EmperorEnergy(ASX:EMP)

EnergyMinesandMoneyConferenceBrisbane

June2019

Disclaimer

This presentation is for the sole purpose of preliminary background information to enable recipients to review the business activities of Emperor Energy Limited ABN 56 006 024 764 (ASX: EMP). The material provided to you does not constitute an invitation, solicitation, recommendation or an offer to purchase or subscribe for securities. Copies of Company announcements including this presentation may be downloaded from www.emperorenergy.com.au or general enquires may be made by telephone to the Company on (612) 9275 8878. Emperor Energy Limited, formerly Oil Basins Limited (ABN 56 006 024 764) and its subsidiaries are not the legal entity / corporation of the same name registered in Bermuda ("the Bermuda Corporation") and does not dispense the BHP Billiton Petroleum-ExxonMobil Weeks Royalty pertaining to oil & gas production from Bass Strait. None of the Company or its Directors or officers are associated with the Bermuda Corporation and the Company has no interest in any such royalty. The information in this document will be subject to completion, verification and amendment, and should not be relied upon as a complete and accurate representation of any matters that a potential investor should consider in evaluating Emperor Energy Limited. Assumed in-the ground values of unrisked prospective potential resources assets as stated in text (ignoring finding and development costs). No assumption of either commercial success or development is either implied with their adoption by either the Company and its directors and representatives in the application of these indicative values to its assets. Information on the Reserves and Resources on the Company’s operated assets in this release are based on an independent evaluations conducted by 3D-Geo Pty Ltd (3D-Geo). 3D-Geo is a independent geoscience consultancy specialising in petroleum. The technical work was undertaken by a team of geoscientists and petrophysicists and is based on open-file seismic and well data and data supplied by EMP. The technical assessment was performed primarily by, or under the supervision of Keven Asquith, Director 3D-Geo. The technical information quoted has been complied and / or assessed by Mr. Geoff Geary who is a professional geologist (Bachelor Science – Geology) with over 35 years standing and who is a Member of Petroleum Exploration Society of Australia. Mr. Geary has consented to the inclusion in this announcement of the matters based on the information in the form and context in which they originally appear – investors should at all times refer to appropriate ASX Releases. Investment in Emperor Energy Limited is regarded as speculative and this presentation includes certain forward looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are, however, subject to risks, uncertainties and assumptions that could cause those acts, events and circumstances to differ materially from the expectations described in such forward looking statements. These factors include, among other things, commercial and other risks associated with estimation of potential hydrocarbon resources, the meeting of objectives and other investment considerations, as well as other matters not yet known to the Company or not currently considered material by the Company. Emperor Energy Limited and its directors and representatives accepts no responsibility to update any person regarding any error or omission or change in the information in this presentation or any other information made available to a person or any obligation to furnish the person with further information and Emperor Energy Limited and its directors and representatives do not endorse or take any responsibility for investments made.

Disclaimer

•  NewmanagementteamappointedApril2019•  BassStraitGasExplorationFocus

•  100%ownershipofExplorationPermitVic/P47(JudithStructure)

•  IndependentResourceStatementcompletedbyRISCNovember2018•  2CContingentResource(GasSales)of122Bcf•  P50UnriskedProspectiveResource(GasSales)of844Bcf

•  GasProductionDynamicModellingcompletedby3D-GeoNovember2018•  SimulatedJudithproductionwellsestimatedtoeachdeliver;

•  20to30MillionStandardCubicFeetPerDay(MMcf/d)•  5WellProgramsimulatedtodeliver29Bcf/yearacross20yearperiod

•  OceanReachAdvisoryrecentlyappointedtofindmajorprojectpartner•  Discussions underwaywith potential partners for Infrastructure and gasOff-Take

agreements

KeyPoints

•  ASXListedEnergyCompany•  1.017BillionOrdinaryShares (ASX:EMP)•  518MillionOptions (ASX:EMPOC)

•  MarketCapitalisation$3Million

•  Strongmanagementteamwithextensiveexplorationandfinancialexperience

•  Strongshareholderalignment•  Managementholding10%ownership•  Top20holding65%ownership

Auditors Deloitte,Melbourne Office: Level32,1MarketStLawyers HopgoodGamin,Perth SydneyNSWAustralia2000 Shareregistry Automic,Sydney Phone: +61292758878Website: www.emperorenergy.com.au email:

Companyoverview

CarlDumbrell,Director•  AppointedJuly2015•  EMPCompanySecretary•  CharteredAccountant,Australia,England&Wales

