Karoon Energy Ltd · ASX:KAR

Karoon Energy — Karoon Gas Australia — Shareholder Meeting (May 2005)

27 slides from Karoon Energy's shareholder meeting presentation, May 26, 2005

  1. Slide 1: Karoon Gas: Acreage Position and Value Potential

    Karoon Gas Acreage Position and Value Potential

  2. Slide 2: Karoon Snapshot

    Karoon Snapshot Karoon Gas Australia is was floated on the ASX on the 9th of June 2004. 41.66 million shares and 20.8 million 20cent options expiring 30° June 2006. (pre issue of approx 10 million shares) Browse Basin Acreage Share price has been largely driven by Browse Basin acreage activity; : :

  3. Slide 3: WA-314-P & WA-315-P

    WA-314-P & WA-315-P Ce ey KAROON® : asi Ld aptralia Leds

  4. Slide 4: Place

    WA-314-P & WA-315-P The Right Place Gas Australia Ltd |

  5. Slide 5: Acreage Work Program Minimum Commitments

    WA-314-P & WA-315-P The Right Place Acreage Work Program Minimum Commitments for each permit. Minimum Guaranteed Work Program WA-314-PandWA-315P sis ; : - Estimated Expenditure Year of Term of Permit Year Starts | Permit Year Ends Minima m Work Constant Dollars {indicative Permit Requirements only)

  6. Slide 6: Mapping results

    WA-314-P & WA-315-P The Right Place ae) Al E] eesarr0 624171 asiai7ol A] ssoarr ea y = ‘ iJ) Mapping results Seven large high relief leads with areas ranging from 60 to 350 square km..00- The same play type as Scott-Reef immediately to the south. The map isa composite of the ea

  7. Slide 7: Seismic dip line NW-SE with indicative gas

    ‘Seismic dip line NW-SE. -w/ indicative ga etic

  8. Slide 8: Gas in place and recoverable condensate by prospect

    WA-314-P & WA-315-P The Right Place Gas In Place Sas Recoverable Condensate Mast Likely High Case Water Prospect Risk Most Hight Most High Low = High High Prospect Depth = Area Ranking} | Likely Case Likely = Case Rate Rate |LowRate Rate 19hbls? 43bblsf | 1obls/m 43bbls/ mmect ommsct} omscf — mmscf

  9. Slide 9: Prospect Lead-A

    WA-314-P & WA-315-P Lead-A The Right Place Prospect Lead-A Cases Most likely High case Water depth (m} 500 800 Top depthimss} 3925 3935 Spill point {mss} SAS 4450 Trap height {im} ag5 325 Area (Km sq.) Fe] 280 GRY (mm?) 3.5000E+16 6.0000E-+10 Porosity {awe} 8.12 0.16 Met ta Gross 0.65. 0.75 Gas satu

  10. Slide 10: Lead A

    WA-314-P & WA-315-P The Right Place Lead A

  11. Slide 11: Prospect Updip Buffon

    WA-314-P & WA-315-P The Right Place Prospect Updip Buffon Cases Most likely High case Up Dip Buffon Water depth (m} STS 57% Top depth{mss} ater ied 3878 Spill point (mss) AMD AgAD Trap height (m} aTS 5P dvea {Km sq} Te 33 GRY (m4, LTSS3E+ F75S3EH18 Porosity fave} az 18 Het to Gross 0.85 O75 Gas satu

  12. Slide 12: Prospect Lead D

    WA-314-P & WA-315-P The Right Place Prospect Lead D Cases Most likely (P50} High case (P10) Water depth {m} 480 480 Top depthimss} AAAG A449 Spill point (mss) AGED 4560 Trap height (mj) 220 220 Area (Kim sq} 132.6: 137.6 GRY fon} 7 ATSRE+OS 7 OF S8E+S Pore: {ave} @.12 O16 Net to Gross G65 O78 Gas sa

  13. Slide 13: The Growing Gap

    WA-314-P & WA-315-P The Right Time THE GROWING GAP Regular Oil 60 uttenpnniuiinprisanamnanmin iS iiiisinsistiiNt Cian tanamenaneaneneanans tei inmnnasnunamirnantintinitt sac | Col Future Discovery. 40 it Production ae a 38 Past discovery based on ExxonMobil (2002). 20 - Revisions backdated 40 - ae 2

