(Miskar: 130 km offshore!)

4 well development with total off take rate of approx. 100 mmscf/d

12,000 barrels condensate per day + LPG and power export

Conventional & Proven Technology

EMERGING HYDROCARBON PROVINCE ENI Nild il fi ld (20 30 bl ) ENI Nilde oil field (20 – 30 mmbls)

Recent ENI and Edison gas discoveries in Pliocene stratigraphic traps with multi Tcf potential (Pandatraps with multi Tcf potential (Panda, Cassiopea, Argo)

Shell & Northern Petroleum 2D and 3D seismic

AuDAX maps new Pliocene plays!

ENI ½ Tcf Cassiopea-1

ENI Panda-1 gas discovery

SHELL – NORTHERN

Sambuca (270)

North Sambuca

Nilde Oil Field

AuDAX 3D Survey

ENI ½ Tcf Cassiopea-1 gas discovery

SHELL – NORTHERN 2D & 3D SEISMIC

D N th (70)

ENI Argo-1; 2tTcf gas discoveryDougga (75)

Dougga – North (70)

PLIOCENE FAN lead

PLIOCENE STRATIGRAPHIC LEADS

Sambuca

Dougga

SambucaPliocene GasPliocene Gas

Pliocene Gas

130 sqkm Pliocene fan area as defined by seismic amplitude

l & h tanomaly & character

3D SEISMIC ACQUISITION: 620 sqkm

RISK REDUCTION Drill Sambuca in an optimum location D ill D 2 i ti l ti Drill Dougga-2 in an optimum location Fast track development decision

INCREASE PERMIT VALUE Firm up additional prospects such as Sambuca and Dougga North (Nilde

analogy) Define prospects which MUST have 3D such as the Pliocene stratigraphic plays Attract future farminees (Large IOC’s tend to insist on the presence of 3D prior to Attract future farminees (Large IOC s tend to insist on the presence of 3D prior to

committing to drilling)

RIGHT TIME - RIGHT PLACE Se eral 3D (and 2D) essels are no in o r area Several 3D (and 2D) vessels are now in our area Unique window of opportunity for excellent cost saving

SUMMARY SICILY CHANNEL

SAMBUCA PROSPECT DRILLING ON TRACK FOR 2010

DOUGGA TRACS REVIEW: NOW A SIGNIFICANT ASSET IN OUR PORTFOLIOPORTFOLIO

SEVERAL LARGE PROSPECTS CLOSE TO SAMBUCA AND DOUGGA

NEW “HOT” PROVINCE FOR ENI, SHELL AND OTHER PLAYERS

3D SEISMIC ADDS VALUE AND FAST TRACK DEVELOPMENT

ONSHORE TUNISIA: CHORBANE

Chorbane Sidi Behara

Sfax

Sidi El Itayem

ITALY

ChaalMahares

CHORBANE BLOCK

LIBYAALGERIA

DETAILED PAST WELL ANALYSIS

REF-1REF-1

Abiod

•Abiod & Zebbag tight but shows•El Gueria absent•Significant Paleocene &•Significant Paleocene & Cretaceous thinning

Sidi Daher: NO THINNING up to Oligocene onlap!!

Abiod

CHORBANE: SIDI DAHER PROSPECT SIDI DAHERNARA PROSPECT

CHAKER‐1

SIDI DAHER NARA PROSPECT60 SQKM ‐ 350 BCF MEAN REC. RESOURCES

CHAKER‐1

HKS‐1HKS 1

CHAAL FIELDSIDI DAHER ABIOD PROSPECT, 

25 SQKM 40MMBLS MEAN RESERVES

HKS‐1

G S b DHICHAAL FIELD 25 SQKM – 40 MMBLS  MEAN RESERVES Gore Sober DHI

CHORBANE: East Chaal Prospect 30-80 km2 80% in Chorbane Primary Objective:Middle-Lower Nara

Formation is gas-bearing at Chaal Volumetrics Estimates 200-300 bcf.

Mechertate SE-1

Reservoir deliverability is the critical risk factor. POS 20-30%

Structure with proven high quality gas

NW Lead

Sidi DaherP

REF-1

BTO-1

HTB1HKS 1

CHORBANE PERMIT

Prospect

CH-1SMS-1

HKS-1

Lafaya-1

HKS-1Chaal

Structure

Chaal-1

Lower Nara reservoir remains to be tested

SW PROSPECT 30 80 km2 80% in Chorbane 30-80 km2 80% in Chorbane Primary Objectives: Lower Nara Formation

is gas-bearing along strike ABK & Chaal wells

Ahead of Volumetrics Estimates are of 100-Ahead of Volumetrics Estimates are of 100200 bcf. Good shallower oil potential

Closure to south is the critical risk factor.

