Tassie Shoal Projects

AGM Status Update

31st October 2013

Forward-looking Statements

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 ads, events and circumstances to differ materially from the expectations described in such forward-looking statements.
These factors include, among other things, commerciai and other risks associated with estimation of potential hydrocarbon resources, lhe meeting of objectives and other investment considerations, as well as other matters not yet known lo the Company or not currenUy considered materia! by the Company.

MEO Australia accepts no responsibility to update any person regarding any error or omission or change in the information tn lhis presentation or any other information made available to a person or any obligation to fumish the person wilh furtherinformation.

MEO Australia Limited

Modular Commercial Structure

Initial focus on TSMP1

Upstream JV(s)

Midstream JV(s)

Downstream Offtaker(s)

Methanol

SPA(s)

Phase 1

Focus Area

JV or GSA Supply

Phase 2

Focus Area

LNG SPA(s)

3 MEO Australia Limited

Tassie Shoal: Economic enabler for stranded gas

Bringing the infrastructure to the fields, overcoming distance & CO2 issues

ABADI

Joint

6 GREATER SUNRISE

1

Indonesia

Australia 5

3 BAROSSA

EVANS SHOAL

9+ potential gas sources:

Methanol: (high CO2 gas)

Petroleum Development Area

BAYU-UNDAN

BLACKWOOD

N T / P 6 8 HERON

2

4 CALDITA

Darwin

}}}

1 Blackwood NT/P68 (MEO/ENI)

2 Heron NT/P68 (MEO/ENI)

3 Evans Shoal NT/P48

4 Caldita NT/RL6

5 Barossa NT/RL5

PETREL

LNG: (low CO2 gas)

FRIGATE

7

TERN

6 Greater Sunrise (WPL/COP)

8 W A 4 5 4 P

7 Petrel/Tern/Frigate

BREAKWATER

(MEO 50%)

BLACKTIP

WA-488-P

(MEO 100%)

9

Beehive

Prospect

TURTLE BARNETT

(GDF/STO)

8 Breakwater/Promenade

WA-454-P (MEO/ORG)

9 Beehive WA-488-P (gas case) (MEO)

0 100.0 kilometers

4 MEO Australia Limited

Unprecedented regional resource appraisal

TSMP commercialisation opportunity aligned with resource appraisal timing

2012 2013 2014

Appraisal Drilling Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Heron Tight gas

Evans Shoal Successful

Blackwood

Barossa/Caldita

Methanol Offtake

Expressions of Interest

Letters of Intent

Midstream Operations

Cost and technology updates

Evaluate JV structures

TSMP Gas Supply

MEO Approach to Gas Suppliers

Joint Approach to Gas Suppliers

Exploration Drilling

Breakwater Prospect (Origin Energy) Beehive Prospect (Commitment well) Promenade Lead

Current

3 wells

2015+

• Position commercial framework to support gas

supply discussions

5 MEO Australia Limited

TSMP Methanol Demand

Initial unconstrained EOI's (7) to shortlisted preferred foundation buyers (3)

8.25MTA

7.00MTA

5.25MTA

Shortlisted Foundation Buyers' Maximum Offtake*

3.50MTA

TSMP1 & TSMP2

Capacity

1.75MTA

7 3

TSMP1 Capacity

Feb 2012

EOI's

(Apr 2012)

LOI's

(Feb 2013)

* from MEO equity offtake only

6 MEO Australia Limited

TSMP Commercial Framework

Present best alternative for stranded regional resources

Upstream Gas

Producer

Raw Gas

Buyer

TSMP Midstream Operator

Methanol

Seller

Methanol

Buyers

Jointly, MEO and TSMP Midstream Operator

Asian based multinational chemical industry participant

TSMP Midstream

Operator

MEO

TSMP Midstream

Operator own use

MEO LOI parties

Raw Gas Purchase Key Terms

Project "Letters of

Support" Provided

7 MEO Australia Limited

!:'1,AutttaUa Umit._..

000417M2

coo\IIfiO 1%({\lttiSULTIMIT' UM TO RESOURCE Gli'NTS10 ELOP OEPOSlTS i8 SOIJI,20i3

Use it or \ose it, miners warne

iJnpkntent-at\Onofth\lipo\\(1to

MEOAustralia

.._

...

