Investor Presentation – update on Dart Australia Robbert de Weijer, CEO Dart Australia March 2012

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Overview

Board and mgmt

2% New Hope Coal15%

Institutional investors

46%

Retail, private and other

37%

Key Metrics ASX code DTE Shares on issue 736.1m Current share price1 A$0.38 Market Capitalisation $280m Cash Position2 A$122.1m

• Global portfolio: 7 countries, 50 assets

• Net 2P reserve 45 Bcf

• 51 Tcf net CSG gas in place

• 12 Tcf net shale gas in place

• Leading unconventional gas market position

Australia

• Will continue to mature existing assets to maximise value.

• Will continue the high margin philosophy.

• Will diversify into other unconventional gas.

• Will pursue geographical diversification in the region.

1. As at 9 March 2012 2. As at 30 January 2012, including liquid assets

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A simple model

1

High quality prospects High demand markets

ACCESS

2

Diagnostic know-how & “tool-kit” Small volumes required Rapid certification

APPRAISE

3

Commercialise quickly Accessible markets Achieve high margins

MONETISE

Quality assets in high price, high demand, highly accessible markets

RAPID COMMERCIALISATION WHERE GAS IS NEEDED FAST.

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Dart Australia leadership team with Arrow Energy track record

Nick Davies (Chairman) Prior to joining Dart Energy was CEO and Managing Director at Arrow Energy >25 years oil & gas experience in upstream, strategic planning, business development & marketing

Stephen Bizzell (Executive Director) Executive Director of Arrow Energy from 1999 to 2010 14 years' corporate finance & public company management experience in the resources sector in Australia and Canada

Shaun Scott (Executive Director) Prior to joining Dart Energy was Managing Director of Arrow Energy (held the roles of CEO, CCO & CFO at Arrow) Chartered Accountant with >20 years experience in upstream & downstream, M&A and finance in the energy sector

Robbert de Weijer (CEO Australia) Prior to joining Dart Energy, held the position of COO at Arrow Energy (under secondment from Shell) 22 years with Shell holding a variety of senior roles across Europe, the Middle East and Asia

Extensive technical and commercial experience within Australia and full access to broader global team.

Strong leadership and deep technical capabilities F

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Gas market in Australia – rising gas prices likely

East Coast gas price forecasts

Source 1: 2010 Gas Statement of Opportunities, AEMO Source 2: Dart Energy research (publicly available information)

• NSW imports c. 90% of gas from Vic and SA/Qld ─ Eastern Gas Pipeline and the Moomba to

Sydney Pipeline

• Predominance of coal generation ─ Climate policies driving shift to gas-fired

generation

• Gas demand in NSW expected to triple by 2030

• Increasing focus on CSG as an indigenous supply source in NSW

• Dart expects balanced State legislative resolution to facilitate the development of the industry

• Pricing will trend to LNG net-back in Eastern Australia

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Significant portfolio with future upside

3 Key NSW Tenements: Newcastle PEL 458 Awaiting approval to commence pilots

Hunter Valley PEL 456 Santos to drill pilot in 1H 2012

Cumberland PEL 463 Land use study to define small footprint,

industrial site developments NSW resource position (net to Dart)

Plus Dart Energy International 43 licences in 6 countries Active shale program

Area (km2)

OGIP (Tcf)

Prospective (Tcf)

3C (Tcf)

2C (Tcf)

23,598 32.5 12.3 1.5 0.5

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Growth strategy - Australia

Dart Australia will maximise value for shareholders and other stakeholders through: • Maturation of existing assets

• Diversification of our geographical coverage

• Diversification into other unconventional energy sources

• Innovative commercialisation and monetisation of our assets

• Respect for our communities, the environment and our people

The opportunity: • Rising gas prices

• Diversification strategy

• Balanced legislative progress

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How will we maximise value from our existing assets?

