Sanford C. Bernstein’s

China Unconventional GasInvestor Day 2011Simon Potter (CEO)

Hong Kong, 16 February 2011

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• Resource rich Governments with massive unfulfilled energy markets are racing to create domestic CBM industries and need credible and reliable industry leaders to emerge

• This is “The Time” for CBM and unconventional gas – companies with the right expertise, business model, portfolio and cost/funding structure will prosper

• Success in CBM will be driven by low-cost, ‘local’, commercially nimble and technically excellent operators, enhanced by access to global capabilities and skills. Dart is both ‘local’ and ‘global’, and this is a unique value proposition

• 2010: Foundations – demerger from Arrow, grew the portfolio and team, re-entered Australia via Apollo, built business processes to underpin success

• 2011: Delivery of an extensive exploration programme and early-stage development / commercialisation strategies across the portfolio

• 2012: Development phase and into production with the long-term objective of creating a series of self-sustaining regional Dart businesses.

Opportunity

CompetitiveAdvantage

Performance

TO BE THE FIRST GLOBAL COAL SEAM GAS COMPANYDART ENERGY

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TRACK RECORD, EXPERIENCE AND OPPORTUNITYDART ENERGY

BOARD AND MANAGEMENT • Nathan Rayner – Chief Operating Officer• Peter Roles – Chief Technical Officer• Martin Cooper – Chief Financial Officer• Eytan Uliel – Chief Commercial Officer• Robbert de Weijer – Australia MD

COST, EFFICIENCY, TECHNOLOGY MARKET AND PRICING

CHINA INDONESIA INDIA VIETNAM AUSTRALIA USA EUROPE

Low cost, early entry in areas with significant resource potentialProximity to growth gas markets and infrastructure

Leveraged by rapid reserves growth once pilot project proves conceptMargins maximised: low-cost base - existing infrastructure; revenue upside – pricing, fiscal termsAccess multiple markets in multiple jurisdictions

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2010 2012

1

2

3

4

5

6

7

Dajing PSC (PetroChina)

Liulin PSC

Tatapani-Ramkola block / CBMIV

Tien Hai Block

Sangatta West PSC

Tanjung Enim PSC

Apollo Gas Blocks

Afghanistan

Pakistan

INDIA

Nepal

Burma

Thailand

Laos

CambodiaVIETNAM Philippines

INDONESIA

Taiwan

South Korea

North Korea

CHINA

MalaysiaSri Lanka

Mongolia1

2

4 6

7

8

AUSTRALIA

Office locations

Jakarta

Singapore

HanoiGurgaon

Beijing

CLEAR COMMERCIAL TARGETS

9

10

11

Brisbane

Stirling

5

3

Target of 70 PJ per annum net production by 2015

Revised forward targets to end 2011, as follows:Sign-up 4 new licenses (including Composite)Appraise and execute 6 new pilot projectsNegotiate and execute 2 new Gas Sales Agreements

Sustained commercial production rates during 2011 in multiple jurisdictions in support of reserves growth

Targeting 175/1,500 PJ of 2P/3P net reserves respectively by end 2011

Commence commercial gas sales in 2012 or earlier

Licencesd AreasBusiness Development

OfficesSydney

DART ENERGY

CHINA ASSETSELEPHANT HUNTING

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RESOURCE (BCF, gross, per NSAI)Liulin: OGIP 808; 2C 241; 3P 85Dajing: OGIP 6,589; Prospective 3,481

PROGRAMLiulin pilot drilling ongoing; initial GSA signed; move to early production; reserves upgradeDajing to commence exploration program

PIPELINE

Further Liulin equity increaseNew PSC; NOC framework agreement; CMM

MARKET STRATEGYCentral China: local power sales, pricing upside LNG/CNGXinjiang: local sales (Urumqi), ramp-up to export via West-East pipeline to major markets in EastPARTNERS

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Complete CUCBM’s State Pilot Project objectives: Production capacity: 50 x 106 m3/year

Chinese reserves certification: 7.5 x 109 m3

Well-count:• 50 x vertical/frac• 5 x horizontals

Additional FLG Objectives Test all major seams (3/4, 5 & 8/9) with lateral wells

Demonstrate commercial rates (lateral and vertical wells)

International reserve certification across the entire block

Plan further gas marketing activities

Prepare for reserves certification and ODP across entire block (all seams), to be approved in 2011

FORTUNE LIULING GAS (FLG) – 2010 OBJECTIVESCHINA: LIULIN PSC

Overview CHINA: LIULIN PSC

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• Xian Changqing Design institute has been commissioned to design the gathering system and nodal compression.