•  CEO/ExecutiveDirectorHerenciaResourcesPlc(AIM:HER)

MalcolmKing,Director•  AppointedApril2019•  Over30yearsexperiencein

upstreamoil&gas•  FormerheadofCommercial

andBusinessDevelopforSennexEnergyASX:SXY

•  WellsitegeologistforShellduringthedrillingoftheJudith-1GasDiscovery

PhilMcNamara,Director•  AppointedApril2019•  37yearsintheresourceindustry

•  FormerCEOandManagingDirector,AmourEnergyASX:AJQ

•  FormerManagingDirectorWaratahCoal

•  QualifiedMiningEngineer

GeoffGeary,GeologicalConsultant

•  Over35yearsexperienceasageologistinthePetroleumindustry

•  MemberofthePetroleumExplorationSocietyofAustralia.

•  ExtensiveexperienceintheBassStraitwithShell

ManagementTeam

NigelHarvey,Director

•  AppointedApril2019,waspreviouslyadirectorofEMP

•  Chairmanofmidsizenotforprofitorganisation

•  AFSLlicenceholder•  FormerinvestmentbankerwithJPMorganandMacquarie

PermitType LocationOwnershipVic/P47 ExplorationPermit OffshoreGippslandBasin 100%Backreef ExplorationArea OnshoreCanningBasin 100%R1/R3 RetentionLease OffshoreCarnarvonBasin100%

ScheduleofTenements

•  Australia’spremierhydrocarbonprovince•  Located200kmeastofMelbourne•  Explorationcommencedin1924•  Over400explorationwells•  Some90,000linekmof2Dseismic•  Morethanforty3Dseismicsurveys•  Petroleuminfrastructurewelldeveloped

withanetworkofpipelinestoonshorepetroleumprocessingfacilitiesatLongfordandOrbost.

•  GasdeliveredacrosssoutheasternAustraliatoSydney,Adelaide,TasmaniaandQueensland

•  OperatorsincludeEsso/BHPP,SevenGroup,3D-OilandCooperEnergy

•  Esso/BHPhavedevelopedtheKippergasfieldadjacenttoVic/P47investingover$5.5billioninthebasinaspartofitsKipper–Tuna–Turrumgasproject

•  RecentdevelopmentofSoleGasFieldbyCooper

GippslandBasin

Vic/P47-BassStraitVictoria•  EMPholds100%of202km2Vic/P47Permit•  EMPisOperatorofthePermit•  Shallowwaterdepths:20–85m•  Two-gasdiscoverywellsdrilledwithinthepermit:

•  Judith-1drilledbyShellin1989•  Moby-1drilledbyBassStraitOilin2004

•  3Dseismicreprocessing,mappingandinterpretationcompletedinAugust2017

•  PetrophysicsstudycompletedMarch2018•  ResourceStatementcompletedbyIndependent

ResourceCertifier,RISCNovember2018•  GasProductionDynamicModellingcompleted

November2018by3D-Geo•  Judithislocated2kmnorthoftheKipperGas

FieldbroughtrecentlyintoproductionbyEsso/BHPPetroleum

•  Permitrenewedfor5yearsinFebruary2018

GippslandBasinCurrentandPotentialFutureDevelopments-FieldSize

Field ProductionLicence/Permit Operator Reserve/Resource

Category EstimatedInitialResource(Bcf)

SourceReference

Judith VicP47 Emperor 2CContingent 122 1,2

Judith VicP47 Emperor P50Prospective 844 1,2

Sole Vic/L32 Cooper 2CContingent 236 6

Manta Vic/RL13 Cooper 2CContingent 101 6

Manta Vic/RL13 Cooper P50Prospective 499 6

Kipper Vic/L09&Vic/L25 Esso Uncategorized 588 5

Turrum Esso Uncategorized 1000 5

SouthEastRemora Vic/RL4 Esso Uncategorized 265 3,7

LongtomWells3&4 Vic/L29 SGHEnergy Uncategorized 20 3,4,8

LongtomProposedWell5 Vic/L29 SGHEnergy Uncategorized 60 3,4,8

TopJudithGasSand1DepthMap

ContourInterval:25m

ProximityofotherGasFields

RegionalMapofTopEmperorGasSandsshowingOilandGasFieldsadjacenttoVIC/P47

TopEmperorGasSandsRegional

DepthMapContourInterval:25m

Tuna

Patricia/Baleen

Longtom

Kipper

Strzelecki

Moby

SELongtom

GasField

OilFieldGreaterJudith

GreaterJudith Judith-1

NorthernTerrace

Vic/P47

TopJudithGasSand1DepthMap

ContourInterval:25m

JudithStructure

TopEmperorGasSandsinterpretedandmappedfromreprocessed3DseismicdatawithinVic/P47showinglocationofJudith-1drilledclosetogas

watercontactsandsignificantlydown-dipfromstructuralcrest.

