Dart Energy One2One Investor Presentation - Proactive Investors

Dart Energy Limited
(ASX: DTE)
Developing Global Unconventional Gas
Proactive Investor
ONe2One Hydrocarbon Investor Forum
John McGoldrick – Chief Executive Officer
Eytan Uliel – Chief Commercial Officer
23 August 2012
www.dartenergy.com.au

IMPORTANT NOTICE.
This presentation has been prepared by Dart Energy Limited (“Dart” or the "Company"). By viewing all or part of this presentation, you agree to maintain
confidentiality regarding the information disclosed in this presentation, unless such information is otherwise publicly available. Any failure to comply with
these restrictions may constitute a violation of applicable securities laws.
This presentation is for information purposes only and does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe
for any securities, nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever.
The information contained in this presentation has not been independently verified. No representation or warranty expressed or implied is made as to, and
no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. None of
the Company, Dart Energy Limited or any of their respective affiliates, advisers or representatives accept any liability whatsoever (in negligence or otherwise)
for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in
connection with this presentation.
This presentation includes forward-looking statements. These statements contain the words "anticipate", "believe", "intend", "estimate", "expect“, “plan”
and words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those
regarding the Company’s financial position, business strategy, plans and objectives of management for future operations (including development plans and
objectives relating to the Company's business and services) are forward-looking statements. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different
from results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements speak only as at the
date of this presentation. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future
or likely performance of the Company. Past performance is not necessarily indicative of future performance. The forecast financial performance of the
Company is not guaranteed. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current views of the
Company on future events. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions, except as required by
law, to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
Neither this presentation nor any copy or portion of it may be sent or taken, transmitted or distributed, directly or indirectly, into the United States, Japan,
Australia, Canada or any other jurisdiction which prohibits the same. The securities have not been, and will not be, registered under the U.S. Securities Act of
1933, as amended (the "Securities Act"), or the securities laws of any state or other jurisdiction of the United States or elsewhere, and the securities may not
be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act and applicable state or local securities laws. This presentation is not for distribution in, nor does it constitute an offer for sale of securities in
the United States. The Company does not intend to conduct a public offering of its securities in the United States.
This presentation may not be forwarded or distributed to any other person and may not be copied or reproduced in any manner. Failure to comply with this
directive may violate applicable laws.
2

DART ENERGY LIMITED -
DEVELOPING GLOBAL UNCONVENTIONAL GAS.
AUSTRALIA / CHINA / INDIA / INDONESIA / UNITED KINGDOM / POLAND / BELGIUM / GERMANY

WHAT ARE “UNCONVENTIONALS”?
Coal Bed Methane Shale gas Tight gas
Gas is adsorbed onto the Gas is “trapped” within Gas trapped in impermeable
surface of the coal the shale rock hard rocks or sands
CBM and shale gas is the same end product as conventional
natural gas
Difference is source rock from which natural gas is produced
Drilling techniques and principles of well completions are
similar to those used in the conventional oil and gas industry
Advances in horizontal drilling and hydraulic fracturing make
CBM and shale gas economically competitive
Conventional natural gas
Gas exists in a free state in
the spaces between the sands
4

HOW IS IT EXTRACTED?
Typical
Depth
500m –
1,500m
Coal Bed Methane (CBM)
Water is removed from the
coalbeds (“dewatering”),
lowering the pressure in the
coals and the gas is “desorbed”
Depth
>2,500m
Shale gas
Water, sand and chemicals are
injected into the rock at high
pressures (“fraccing”) to crack
the rock and liberate the gas
5

“UNCONVENTIONALS” – A TRANSFORMATIVE, GLOBAL ENERGY SOURCE.
CBM and Shale transformed the energy landscape in North America and Australia
Europe and Asia have significant unconventional gas resources
The long-term sector dynamics are excellent – Dart is well placed
Europe
3,478 Tcf 1,2
North America
2,670 Tcf 1
China
2,519 Tcf 1
North America Case Study
• Most advanced in CBM and
shale gas development
• Over 20-year history
• 23% of US natural gas in 2010
accounted for by shale gas 4
Legend:
India
344 Tcf 1 Indonesia
1,440 Tcf 1
Australia
1,128 Tcf 1,3
Australia Case Study
• Advanced CBM development in
Queensland; early stage
exploration/appraisal outside
QLD (including NSW)
• 70% of Queensland’s gas
supplied by CBM
• 4 th largest LNG exporter
• Expected to be the largest in