• GSA - 1.3 BCF per annum over a period of 15 years. First gas to be delivered by July 2011, take-or-pay obligations commencing July 2012

• Agreed gas price 1.58 RMB per cubic metre (1.38 RMB base plus annual escalation and review, plus 0.20 RMB government subsidy). This equates to approximately A$ 7.00 per gigajoule

• 2011 work program includes 5 in-seam wells, 3 vertical frac wells and pipeline/compression design and installation

• Dart Energy equity 45%, phased options to grow to 75%

2011 PROPOSED WELL DESIGNCHINA: LIULIN PSC

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Inseam Cluster (development concept)– 2 x inseam wells– Up to 3 layers– Up to 24,000m of inseam hole– All operations on one drill pad– Drilling to commence in 2011 on 3

clusters

4,000m inseam

hole

0.9km2 drainage

300m separation

30m offset

1 drill Pad

“Slant”vertical

Initially target seams 3/4 & 5

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COMPETITIVE OUTLOOKCHINA: DAJING PSC

DRILL HOLE DISTRIBUTION MAPCHINA: DAJING PSC

For Y1( Phase I)Exploration commitment: 14 exploration wellsMinimum expenditure obligation: $4 mm USD

For Y2 (Phase II)Exploration commitment: 6 exploration wells & 5 pilot wells Minimum expenditure obligation: $5 mm USD

For Y3 (Phase III)Exploration commitment: 5 pilot wellsMinimum expenditure obligation: $3.5 mm USD

2011 PROGRAM CHINA: DAJING PSC

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<500m

500-1000m

>1000m

• 14 core wells planned for 2011.

• Later wells could be converted to pilot wells (subject to partner approval).

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New PSCs

•Foreign cooperation granted to wider group of companies

•CNOOC strategic relationship with CUBCM

Farm-ins and acquisitions

•High entry costs; “Inherit the baggage”

Down Stream Partners

•Integrate different skills sets

Alliance

GROWTH OPPORTUNITIES CHINA

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COST STRUCTURE

MARGIN

CO-OPERATION

TECHNOLOGY

GROWTH

SHALE

ISSUESCHINA

AN INTERNATIONAL, MULTIPLE MARKET APPROACHDART ENERGY PORTFOLIO AN INTERNATIONAL, MULTIPLE MARKET APPROACH

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An international portfolio approach allows:

1 In addition Apollo has 2 Geothermal Licences covering 3,500 km2

An international portfolio approach allows:

Balance and offsetting of risk

Transfer of learning and experience across geographies and licencing / operating g p g g p g p gregimes, differing coal basins and markets

Efficiency of resource allocation and optimisation of low-cost strategies

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Ability to recruit and retain the best people in the business globally

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EXPENDITURE BY REGION

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Access Drill DevelopPilot

Poland: NewLicences

CMM India

Sangatta West

AustraliaEurope licences

Delivered or likely to be delivered

Possibility of delivery

Maturing

Indonesia HoA

Tanjung Enim

UK: 14th Round

Apollo 458, 456

ONGC India

Pilot- to-powerGas Sales

DEVELOPMENT FUNNEL

2P3P

TR India

Satpura

Assam PEDL 133

Apollo 461

Apollo 463

Kebur

Adaro I - V

FEEC

UK Shale

CMM China

Shale

CProspective

Hanoi

CIS

Africa

Now

1 Year

2 Years

Liulin

Dajing

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This presentation contains forward-looking statements that are subject to risk factors associated with the gas and energy industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables outside the control of Dart Energy Limited and its Directors which could cause actual results or trends to differ materially, including but not limited to: price and currency fluctuations, geotechnical factors, drilling and production results, development progress, operating results, reserve estimates, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates. Therefore, undue reliance should not be placed on forward-looking statements.

All references to dollars, cents or $ in this document are to Australian currency, unless otherwise stated.

This presentation is not an offer or recommendation in relation to securities in Dart Energy Limited. It includes only a summary of select information and does not, and does not purport to, contain all information relevant to those securities. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Except to the extent required by law, Dart Energy Limited disclaims any obligation to correct, update or revise this presentation or oral communications associated with this presentation.