Maturation pathway Development concept

PEL 458 Newcastle

Commercial gas flows 2012/13 Book reserves 2012/13 MFV project construction 2012/13 First gas supply/cashflow 2H 2013

MFV Stage 1– proof of concept Scale up through MFV Stage 2 (power

gen) Multiple mid-scale development areas,

using horizontal drilling techniques Other commercial options – industrial

gas, power gen

PEL 456 Upper Hunter

Commercial gas flows 2012/13 Book reserves 2012/13 Development plan

Multiple large scale well development areas, using horizontal drilling techniques

Interim power generation strategy Long term – gas to pipeline

PEL 463 Cumberland

Land use study to support low impact development potential

Exploration commences 2H 2012 Pilot(s) 2013, then reserves

Multiple multi-seam well clustered developments

Low surface impact, commercial zones Smaller, high margin commercial options

(eg. co-gen)

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How will we diversify? Opportunity Action Result

Shale gas Review greenfield opportunities Partnering or low cost asset purchases

New low cost tenements in new regions Dart skills add value and facilitate low cost entry opportunities

Coal Seam Gas

Greenfields basin analysis Australia wide partnering where parties lack capability to operate or exploit their assets

New low cost tenements in new regions Dart skills add value and facilitate low cost entry opportunities

Vertical integration Partnering options across the full value chain.

Partnership(s) at asset and / or corporate level.

Other • Coal mine gas drainage

partnerships (“gas to power”)

• Geothermal

• CNG, micro LNG, greenhouses

Complete market review and test proposal with potential coal mine clients

Complete desktop study of existing tenements

Market proposition defined

Receive proof of commercial concept - will allow roll-out

Offer completed study to potential JV partners

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Profitable, small scale CSG developments

Project with MFV Initial ~16 hectare glasshouse & 4,000m2 propagation facility (MFV – Maria’s Farm Veggies) Advanced glasshouse technology $7.50 per GJ; $5.2m investment (20% equity interest) Up to 6.3PJ over 10 years, based on an ~8MW combined heat and power plant; potential expansion to 32 MW Revenue of ~ $4.5m/year upon completion of stage 2

Benefits 10x food productivity compared to conventional cropping, no pesticides Near zero CO2 emissions Beneficial re-use of CSG water 125+ new jobs Excess power to grid

Similar integrated projects can be replicated across Dart’s portfolio to achieve early monetisation and show CSG can co-exist with other land uses.

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Small footprint, large reach F

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Legislative resolution

Broad stakeholder acceptance

Issue develops Some stakeholder

action

Advocacy groups

organise/ Media interest

Action by advocacy

groups, increased

media

Issues management

NSW is now here

Typical lifecycle of an issue:

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Near term value drivers Timing

• Commencement of gas production pilots • Results exploration programme • IPO Dart International

Underway

• Commercial gas flow rates • First reserves and field development plans • Maria’s Farm Veggies (MFV) construction • Develop an extended portfolio of shale and other unconventional assets • Partnership(s) and new off-take arrangements.

2012-13

• Development approvals: gas production and MFV project phase 2 • Commence exploration and assessment of recently acquired shale and other

tenements

Late 2012 onwards

• Commence construction and field development 2013 onwards

Sales: Additional power generation, domestic supply and/or pipeline sales Late 2014 / early 2015

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Strategic roadmap for Dart Australia F

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Why Dart?

Diversifying. New geographies, new energy sources. Assets. Maturing existing assets, adding high potential new projects. Realising value. Short term monetisation and ‘blue sky’ projects. Technical. We have the skills and experience to deliver.

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Investor Presentation – brief update on Dart International John McGoldrick, CEO Dart International March 2012

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International IPO to unlock value

Rationale Sum of the parts is greater than the whole Exposure to an international investor base with better appreciation of Dart’s markets and value

Process Separate international listing of international assets – Dart Energy International Management restructure / separate board Explore strategic partnerships at asset or corporate level

Expected Benefits Clearer measure of value of international assets Independent funding base for Australia / international businesses Greater strategic and commercial flexibility Continue to share expertise through service agreement For

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Attractive markets

Country CHINA INDIA INDONESIA UK EUROPE

Gas Demand Growth Rate 2010 > 20201 12% 7.5% 4.5% 2% 2%

Projected Domestic Supply Shortfall (2020)1,2 (6.0 Tcf) (2.2 Tcf) (2.4 Tcf) (2.9 Tcf) (11.9 Tcf)

Unconventional Gas Resource (Tcf) (CBM + Shale) 2,560 Tcf 360 Tcf 1,450 Tcf 128 Tcf 3 824 Tcf 4

Current Gas Prices (US$/MCF) 5.00 – 7.50 4.50 – 7.50 4.00 – 7.00 8.00 – 10.00 8.00 – 10.00

Margin Potential (US$ / MCF)5 1.00 – 2.00 1.00 – 2.50 1.50 – 3.00 2.00 – 3.00 2.00 – 3.00