HIGHLY PROSPECTIVE SW AREA, BUT LACK OF SEISMIC

PROSPECTS & LEADSE CH L d

NW Lead~20% POSMean reserves 20-100 Hmid Prospect

East – CH Lead

reserves 10-25 Mmbbl range

Mmbbl range

Sidi Daher Prospect

<20% POSreserves 10-20 Mmbbl range

Sidi Daher Prospect~20-30% POSMean reserves 40-200Mmbbl range

Knani Prospect~20-30% POSreserves 10-30 Mmbbl range

East Chaal Lead~20% POSReserves 200-300 bcf rangeR i t i L N SW LeadRequires repro to image Lower Nara SW Lead

~10% POSreserves ??100-200 bcf range

SUMMARY CHORBANE

“COMPANY MAKER” OPTION POST SAMBUCA

RIGOROUS PAST WELL ANALYSIS CONFIRMS EXCELLENT POTENTIAL

SEISMIC MAPPING CONFIRMS SEVERAKL VALID PROSPECTS WITH OUTSTANDING UPSIDE POTENTIAL

LOI WITH DNO: DELIVER FARM – OUT

DRILL LATE 2010 – EARLY 2011Chorbane Sidi Behara

Sidi El Itayem

SfaxCHAKER‐1

ChaalMaharesHKS‐1

SIDI DAHER ABIOD PROSPECT, 25 SQKM – 40 MMBLS  MEAN RESERVES

ROMANIAROMANIA

UNIQUE WINDOW OF OPPORTUNITY Petrom & Romgas Relinquishment announced in May 2008 Petrom & Romgas Relinquishment announced in May 2008

Bid Round X announced : approximately 30, 000 sqkm (!)

AuDAX operated AMI (NZOG & Nexus) well preparedAuDAX operated AMI (NZOG & Nexus) well prepared

The creaming curves of this prolific province are still heading upwards

THE LARGETS EVER BIDDING IN ROMANIASOURCE:

NAMR, National Agency for Mineral

Resources, Romania

A TOTAL OF 30 BLOCKS, APPROXIMATELY 30,0000 SQKMAnnounced September 2009

AuDAX DATABASE EXAMPLE

Untested Amplitude Anomalies

Primary Mesozoic Section

AUSTRALIAAUSTRALIA

PEL182 SOUTH AUSTRALIA

OIL PROSPECTS & LEADS

U – OIL LEAD0.7 to 1.8 mmbls unrisked

resources

Vanessa & Satellite Fields Most likely unrisked resources: 20 BCf sales gas 1 mmbls condensate

SUTA UPDIP1.5 mmbls unrisked

resources

PEL 182 VALUE CREATION

Inherited Seismic Dataset: No closure over a proven field! AuDAX reprocessing: Closure over field

Test - Reprocessing over a proven Cooper Basin discovery

The conventional remaining Cooper basin prospects are generally smalland need reliable risk reduction in order to become commercial successes

A DAX h f ll t t d i i d t i ti ThiAuDAX has successfully tested a new seismic data processing routine. Thisultimately enhances the value of the prospect portfolio through risk reduction

PEL 182 VANESSA DISCOVERY AREA

SANTOS PENNIE FIELD ADX VANESSAADX PROSPECT

Vanessa & Satellite Fields AreaMost likely unrisked resources: 20 BCf sales gas 1 mmbls condensate 1 mmbls condensate

PEL 182 EMILY UPDIP OIL PROSPECT

VIENNA

AUSTRALIA

Tunisia: Kerkouane & Chorbane

Italy: GRPU15

Romania: AMI

WA Mining

PERTHPEL 182

EUROPE & NORTH AFRICA

WESTERN AUSTRALIA MINERALS INTERESTS S i ff

Western Australia: Marymia Gold Western Australia: Marymia Gold DevelopmentDevelopment

Spin off

Area 7Area 7

Area 6Area 6

K5K5

ADX MOUNT WEBB SWEET SPOTS

ADX Mount Webb

ADX Mount Webb

ADX Mount Webb

Encouraging drilling results by Ashburton!

AUSTRALIA SUMMARY

PEL 182 value increase through technical work

Cooper Basin oil & gas is small but economically attractive ifCooper Basin oil & gas is small but economically attractive if risk can be reduced ADX operatorship

Seismic reprocessing and subsequent 2D seismic acquisition ill l i b f i d i k d dwill result in a number of attractive and risk reduced prospects

ready top drill – or farm – out.

Gold & other Mineral Tenements: Right Time for monetization Gold & other Mineral Tenements: Right Time for monetization

CONTACT

Wolfgang Zimmer: Managing DirectorPaul Fink: Technical DirectorGary Roper: Chairman

Offi 610 M St t P thOffice: 610 Murray Street, PerthAustralia WA 6000Ph: +61 8 9226 2822Fax: +61 8 9226 5333Fax: +61 8 9226 5333

Website: www.audax.com.au

Email: wolfgang zimmer@audax-resources comEmail: wolfgang.zimmer@audax-resources.compaul.fink@audax-resources.com

ASX Code: ADX

DISCLAIMER

This presentation contains forward looking statements that are subjectto risk factors associated with the oil and gas industry. It is believedthat the expectations reflected in these statements are reasonable, butthey may be effected by a variety of variables which could causeactual results or trends to differ materially including but not limited to:actual results or trends to differ materially, including but not limited to:price fluctuations, actual demand, currency fluctuations, drilling andproduction results, commercialisation, development progress,operating results, reserve estimates, loss of market, industrycompetition, environmental risks, physical risks, legislative, fiscal andregulatory developments economic and financial markets conditionsregulatory developments, economic and financial markets conditionsin various countries, approvals and cost estimates.