The reserves and resource estimates used in this presentation were compiled by Dan Paul Smith and John Hattner of Netherland, Sewell & Associated, Inc., Dallas, and are consistent with the definitions of proved, probable, and possible hydrocarbon reserves that appear in the Australian Stock Exchange (ASX) Listing Rules. Mr. Smith and Mr Hattner are qualified in accordance with the requirements of ASX listing rule 5.11 and consents to the use of the resource and reserve figures in the form and context in which they appear in this presentation. Other resource information in this presentation has been compiled by Nathan Rayner who at the time of preparation was a fulltime employee of the Company. Mr Rayner is qualified in accordance with ASX listing rule 5.11 and has consented to the form and context in which they appear in this presentation.

DISCLAIMER AND IMPORTANT NOTICE

AUSTRALIA ASSETS

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GOING AGAIN – GROW FAST; GROW BIG

Pipelines

1 PEL458 (Newcastle) and other PELs proximate to NSW markets

1

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RESOURCE (BCF, gross, per NSAI)Apollo: 7 PELs - 23,600km2, 2 geothermal licences -3,500km2

PEL458: OGIP 1,342; 2C 542PEL456: OGIP 2,042; 3C 939Other PELs: Work in progress

PARTNERS (takeover offer announced)

PROGRAMPEL 458 - completed Phase 1 exploration; commencing Phase 2PEL 464 - seismic and 2 strat wells5 other blocks; portfolio options

PIPELINEAdditional tenements

MARKET STRATEGYNSW focus: advantaged pricing and infrastructureIncremental demand, new gas-fired capacityGas is 9% of energy mix; 96% from out-of-State

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2 PELs in Gunnedah basin

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• 7 PELs - 23,600km2, 2 geothermal licences - 3,500km2

• CSG plays, conventional gas and shale

• Core hole drilling program, seismic surveys and testing active in 5 PELs

• Santos QNT proceeding with farmin work program in PEL 456

• Projected demand growth in NSW proximal markets of Sydney, Newcastle & the Hunter Valley

• Overlaying and adjacent to existing and proposed gas infrastructure

• Incremental power demand and gas-fired capacity growth opportunities

• Feasibility for an LNG project at Newcastle

COMPANY OVERVIEWACQUISITION OF APOLLO GAS

INDONESIA ASSETSPOTENTIAL FOR EARLY PRODUCTION

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RESOURCE (BCF, gross, per NSAI)Tanjung Enim: OGIP 472; Prospective 307Sangatta West: OGIP 587; 2C 314

PROGRAMSangatta West, pilot tests commencing; reserves certification; move to early productionTanjung Enim to commence 6 well exploration and pilot program

PIPELINEAdaro PSCs (x3); Kebur PSCHoAs Salamander, MedCo, others

MARKET STRATEGYKalimantan: pilot-to-power, ramp-up to Bontang, LNG pricingSouth Sumatra: pilot-to-power, then export to Java

PARTNERS

INDIA ASSETSMULTIPLE OPPORTUNITIES

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RESOURCE (BCF, gross, per NSAI)Asam: OGIP 1,960; Prospective 750Satpura: OGIP 1,798; Prospective 910

PROGRAMTR block dewateringCBM-IV blocks (x2) recently awarded

PIPELINECMM (x3)ONGC farm-ins

MARKET STRATEGYLocal sales as CNG. Once scale established, regional distribution via pipeline

PARTNERS

EUROPEAN ASSETSCOMPOSITE ACQUISITION ADDS OPTIONALITY

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RESOURCE (BCF, gross, per NSAI)CSG OGIP 18,130; Prospective 8,600; 2C 770Shale OGIP: 1,220

ASSETS15 UK blocks; 2 Poland blocks - In-place teamDart acquired 10%; options to increase to 20% in Jan 2011 and 100% in June 2011

PARTNERMajor partner BG

PROGRAMPEDL 133 CSG pilot and shale evaluation

PIPELINEProgress shale assessment. Multiple new tenements across Europe under assessment

MARKETLocal sales. Scalable via pipeline export

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Two potential shale gas plays within PEDL 133;

• The Black Metals Marine Band at depths between 1,000 and 4,000 feet. Appraised by coring at two locations on PEDL 133.

Estimated GIP: 0.3 – 4.0 Tcf (NSAI range)

• The West Lothian Oil Shale Formation at depths >6,000 feet. Appraised from regional data.

Estimated GIP: 7.4 – 11.6 Tcf

• BG has a 50% interest in the lower West Lothian Oil Shale Formation only

• Opportunity to assess key shale exploitation competencies, costs and technologies

• Ability to evaluate synergies with CSG development in European setting

PEDL 133EUROPEAN SHALE