Current Supply Sources

Domestic onshore & offshore LNG Import Central Asia pipeline imports

Domestic onshore & offshore LNG imports

Domestic onshore & offshore

UK North Sea LNG Norway / Benelux pipeline imports

North Sea LNG Russia / Algeria pipeline imports

1 Datafusion Associates projections; 2 Projected demand less domestic supply. Pipeline and LNG imports required to cover shortfalls 3 UK Department of Energy and Climate Change (DECC) estimate 102 Tcf and 20 Tcf of technically recoverable reserves for CBM and Shale Gas respectively 4 U.S. National Petroleum Council Unconventional Gas Study, http://www.npc.org/study_topic_papers/29-ttg-unconventional-gas.pdf Table I.1. 5 Dart internal estimates

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Dart Europe: summary

DART EUROPE Location Resource Type Dart Interest Operator Area (km2) Project Status

PEDL 133 Midlands Valley, Scotland CBM 100% Dart 329 Early Dev Black Metal Shale 100% Exploration Lothian (Broxburn) 49% Exploration PEDL 159 Canonbie, U.K. CBM 100% Dart (Greenpark) 295 Appraisal UK 13th Round (14 Licences) Various CBM 100% Dart 1,720 Exploration Other Greenpark (21 licences) Various CBM 100% Dart (Greenpark) 1,807 Exploration LRM Campine Basin, Belgium CBM 80% Dart 350 Exploration Chelm Lublin Basin, Poland CBM 100% Dart 760 Exploration USCB Upper Silesia Basin, Poland CBM 100% Dart 323 Appraisal Milejow Lublin Basin, Poland CBM 100% Dart 372 Exploration Shale 100% Exploration

DART EUROPE STAFF BASE Geology 7

Drilling, engineering & operations

11

Accounting & finance 3 General Administration 5 Corporate functions 1

Office Locations: Stirling, Scotland Krakow and Warsaw, Poland

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Dart Asia: summary

DART ASIA Location Dart Interest Operator Area (km2) Project Status

Sangatta West PSC East Kalimantan, Indonesia 24% Dart & Ephindo 1,301 Appraisal Tanjung Enim PSC South Sumatra, Indonesia 45% Dart 308 Appraisal Muralim PSC Central Sumatra, Indonesia 50% Dart 983 Exploration Assam Block Assam, India 60% Dart 113 Exploration Satpura Block Satpura, india 80% Dart 714 Exploration Electrosteel Joint Venture^ Parbatpur, India 30% Dart 9 Appraisal Tata Steel CMM Degassing# Jamadoba, India n/a Dart n/a Ongoing Liulin PSC Shanxi Province, China 25% Dart & Fortune Oil 183 Early Dev Dajing PSC Xinjiang, China 49% Dart 3,969 Exploration(1)

^ Dart has an economic right to a share of gas sales revenue from the degassing of Electrosteel's coal mining lease area # Dart provides degassing services to Tata Steel as a technical operator on a fee basis

Office Location: Jakarta

Office Location: New Delhi

Office Location: Beijing

Head Office - Singapore

Note 1: The analysis of Dajing exploration results indicate gas volumes and saturation significantly below Dart’s initial expectations. Subject to further analysis, preliminary indication is that Dajing CBM project does not have commercial development potential.

DART ASIA STAFF BASE Geology 18

Drilling, engineering & operations

63

Accounting & finance 15 General administration 10 Corporate functions 16

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Portfolio of 15 assets with shale gas potential; c. 1,800km2 (>440,000 acres) Spread across 4 shale prospective basins (3 in the U.K. and 1 in Poland) Markets with established gas distribution network Significant resource potential across acreage − 12.0 Tcf(2) OGIP independently assessed in 2 licences − Independent assessment underway; expected end 1Q 2012

Low entry costs; accumulated on the back of CBM activity Low capital commitments in early years – work obligations satisfied by CBM activity

Dart shale: summary

DART SHALE Area: 1,800 Km2

# Assets: 15 (1)

OGIP (net): 12.0 Tcf (in 2 assets only)(2)

Note 1: 15 assets in portfolio are prospective for shale gas - 14 PEDLs in the U.K. and 1 concession in Poland (Milejow) Note 2: Shale OGIP best estimates based on NSAI’s independent assessment on Milejow and PEDL 133 licences only

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Dart shale in context

# Shale Assets / Acreage (net):

15 Assets 1,600km2

(2,000km2 under option)

11 Assets 3,800km2 (Poland only)*

4 Assets** 1,800km2

16 Assets 17,800km2

Locations:

Midland Valley Basin, U.K. Cheshire Basin, U.K.