-·

t1rnts{ear pal"ing partnt.al \ea"e twice

pan-nta\\ta' P ;\ockrd

\ntotfltel'\)r\\e# reetuent arr

no'forc:cd\Op<''t hllh."fUr'ldet'\hC

coatn\on'..'-Chl"l1\l".\\- ca\b

mountforneo">t-bt:nl"mannh'Ì'

fn.,mh.l\\o'll.thc\tb"'n..ch lJ(,\ch fe,('(."Ull\t-Jt'nn\f

\\ r,tacoU.,a\dtha\,"'h\\e\M

llroul)WP\Mlrtcd nta\

\CI''r,\ldldoot btl"-"ti\..hou\d

btpa\dforw\\hak'"' on

con."k'k!rat\onot'

n\ntendt'd andcO'lft.and\O

i'inOU

dktncfl'th-etotmP'o er

AIL..trofiOI'\la< obrlrl\told

o(tht:"-J""'"'rcpo\iC).

"-"TOP\ A,bbottCO under

f'd ..ul"f'fronl"'''"'"

Il t (.,.t\t\ oO te n \a'tot..,.t

comm"'- ,bt Mnt"'!'

l'..,ncllol"""rol'"'"'. .lo<l\1

.............................

\ne'....

"Oncl"' 'o '"'

en...ur\nll ·ilh

rou oaff3n nt'a"p.lrt

ol · ··· -\01

nt,don"ttl'lke•..""

Yt'ntacoll..aKl

Tb<B(" """''"""wltblb<

'(llt

l)>al ..,panl<'>wllh,...,..-.

IIC oonot•antto •

...,(ortb<l •

...u..fo<ll><_ .........-

trvmlntStef\al\

Madartanr told fht Au tNhiJr\

"1\'\."f\ \ht" '-."\,mmtli\W\.'<\lth..J!OYIId'

,,,"'"''\'"'(''"t' b, carne

1.1(1 h\f rl"l'l "\ ovcr tM nco'll.l (P

1

that compan'"'ttuuhl r...tract

ve.l1 .,.,nt to pul Uw

nc»"Y

t'fer'Y rnotfCU\C' ot as to \ nnno\1e tho\\ 1t thc '"-.re

.,.pe<U and oupPil" lb< dofi'<"'IIC

,..rM\r«Macfar\aftt' warntd tha\

)t<\ could ,_siWthifetd"rt"ot"e"on"u'o"n

--.llcld-lh<,_....

ab\el,lbcd'-"" tbri.,cao'W

!><cl<\•' .... -....,.,.

a be òtU''t'd 10 t:anbdf•tor

b<WfW\..r.-..t l'''to maf tult' thal

credits by mvesb

to start onJuly l

s.mlexploratio

ln mtmg eligibil ì

wJthnotaxableir pped at $100' orward estimate A spokesmar

eralsCOUilOIor al1hon had a portance of eJ

nu ryorthe ml eMCA h· llghted the tax ;

}:,atment of c){!li

mco pames

MEO Australia Limited

,........l ·--· ---'-"

MEOAustralia

lnquiry into Australia's relationship with

Timor-Leste

Estimated Costs

(USSM)

Tassie ShoallNG - an initiative to support economie outcomes for

Timor- este

NewGas

(-170t<ms)

Piant

FPSO Liquìds Removal 1,000 1,000 -1,000

1,300

-$28

saving vs

Pipeline fromSunrise

440

860

-440

Darwm

Onshore

MEO Australia Limited

'1111[011_.... •-'

LNGTank 425 410 15 -410

Jetty Structure/Topsides 300 410 -110 -410

Project Development &

. TL TaK Jur1s<hc.hon

Owners Costs

250 360 175 75 185

-$48

saving

...__

"""""'-

Upstream 2,500 2,500 2,500

Total 8,440 10.100 6.280

Uni Cosi Sltpa 2,344/t 2,806/t 1,744/t

VS FLNG

...·.......-........-.........-..............................

UV'•UG

,_.....1111(""''

Gt!Mf---

E-b'(W<>Oe> ""'P*"'APCibLNCPiaoi•T-SI>ool..-bl6MTAor<S<IoC0,10-_,b._.....IJ<G P'*'I•O...,

... . ................ . .................. . .............................................................................................................

Auat Tax Junsdtehon

FI.NG-· tom -p.AIIoohocl-- ..->$CO, 0011 _b<Nd....ngs ...

CMATS :

AwC.US....

._.._.,..

!"·-'..-..·.·..-....

MEO's fii/l submission available on www.meoaustralia.com.au/projects/Tassie Shoal Projects

MEO Australia Limited

By 2015…3 potential gas sources appraised…

Commercially positioned to move TSMP forward…..

• Evans Shoal

• Blackwood

• Barossa/Caldita

• ENI to nominate second Heron well option by 18th December, 2013 or withdraw from Heron Area

Thank you for your attention

10 MEO Australia Limited