  14. Slide 14: Natural gas consumption by area

    WA-314-P & WA-315-P The Right Time Natural gas consumption by area Bition cubic metres an00 2500 seer 1800 1000 O78 79 80 Sf 82 83 Bf 65 86 8 8B 89 80 Bf 82 53 84 85 Ob SF 98 88 0 01 02 09 NorthAmerica @ Europe & Eurasia @ Asia Pacific i Rest of World Global gas consumption growth was. slightly belo

  15. Slide 15: Time

    WA-314-P & WA-315-P The Right Time

  16. Slide 16: BG is the right partner

    WA-314-P & WA-315-P The Right Partner -BGis the right partner KAROON |

  17. Slide 17: Group strategy and performance

    WA-314-P & WA-315-P The Right Partner Group strategy and performance B Countries of current operation India @ Philippines Malaysia . Singapore“. ‘Uruguay

  18. Slide 18: Global context and LNG Strategy

    WA-314-P & WA-315-P The Right Partner Global context and LNG Strategy US - driving global LNG growth 30 20 2003 «= 2004E mipa 70 60 Industry demand forecast 1 wwe adustry demand forecast 2 §0 40 New LNG import capacity farmed xpansions Existing LNG import capacity 2005E 2006E 2007E 2008E 2009E 2010E

  19. Slide 19: BG's LNG Portfolio

    WA-314-P & WA-315-P The Right Partner BG's LNG Portfolio B Rapid commercialisation Proven low cost and rapid developer of LNG resources Years 18 2 EPC award to first LNG BBLNG project to EPC contract BG's LNG Portfolio Low cost facilities Cost* Sitpa z 4505 Atlantic NG — Eqyption LNG 400 4 mos & Aid

  20. Slide 20: LNG economics and market summary

    WA-314-P & WA-315-P Maximized shareholder value LNG economics and market summary Project value here is between A$6.8 and A$8.5 billion. - Economic statistics billion perT TCE. For minimum case economics we are assuming a reserve of 4TCF and annual production of 4 million tons LNG and 3.8 million bbl

  21. Slide 21: Slide 21

  22. Slide 22: Gippsland Basin EL 4537 & PEP162

    Gippsland Basin EL 4537 & PEP162 KAROON GAS AUSTRALIA PTY LTD - PEP 462 & EL 4537 EXPLORATION PERMIT COMMITMENTS AND ACTIVITY TIME LINE Year 2000 22 208 204 2005 2006 2007 Month JAN J JASONDJFMAMJ JASOND JFMAMJJASOND FMAMI ZASONDJF MAMI JAS OND JFMANJSASONDJFMAMJJASOND PEP{62 Year-{ Year-2 Year-3 {m

  23. Slide 23: Gippsland Basin EL 4537 & PEP162

    Gippsland Basin EL 4537 & PEP162 Mego. toides |

  24. Slide 24: Megascolides-1 well results - Oil zone

    Gippsland Basin EL 4537 & PEP162 Megascolides-1 well results - Oil zone in CP magi SW -SS5 O.GPHIE-585 (0 UCL -S8S° 11, 9SRHO8 2. 36) O DI 00/4. SWT -555. 0). 5PHIT-385 010 VST --585 1), 45 HINP -. 15) fl 1 o [6 Cel te _USAN=585 _UHUM-S55 «good fluorescence and pe BUSH CSeS—e high mud gas readings i

  25. Slide 25: Updip Megascolides prospect volumetric estimates

    Top Cra Gippsland Basin EL 4537 & PEP162 Megascolides-1 well results - Oil zone UPDIP MEGASCOLIDES PROSPECT VOLUMETRIC ESTIMATES ish Group Equivalent Depth (Previous Mapping) & Updip Megascolides-1 Lead | | Most likely | High Case | ‘Top depth (m) 1783.00 1783.00 Spill point (m) 1883.00 1883.00 Trap

  26. Slide 26: Megascolides - CBM Results

    Gippsland Basin EL 4537 & PEP162 Se Megascolides 1 —- CBM Results . Total black coal intersected in well -15m . Maximum thickness approx. 0.5m (clean coal) . Gas content 100 scf per ton * Gas saturation approx. 30% ~The well was. successful in identifying gas bearing coals in the Narracan Trough. Th

  27. Slide 27: Yarragon Brown Coal Resource

    Yarragon Brown Coal Resource Gippsland Basin EL 4537 & PEP162 Fable 3 Coal in Situ ~« Resources Category Coal in Situ Resources Estimate’ Measured indicated inferred 50 million tonnes 210 milion tonnes 80 million tonnes Total 340 miilion tonnes “ The coal in situ resource includes litholegically log

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