Gainsborough Trough, U.K. Lublin Basin, Poland

Options - prospective basins in Poland (Baltic),

Germany and Spain

Baltic Basin, Poland Krakow, Poland

South-west Germany

Baltic Basin, Poland Podlasie Basin, Poland

Lower Saxony, Germany

Baltic Basin, Poland Cantabrian Basin, Spain Thuringia, Saxony, North

Rhine-Westphalia, Germany

Resources (net): OGIP: 12.0 Tcf (net)##

(est. for 2 licences only) OGIP: 50.9 Tcf (net) OGIP: 65 Tcf (est.)*** Not Disclosed

Market Cap - c. US$100m US$142m (acquired by San Leon)

c. US$250m (includes producing assets in US)

## Dart’s shale gas-in-place potential is based on independent assessment of 2 assets. Independent assessment of shale gas potential across other assets in the portfolio is currently underway. Dart’s internal estimates of net-to-Dart shale gas-in-place potential across its licences range between 25Tcf – 30Tcf. * 3Legs acreage includes Poland only; additional c. 2,800km2 acreage in Germany **Realm asset position as of the date of announcement of acquisition by San Leon. Realm has since been awarded certain concessions in Spain *** Estimated based on 100bcf/square mile estimate set out in San Leon-Realm merger circular, (page D-15)

Shale in Europe is an emerging but very young industry A number of other early-mover (and some of the global majors) are active in the European shale space

Dart’s Shale portfolio is sizeable but unnoticed in the CBM story to-date. For

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Planned Milestone Timing

• UK – PEDL 133 • China - Liulin, Sangatta West – India, Pilots completed and flow testing

Underway

• 5 additional CBM pilots plus 1-2 shale exploration wells: 40 wells drilled in total • Commercial gas flow rates from PEDL 133, Liulin, Sangatta West • Field development plan for PEDL 133, Liulin • Progress development approvals at PEDL 133, Liulin, Sangatta West / Tanjung Enim • 3-5 licence additions • Multiple project debt facility in place • Successfully complete strategic restructure

2012

• First revenue from PEDL 133 (Scotland), Liulin (China), Electrosteel and Tata Steel CMM Projects (India) and Sangatta West / Tanjung Enim (Indonesia)

1H 2013

Sales: Up to 25 Bcf per annum of gas projects to GSAs

2013

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Strategic roadmap for Dart International F

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This presentation (Presentation) has been prepared by Dart Energy Limited (ABN 21 122 588 505) (Dart). This Presentation is not a prospectus or a product disclosure statement under the Corporations Act and has not been, nor is it required to be, lodged with the Australian Securities and Investments Commission (ASIC). Nothing in this Presentation should be considered as a solicitation, offer or invitation in any place where, or to any person to whom, it would not be lawful to make such an offer or invitation. By accepting, accessing or reviewing this Presentation, or attending any associated presentation or briefing, you agree to be bound by the following conditions. This Presentation may not be forwarded or otherwise be distributed in the United States of America. Summary information This Presentation contains summary information about the current activities of Dart and its subsidiaries. The information in this Presentation does not purport to be complete. It does not purport to contain all the information that a prospective investor may require in evaluating a possible investment in Dart nor does it contain all the information which would be required in a prospectus prepared in accordance with the requirements of the Corporations Act. This Presentation should be read in conjunction with Dart’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au. No member of Dart or any of its related bodies corporate and their respective directors, employees, officers and advisers (Dart Group) offer any warranties in relation to the statements and information in this Presentation. Statements in this Presentation are made only as of the date of this Presentation unless otherwise stated and the information in this Presentation remains subject to change without notice. Dart is not responsible for providing updated information to any prospective investors. Not financial product advice This Presentation is for information purposes only and is not a prospectus or other offering document under Australian law or under any other law. Nothing contained in the Presentation constitutes investment, legal, tax or other advice. This Presentation is not a recommendation to acquire shares and has been prepared without taking into account the investment objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek appropriate advice, including financial, legal and taxation advice appropriate to their jurisdiction. Dart is not licensed to provide financial product advice in respect of Dart shares. Cooling off rights do not apply to the acquisition of Dart shares. Risks An investment in Dart shares is subject to investment and other known and unknown risks. Dart does not guarantee any particular rate of return or the performance of Dart, nor does it guarantee the repayment of capital from Dart or any particular tax treatment. Financial data All references to dollars, cents or $ in this document are to Australian currency, unless otherwise stated, and financial data is presented as at the date of this Presentation unless otherwise stated. Past performance Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. The historical information in this Presentation is, or is based upon, information that has been released to the market. For further information, please see past announcements released to ASX.

