ASX/Media Release 21/10/2015

ENTEK AGM PRESENTATION AND INCENTIVE OPTION PRICING

Entek Energy Limited is pleased to release the attached AGM Presentation. This presentation should be reviewed in conjunction with the most recent Investor Presentation previously released to ASX and posted to the Company website: www.entekenergy.com.au

In addition, and further to the disclosures made in the Notice of Annual General Meeting dated 14 September 2015 and despatched to shareholders on 18 September 2015 (NOM), the Company confirms that the pricing of the Incentive Options the subject of Resolutions 3 to 6 in the NOM has been determined as follows:

The Incentive Options shall be issued in two tranches, 50% of the Incentive Options shall form Tranche 1 ('Tranche 1') and 50% shall form Tranche 2 ('Tranche 2').

The exercise price of the Tranche 1 Incentive Options to be issued was to be equal to the greater of 6 cents and 150% of the volume weighted average market price of Shares traded on ASX for the 30 trading days up to and including the day prior to the Annual General Meeting (with any fractions of a cent rounded up to the nearest whole cent). Consequently the exercise price of the Tranche 1 Incentive Options will be 6 cents.

The exercise price of the Tranche 2 Incentive Options to be issued was to be equal to the greater of 8 cents and 200% of the volume weighted average market price of Shares traded on ASX for the 30 trading days up to and including the day prior to the Annual General Meeting (with any fractions of a cent rounded up to the nearest whole cent). Consequently the exercise price of the Tranche 2 Incentive Options will be 8 cents.

The Incentive Options will be issued immediately providing approval from Shareholders is obtained at tomorrow's Annual General Meeting. 50% of the Tranche 1 and Tranche 2 Incentive Options will be subject to a vesting period of 12 months from the date of issue, during which time the holder shall not be permitted to exercise the Incentive Options. The balance of the Tranche 1 and Tranche 2 Incentive Options will be freely exercisable once issued.

The full terms of the Incentive Options were provided in the Notice of Meeting.

www.entekenergy.com.au

ASX / MEDIA RELEASE 21/10/2015

It should be noted that, in response to the current challenging market and global economic conditions, and to help preserve the Company's capital, all Participating Directors voluntarily elected earlier this year to significantly reduce their respective cash remuneration. No incentive based equity securities are currently held by any of the Participating Directors.

The exercise price of the proposed options represents a significant premium to the current share price and more closely aligns the Participating Directors' remuneration to the future success of the Company.

For further information contact: TRENT SPRY

Competent Persons Statement:

Information in this report that relates to Hydrocarbon Reserves / Resources is based on information compiled by Mr. Trent Spry, Executive Director of Entek Energy Limited who has consented to the inclusion of that information in the form and context in which it appears. Mr. Spry is highly qualified and has over 20 years experience in geoscience in the petroleum industry, both in Australia and internationally.

ENTEK AT A GLANCE DIRECTORS CONTACT

Entek is US focussed with a substantial acreage position in the Niobrara Oil Resource Play, including an area of enhanced potential due to embedded Igneous Intrusive Sills. Entek's US portfolio is balanced with non-operated production and royalty interests in the Gulf of Mexico.

Graham Riley Chairman Trent Spry

CEO/Managing Director

Andrew Padman

Non-Executive Director Alexander Forcke Non-Executive Director

338 Hay Street

Subiaco, WA 6008 Australia

+61 8 9213 4388

[email protected] www.entekenergy.com.au ASX Code: ETE

AGM PRESENTATION

22 October 2015

Wy

Co

Niobrara

Gulf of Mexico

O rdinary S hares 510, 657,3 87

Unlisted Employee O ptions 7,500,000

Market Ca p -A$7. 6m @ 1.5 cents Cash -A$4. 8m @ 30 Sept. 2015

Debt NIL

Enterprise Val ue -A$2. 8 m

570/o

10°/o

27%

Fund Managers HNW Individuals

Board and Management Other

State 15-8

Powder River Basin

Cobb 12-7

McKee 5-16

Hydrocarbon Basin Niobrara Sweet Spot

FRU 12-1

Green River Basin

Piceance Basin

Entek AOI

North Park Basin

Denver Julesburg Basin

SW NE

SWEPI Ltd Partnership

Dry Sage

1-23

(projected)

North Central Oil

Sheehan

1

(projected)

Cobb 12-7 HA1

McKee 5-16 H1

Vessels Oil & Gas Co.

SM Federal

5-19

(projected)

State 15-8

Schematic Cross-Section (composite diagram, not to scale)

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Ground Level CBM

Mesaverde Sussex

Niobrara

Shannon

Carlile Frontier

Mowry Muddy Dakota

Schematic Diagram

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Sandstone

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Butter Lake Federal 32-10

Butter Lake Road

Dineh-Bi-Keyah Oil Field (overlain size)

New 2015 Road

Dineh-Bi-Keyah •

• 75' Average Sill Thickness

• 4 Sections 2560 Acres

• Recovered 18.5 MMBO

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3-1 Road

FRU Federal 3-1

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Existing

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Proposed FRU 11-14

Entek

FRU 12-1

Austra Tex Fed #1

Kirby

Gold Blossom #1

Testing and FMI logs suggest faults may provide conduit for Frontier gas (& water ?)

Seismic interpretation of Igneous intrusive Sills embedded within the Niobrara Shale in the Focus Ranch Unit

Igneous Intrusive (Sills)

Frontier Gas Sand