CORPORATE HISTORY.
First 2 years: establish resource base in attractive markets; establish capabilities
Next 18 months: rapid commercialisation – initial developments and first cashflow
At Dart Energy’s listing 1 :
2010 OGIP: 4.3 Tcf
2010 2C: 0.3 Tcf 3
2010 2P: Nil
CBM only
Operations in:
July 2012 1 :
OGIP: 50.3 Tcf (CBM); 76.0
Tcf (Shale)
Prospective: 14.8 Tcf (CBM);
0.4 Tcf (Shale)
2C: 5.4 Tcf
3P/2P: 140 Bcf / 45 Bcf
CBM, Shale and CMM
Operations in:
Sources: All Resources and Reserves reported are based on NSAI and MHA Petroleum Consultants’ reports. 2010 figures are as reported in Dart Energy Limited and Arrow Energy
Limited’s Demerger Scheme Booklet of 7 Jun 2010
Notes:
1 Comprising Dart Energy’s international (non-Australian) portfolio
2 Dart Energy Limited acquired 10% of Composite Energy Limited on 3 September 2010 and acquired the remaining 90% which it did not own on 28 February 2011
7

DART ENERGY TODAY.
EUROPE SHALE
EUROPE CBM
ASIA CBM
ASIA SHALE
1m acres 76 Tcf GIP (1)
1.7m acres 13.8 Tcf GIP
0.9m acres 4.1 Tcf GIP
0.2m acres 76 Tcf GIP (1)
Early exploration
Drilling activity in proximity
Large GIP
Early development
Exploration / Appraisal upside
Reserves: 120 Bcf (3P)
Large Contingent 4.7 Tcf (2C)
Early development
Exploration / Appraisal upside
Reserves: 20 Bcf (3P)
Large Prospective: 2 Tcf
First mover advantage in
China
Carried work program
United Kingdom - 5 principal areas (32 Assets)
Belgium - 1 Asset (CBM JV)
Germany - 2 Assets 3
Poland - 3 Assets and 2 Assets under option
SUMMARY
Assets / projects CBM and Shale projects across over 20 basins 3
8.4 million acres (>34,000 km 2 )
Resources /
Reserves (net)
Business
Commercial Options
OGIP: 50.3 Tcf (CBM); 76.0 Tcf (Shale) 1
2C: 5.4 Tcf (CBM); Prospective: 14.8 Tcf (CBM) / 0.4 Tcf (Shale)
Reserves: 45 Bcf (2P - CBM); 140 Bcf (3P - CBM)
9 countries; local / regional capabilities
180 staff; number of former Arrow Energy staff
C. A$77m cash at end June
Electricity generation commenced in the U.K.
Compression facilities installed in China
2 GSAs in place; 1 MOU signed; others being negotiated
All resources and reserves are on net basis and have been independently certified by NSAI (except Liulin, China which has been
certified by MHA Petroleum Consultants)
Notes:
1 Comprise of 44 licenses (including 17 with shale potential) and 2 CMM projects. Excludes licenses under relinquishment
2 Shale OGIP potential best estimates based on NSAI’s independent assessment (May 2012)
3 Options for the 2 assets have been exercised and are pending completion
China - 2 Asset
Office Location: Beijing
India - 2 Assets and 2 CMM projects
Office Location: New Delhi
Head Office - Singapore
Indonesia - 3 Assets
Office Location: Jakarta
Australia - 7 Assets
Office Locations: Sydney, Brisbane
AUSTRALIA CBM
5.8m acres
32.5 Tcf GIP
Early appraisal
Exploration / Appraisal upside
Large Prospective: 12.3 Tcf
8

TARGETTING “GAS HUNGRY” MARKETS.
DART ENERGY
MARKETS
Long-term Supply
Deficits 1
Large Resource
Potential 2
21.4
+
-15.6Tcf -5.3Tcf -4.3Tcf -2.4Tcf
12.3
5.8
7.0
7.1
4.3
2.8
1.9
~3,500Tcf ~2,500Tcf ~350Tcf ~1,450Tcf
Attractive Gas
Prices
Unconventional Gas
in Early Stages
Favourable Market
Considerations
Demand
Supply
US$8.0 - US$11.0/mcf US$6.0 - US$8.0/mcf US$5.0 - US$7.5/mcf US$5.0 - US$8.0/ mcf
Exploration / appraisal
• Domestic gas production in
decline
• Security of supply concerns
(reliance on Russian and
Norway imports)
• Large CBM and shale gas
resources
• Stringent “green”
regulations likely to
increase gas demand
Some production; early
stage exploration /
appraisal
• Largest gas market in Asia 3
• 2 nd largest energy
consumer globally 3
• Largest unconventional gas
resource globally 3
• Govt’s intention to fast
track development of
unconventional gas as part
of 12 th 5-Year Plan
Early stage exploration /
appraisal; some (small)
production
• 3 rd largest gas market in
Asia 3
• 4 th largest energy
consumer globally 3
• 5 th largest LNG importer
globally 3
• Large CBM resources
• Shale gas on the agenda
Early stage exploration /
appraisal
• Largest holder of proven
natural gas reserves in
Asia-Pacific 3
• 5 th largest CBM reserves
globally 3
• 2 nd largest LNG exporter
globally in 2010 3
• Govt seeking to fast track
CBM/shale development
9
Notes:
1 Projected demand less domestic supply in 2020; DataFusion Associates projections
2 Includes CBM and shale gas resources (where available). Source: DataFusion Associates
3 Based on BP Statistical Review of World Energy June 2011