Future performance This Presentation contains certain “forward-looking statements” with respect to the financial condition, results of operations and business of Dart and certain plans and objectives of the management of Dart. The words “forecast”, “estimate”, “likely”, “anticipate”, “believe”, “expect‘’, “project”, “opinion”, “predict”, “outlook”, “guidance”, “intend”, “should”, “could”, “may”, “target”, “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. You are cautioned not to place undue reliance on forward looking statements as actual outcomes may differ materially from forward looking statements. Forward-looking statements, opinions and estimates provided in this Presentation necessarily involve uncertainties, assumptions, contingencies and other factors, and unknown risks may arise, many of which are outside the control of Dart. Similarly are statements about market and industry trends, which are based on interpretations of current market conditions, should be treated with caution. Such statements may cause the actual results or performance of Dart to be materially different from any future results or performance expressed or implied by such forward looking statements. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Such forward looking statements speak only as of the date of this Presentation. Dart disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Reserves and resource estimates The reserve and resource estimates used in this presentation were, where indicated, compiled by Dan Paul Smith and John Hattner of Netherland, Sewell & Associated, Inc., Dallas or by Mr Doug Barrenger of MBA Petroleum Consultants and are consistent with the definitions of proved, probable, and possible hydrocarbon reserves and resources that appear in the Australian Stock Exchange (ASX) Listing Rules. Mr. Smith, Mr Hattner and Mr Barrenger are each qualified in accordance with the requirements of ASX listing rule 5.11 and each consent to the use of the resource and reserve figures in the form and context in which they appear in this presentation.

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Contact information

Dart Energy Limited Singapore (Head Office) 152 Beach Road, #19-01/04 The Gateway East Singapore 189721 Tel: +65 6508 9840 Fax: +65 6294 6904 Australia (Registered Office) Level 11, Waterfront Place, 1 Eagle Street GPO Box 3120 Brisbane QLD 4001 Tel: +61 7 3149 2100 Fax: +61 7 3149 2101 ASX CODE: DTE ABN 21 122 588 505 dartenergy.com.au

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Dart Energy asset summary Dart Portfolio Summary (independently certified)(1)

Active CSG Projects(2) 50 CSG Acreage (km2) 36,661 Coal Basins 16 Countries 7

Gross CSG 2P Reserve (Bcf) 67.5 Net CSG 2P Reserve (Bcf) 44.7 Gross CSG 3P Reserve (Bcf) 209.4 Net CSG 3P Reserve (Bcf) 139.9

Gross CSG 2C Resource (Tcf) 6.2 Net CSG 2C Resource (Tcf) 5.5 Gross CSG Prospective Resource (Tcf) 23.1 Net CSG Prospective Resouce (Tcf) 14.8 Gross CSG OGIP (Tcf) 70.2 Net CSG OGIP (Tcf) 51.0

Gross Shale OGIP (Tcf)(3) 13.9 Net shale OGIP (Tcf)(3) 12.0

DART ASIA Location Dart Interest Operator Area Gross Resources (100%) (Tcf) Gross Reserves (100%) (Bcf) Net Resources (Tcf) Net Reserves (Bcf)

(km2) OGIP Prospective 2C 3C 2P 3P OGIP Prospective 2C 3C 2P 3P

Sangatta West PSC East Kalimantan, Indonesia 24% Dart & Ephindo 1,301.0 1.0 0.2 0.3 0.4 37.7 0.2 0.0 0.1 0.1 8.6

Tanjung Enim PSC South Sumatra, Indonesia 45% Dart 308.0 0.9 0.2 0.3 0.4 0.4 0.1 0.1 0.2