TopJudithGasSand1DepthMap

ContourInterval:25m

StaticModel

GreaterJudithProspect3DStructuralModelshowingthestructuralframework(horizonsandfaults)3D-Geo

Vic/P47VolumetricsSummary

SummaryofContingentandProspectiveResourcesfortheJudithGasFieldinVIC/P47(RISC,November2018)

JudithGasDiscovery ContingentResources Low1C Best2C High3C

GIIP Bcf 85 229 302

Salesgas Bcf 34 122 202

Condensate MMbbl 0.6 1.3 3.8

JudithGasDiscovery UnriskedProspectiveResources(SalesGas) P90 P50 P10

Judith Deep Bcf 46 63 82

West Bcf 54 65 77

Central Bcf 120 183 268 North Bcf 98 137 180

North East Bcf 169 239 321

North West Bcf 63 89 120

South Bcf 30 68 181

Total Bcf 580 844 1229

DynamicModelling

•  StaticgeologicalmodeldevelopedusingSchlumberger’sPetrelsoftwareforJudith1andgreaterJudithStructure

•  Toconfirmwellproductivityandgasproductionforecasts,3D-GEOthendevelopedaDynamicReservoirModelusingSchlumberger’sEclipsesoftware.

•  TheDynamicModelsimulatedhydrocarbonflowforthesevenseparatereservoirs(fourJudithGasSandsandthreeunderlyingLongtomGasSands)

•  Themodelemployeda350mmaximumgascolumnineachblock,exceptintheJudithGasblockwherethecontactwasdefinedas25mbelowtheLowestKnownGasintheJudith-1well.

•  Dailyproductionwaslimitedtoanominal80MMscf/dwiththepurposeofreflectingthecapacityofthenearbyOrbostGasProcessingPlant.

•  Fiveverticalwellsweremodelled,withonewelleachintheJudithGasBlock,JudithCentral,JudithNortheast,JudithNorth,andJudithNorthwest.

•  Thesetimingofthewellswasstaggered.ThesimulationassumesWell1,Well2andWell3beingdrilledinthefirstyear.ThesimulationthenallowsforWell4tobedrilledinYear4andWell5tobedrilledinYear8.

•  Wellsimulationresultsindicatedwellproductionratesrangedbetween20and30MMcf/dwhiletotaldailyproductionwaslimitedto80MMscfd.DeclinerateswerecontrolledbyBottomHolePressuresinthewells.

5WellSimulation

DynamicModelofEmperorGasSandsillustratingthefivewelldevelopmentplan

DynamicModellingOutput

DynamicModelGasProductionForecastforfivewelldevelopmentplan(3D-GEO)

Petro-physicsStudyCompleted

•  NetReservoirThicknessof234m•  Four(4)reservoirs•  Netgaspay(ingassands)of162m

•  AveragePorosityingaspayreservoirsof13-14.9%•  AveragePermeabilitiesingaspayreservoirsof0.7-1.9millidarcies(md)•  AverageGasSaturationsforgassandsvaryfrom39.9-45.4%•  Lowest-Known-Gas(LKG)pickedinfourreservoirs

•  suggeststhatGas-Water-Contactsarenearbydown-dipfromJudith-1

•  Judith-1drilledthroughamajorfault50mabovetheuppergassand•  Fluidflowfromthefaultzonehaslikelycausedlocalreductioninporosityandpermeability

•  EvaluationsuggeststhatDepth-of-Burialisthemajorfactorcontrollingreservoirdegradation•  Improvedgasreservoircharacteristicsasgoodas,ifnotbetterthantheLongtomwellsare

expectedtobedevelopedup-dipofJudith

•  LongtomAnaloguesuggeststhatJudith-1gasreservoirsarelikelytobesufficientlydevelopedovertheJudithstructuretobecommerciallyproductiveparticularlywherehorizontaldrillingisemployedindevelopmentwellsasattheLongtomGasField

AnaloguewithLongtomProductionField

JudithStructureinVic/P47islocated15kmalongstriketotheEastofLongtomProductionField