Muralim PSC Central Sumatra, Indonesia 50% Dart 983.0 2.7 1.4 1.4 0.7

Assam Block Assam, India 60% Dart 113.0 1.2 0.8 0.7 0.5 Satpura Block Satpura, india 80% Dart 714.0 1.4 1.0 1.2 0.7 Electrosteel Joint Venture(^) Parbatpur, India 30% Dart 8.8 0.2 0.1 0.2 0.1 0.0 0.0 Liulin PSC Shanxi Province, China 25% Dart & Fortune Oil 183.0 0.6 0.1 0.1 0.1 28.9 48.9 0.1 0.0 0.0 0.0 7.2 12.2 ^ Dart has an economic right to a share of gas sales revenue from the degassing of Electrosteel's coal mining lease area

DART AUSTRALIA Location Dart Interest Operator Area Gross Resources (100%) (Tcf) Gross Reserves (100%) (Bcf) Net Resources (Tcf) Net Reserves (Bcf)

(km2) OGIP Prospective 2C 3C 2P 3P OGIP Prospective 2C 3C 2P 3P PEL 456(#) Upper Hunter, NSW 50% Santos 5,953.0 30.2 13.1 0.9 15.1 6.5 0.5 PEL 458 Newcastle, NSW 100% Dart 2,000.0 1.3 0.5 0.9 1.3 0.5 0.9 PEL 459 Narrabri East, NSW 100% Dart 7,488.0 1.0 0.5 1.0 0.5 PEL 460 Hunter West, NSW 100% Dart 4,741.0 1.1 0.5 1.1 0.5 PEL 461 Central Coast, NSW 100% Dart 73.0 0.2 0.1 0.2 0.1 PEL 463 Cumberland, NSW 100% Dart 2,385.0 13.6 4.6 0.1 13.6 4.6 0.1 PEL 464 Gunnedah, NSW 100% Dart 958.0 0.1 0.1 0.1 0.1

EL 7505 (Geothermal) Murrurundi Trough, NSW 100% Dart 1,747

EL 7506 (Geothermal) Murrurundi Trough, NSW 100% Dart 1,749

# PEL456 is subject to farm-in by Santos; current Dart interest 85%; at conclusion of farm-in Santos interest to increase to 50%

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Dart Energy asset summary DART EUROPE Location Dart Interest Operator Area Gross Resources (100%) (Tcf) Gross Reserves (100%) (Bcf) Net Resources (Tcf) Net Reserves (Bcf)

DART EUROPE (COMPOSITE)

(km2)

OGIP Prospective 2C 3C 2P 3P OGIP Prospective 2C 3C 2P 3P

PEDL 133 Midlands Valley, Scotland CBM - 100% Dart 329.0 1.1 0.6 1.3 38.6 74.4 1.1 0.6 1.2 37.5 72.1

Black Metal Shale -

100% 0.8 0.1 0.8 0.1

Lothian (Broxburn)

Shale - 49% 3.6 0.5 1.8 0.3 PEDL161 Midlands Valley, Scotland 100% Dart (BG) 412.0 0.0 0.0 0.0 0.0 0.0 0.0 PEDL163 100% Dart (BG) 0.1 0.0 0.1 0.1 0.0 0.1 PEDL173

East Midlands, UK

100% Dart (BG)

550.0

0.3 0.1 0.4 0.3 0.1 0.3 PEDL174 100% Dart (BG) 0.4 0.1 0.4 0.4 0.1 0.4 PEDL176 100% Dart (BG) 1.0 0.3 1.0 1.0 0.3 1.0 PEDL178 100% Dart (BG) 0.3 0.1 0.3 0.3 0.1 0.3 PEDL179 100% Dart (BG) 0.3 0.1 0.4 0.3 0.1 0.3 PEDL185

Wrexham / Chester, UK 100% Dart (BG)

400.0 1.0 0.5 1.1 1.0 0.5 1.1

PEDL188 100% Dart (BG) 0.5 0.3 0.6 0.5 0.3 0.6 PEDL189 100% Dart (BG) 0.6 0.3 0.7 0.6 0.3 0.7 PEDL200

East Midlands, UK 100% Dart (BG)