LongtomAnalogue

WellcorrelationbetweenLongtomWellsandJudith-1suggestspotentialforadditionalreservoirdevelopmentbelowTotalDepth(TD)ofJudith-1Thisincludestheintervalthatflowedat13.6MMscf/dfromDST-1atLongtom-2

2019BusinessSchedule-Vic/P47

PartnershipDevelopment•  OceanReachAdvisoryrecentlyappointedtoassistinglobal

searchforexplorationanddevelopmentpartner.•  EmperorEnergytoprogresswithscopingstudycostingsfor

•  FieldDevelopment•  GasProduction•  GasDelivery

•  EstablishConditionalGasSupplyContracts•  EstablishPartnershipforInfrastructureandGasDeliveryWellDesignEngineering•  CommencementofengineeringworkfordesignofwellEnvironmentalandDrillingApprovals•  Commencementofenvironmental&drillingapprovalprocess

CommenceGlobalSearchforExplorationPartner,May2019

CommenceExplorationWellDrillingApproval

ProcessQtr3/4,2019

WellDesignEngineeringand

Costing.Qtr3/4,2019

ProgressPartnershipDevelopmentforgasdeliveryandofftake

2ndHalf2019

CanningBasin,WesternAustraliaBackreefBlock

CanningBasin,WesternAustraliaBackreefBlock

•  EMPowns100%oftheBackreefBlockandisOperator•  Backreef-1wasdrilledinOctober2010toadepthof1800m•  OilwasdiscoveredinporousandpermeableLaureldolomites•  Productiontestsconfirmedthediscoveryasnon-commercial•  Thewelliscurrentlycasedandsuspendedat1155m•  EnvironmentalplanlodgedinSeptember2017•  EnvironmentalworkwascompletedinQ4,2018•  Followingtheimprovementinglobaloilprices,thecompanyismonitoring

explorationactivityinthebasinwithconsiderationofpotentiallyundertakingfurtherworkatBackreef

CarnarvonBasin,WesternAustraliaRetentionLeaseR3/R1(Cyrano)

•  CyranohasContingentResource(2C)of3.01MMbblofoil•  AdditionalProspectiveResources(P50)estimatedat0.928MMbbl

CarnarvonBasin,WesternAustraliaRetentionLeaseR3/R1(Cyrano)

•  EMPisOperatorandholds100%ofR3/R1•  PermitArea–81km2

•  TheCyranoOilFieldwasdiscoveredin2003•  Thefieldisdefinedby4vintagewellsand3Dseismic•  Thefieldinlocatedin17mofwater.•  Productivereservoirscommenceat600mdepth.•  Permitrenewedfor5yearsinearly2017•  EMPislookingtofarmoutR1/R3

EmperorEnergy

SourceReferences1RISC(2018):JudithGasField:Independenttechnicalspecialist'sreportforEmperorEnergyLimited,November2018

2EmperorEnergyLimited(2018):Independentresourcestatement-JudithGasField,offshoreGippslandBasin,Victoria,100%Emperorowned,12November2018.ASXmarketannouncement.Availableathttps://emperorenergy.com.au/wp-content/uploads/2018/11/ASX-release-12-Nov-18.pdf3  AEMO(2018):Victoriangasplanningreportupdate.March,2018.Reportavailableat:

https://www.aemo.com.au/-/media/Files/Gas/National_Planning_and_Forecasting/VGPR/2017/2018---Victorian-Gas-Planning-Report-Update.pdf

4OffshoreTechnology(2018):LongtomGasField,GippslandBasin.Webpageavailableat:https://www.offshore-echnology.com/projects/longtom-field/5  ExxonMobil(2018):KipperTunaTurrum(KTT).Webpageavailableat:

https://www.exxonmobil.com.au/en-au/energy/natural-gas/natural-gas-operations/kipper-tuna-turrum6  CooperEnergyLimited,2018:Reservesandcontingentresourcesupdateat30June2018.Mediareleaseavailableathttps://www.cooperenergy.com.au/Upload/Documents/AnnouncementsItem/01-2018.08.10-ASX-Reserves-and-Resources-at-30-June-2018.pdf7  TheAustralian(2017),“OilgiantsExxonMobilandBHPbidfordelayonnewBassStraitgas”,30May2017,available

athttps://www.theaustralian.com.au/business/mining-energy/oil-giants-exxonmobil-and-bhp-bid-for-delay-on-new-bass-strait-gas/news-story/a2fcf1fdce5e889b38344be5678b0d9c(paywall).

8SevenGroupHoldingsInvestorPresentation3rdMay2018.

www.emperorenergy.com.au

EmperorEnergy