258.0 0.4 0.1 0.4 0.4 0.1 0.4

PEDL207 100% Dart (BG) 0.1 0.0 0.1 0.1 0.0 0.1 PEDL210 100% Dart (BG) 0.5 0.0 0.2 0.5 0.5 0.0 0.2 0.5 PEDL 211 South Wales 100% Dart (BG) 100.0 0.6 0.3 0.8 0.6 0.3 0.7 PEDL159 Canonbie, UK 100% Dart (Greenpark) 295 0.4 0.0 0.1 0.1 48.4 0.4 0.0 0.1 0.1 46.9 AL010 Staffordshire, UK 100% Dart (Greenpark) 75 0.2 0.1 0.2 0.2 0.1 0.2 PEDL195 Staffordshire, UK 100% Dart (Greenpark) 100 0.2 0.1 0.2 0.1 PEDL196 Staffordshire, UK 100% Dart (Greenpark) 75 0.7 0.4 0.5 0.7 0.4 0.5 PEDL198 Staffordshire, UK 100% Dart (Greenpark) 75 0.3 0.2 0.3 0.3 0.2 0.3 PEDL065 N York, UK 100% Dart (Greenpark) 159 0.1 0.0 0.0 0.1 0.0 0.0 PEDL146 N York, UK 100% Dart (Greenpark) 276 0.5 0.2 0.3 0.5 0.1 0.3 PEDL170 N York, UK 100% Dart (Greenpark) 96 0.1 0.0 0.1 0.1 0.0 0.1 PEDL172 N York, UK 100% Dart (Greenpark) 100 0.2 0.0 0.0 0.1 0.2 0.0 0.0 0.0 PEDL175 N York, UK 100% Dart (Greenpark) 100 0.1 0.0 0.1 0.1 0.0 0.1 PEDL012 S York, UK 100% Dart (Greenpark) 86 0.0 0.0 0.0 0.0 0.0 0.0 PEDL139 S York, UK 60% Dart (Greenpark) 100 0.1 0.0 0.0 0.0 0.0 0.0 PEDL140 S York, UK 60% Dart (Greenpark) 141 0.3 0.1 0.2 0.2 0.1 0.1 PL162-1 S York, UK 100% Dart (Greenpark) 42 0.0 0.0 0.0 0.0 0.0 0.0 PEDL167 S York, UK 100% Dart (Greenpark) 40 0.0 0.0 0.0 0.0 0.0 0.0 EXL273 Wales, UK 100% Dart (Greenpark) 48 0.0 0.0 0.0 0.0 0.0 0.0 EXL284 Wales, UK 100% Dart (Greenpark) 34 0.0 0.0 0.0 0.0 PEDL147 Wales, UK 100% Dart (Greenpark) 100 0.4 0.2 0.3 0.4 0.2 0.3 PEDL186 Wales, UK 100% Dart (Greenpark) 80 0.5 0.2 0.4 0.5 0.2 0.4 PEDL187 Wales, UK 100% Dart (Greenpark) 80 0.3 0.1 0.2 0.3 0.1 0.2 LRM Campine Basin, Belgium 80% Dart 350.0 0.2 0.1 0.2 0.1 Chelm Lublin Basin, Poland 100% Dart 760.0 2.0 0.2 2.0 0.2

USCB Upper Silesia Basin, Poland 100% Dart 323.0 0.5 0.1 0.5 0.1 Milejow Lublin Basin, Poland CBM - 100% Dart 372.0 0.3 0.0 0.3 0.0

Shale - 100%(3) 9.5 9.5 Oil in Place (100%) Prospective Resources (100%) Location Dart Interest Operator Units Low Best High Low Best High

PEDL178 Luddington Oil - 100% Dart (BG) (million bbls) 0.87 6.35 17.02 0.06 0.70 2.55 Resource Estimates for India, Indonesia and Europe (including BG and Greenpark transactions) are per Netherland, Sewell and Associates Inc and China per MHA Petroleum Consultants. Resource Estimates for Australia are per Netherland Sewell and Associates Inc (PEL458 evaluation completed in 2010) and MBA Petroleum Consultants (PEL456, PEL459, PEL460, PEL461, PEL463, PEL464)

1. The portfolio summary been compiled assuming the completion of the recent BG Group and Greenpark transactions. Affected European licences have been designated as such. In the event of non-completion the BG Group licences will remain at 50% Dart ownership and Greenpark licence would not be transferred to Dart. 2. Portfolio does not include 2 geothermal licences in Australia and 5 licences (3 in India, 1 in Vietnam and 1 in Poland) for which relinquishment process has commenced 3. NSAI's estimate for shale gas potential OGIP volumes of 2.5, 9.5 and 24.8 TCF in the low, mid and high cases for the block. Additional data via seismic and exploratory wells will assist in defining the play characteristics and assist in maturing the resource.

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