A SIMPLE MODEL BUSINESS MODEL.
Strategy
RAPID RESOURCE MATURATION + RAPID COMMERCIALISATION
Life-cycle
phase
IDENTIFY AND ACCESS
(1-4 years)
APPRAISE
(2-5 years)
COMMERCIAL
PRODUCTION
(>10 years)
Success
factors
High quality prospects
Attractive gas markets
Diversified resource base
Partner relationships
Diagnostic know-how
Execution capability
Disciplined resource
maturation
Less capital intensive
Ability to market gas
quickly
Accessible markets
Favourable margins in
target markets
Dart progress
to-date
Large resource base in
attractive markets
Diversified portfolio
Established strong
relationships
Attractive pipeline
Large contingent
resources; Initial reserves
certified (independently)
5 projects near
development
Drilling across portfolio
Best-in-class team
2 GSAs in place
Early pilot-to-power
projects underway
Visibility on production
Other commercialisation
options being developed
10

UNIQUE GLOBAL PORTFOLIO APPROACH ADDS VALUE.
RISK MITIGATION.
CAPITAL
ALLOCATION.
RESOURCE
OPTIMISATION.
Not reliant on any single asset, country, basin, partner or regime to
meet targets and deliver value
Ability to reallocate funds across the portfolio to optimise returns by
progressing projects that provide highest risk adjusted returns
Allows for efficiency and productivity in use of people and resources
Global advantage
Local application
Staff – recruit, train and retain the best
Best practice, learning and technology
transfer
Business development and credibility
Global contracts and economies of scale
International certifications
Local staffing, contractors and suppliers
Fit for purpose procurement and
manufacturing
Land and community management
Gas sales and commercialisation
Operational efficiency
11

A HIGH QUALITY, GLOBAL COAL BED METHANE PORTFOLIO.
500
450
PEDL 133
400
350
Liulin PSC
300
Electrosteel
250
200
Chester Basin
Muralim
PSC
Assam
Satpura
Tanjung
Enim PSC
PEDL 159
Sangatta
West PSC
150
Staffordshire
PEDL
161 & 163
East Midlands
USCB
100
50
0
Milejow
Chelm
0
EXPLORATION
100 CORE DRILLING & 200 PILOT TESTING 300 INITIAL 400 EARLY 500
FULL
600
TESTING
DEVELOPMENT
PRODUCTION
PRODUCTION
OGIP
Prospective
2C
3P
2P
10,000 Bcf
8,000 Bcf
4,000 Bcf
2,000 Bcf
1,000 Bcf
500 Bcf
250 Bcf
100 Bcf
12

AN EARLY-STAGE, HIGH POTENTENTIAL SHALE GAS PORTFOLIO.
200
Xiushan*
150
Milejow
100
Chester Basin
Saxon I West
& Saxon II
Midland Valley
50
0
Gainsborough
Trough
(East Midlands)
0 EXPLORATION 50 CORE DRILLING & 100 PILOT TESTING 150 INITIAL 200 PRODUCTION 250
TESTING
DEVELOPMENT
* Dart internal estimates
OGIP
Prospective
40,000 Bcf
30,000 Bcf
20,000 Bcf
10,000 Bcf
5,000 Bcf
2,000 Bcf
1,000 Bcf
200 Bcf
13

DELIVERING VALUE IN THE NEXT 18 MONTHS.
Key projects in each geography progressing to production and income
Airth, PEDL133
2 Pilot wells, good early gas flows
SUMMARY
# Wells 35-45
Potential Field EUR
40-50Bcf
Contingent Resource (net):
594 Bcf (2C)
2P Reserves:
38 Bcf
3P Reserves:
72 Bcf
Based on c. 60km 2 initial development area
United Kingdom
Coal Mine Methane
SUMMARY
# Wells 3
Dart earns service fee from degassing activities
Tanjung Enim // Muralim
3 Pilot wells dewatering
SUMMARY
# Wells 160-180
Potential Field EUR
150-200 Bcf
Contingent Resource (net): 256 Bcf (2C)
Based on c. 60km 2 initial development area
India
Fullerton Cove
China
1 Pilot well approved
SUMMARY
Indonesia
# Wells 100 - 150
Potential Field EUR
Contingent Resource (net):
100 - 150 Bcf
542 Bcf (2C)
Note: This reflects a conceptual framework of a
potential initial development
Liulin
4 Pilot wells, good gas flows
SUMMARY
# Wells 30-35
Potential Field EUR
30-40 Bcf
Contingent Resource (net): 88 Bcf (2C)
Reserves:
Australia
Based on c. 30km 2 initial development area
Sangatta West
4 Pilot wells dewatering
SUMMARY
29 Bcf (2P) / 49Bcf (3P)
# Wells 110-130
Potential Field EUR
Contingent Resource (net):
3P Reserves:
125-150 Bcf
273 Bcf (2C)
38 Bcf
Based on c. 65km 2 initial development area
14

TRANSITIONING INTO A PRODUCTION COMPANY IN THE MEDIUM TERM.
Base projects underpin near term revenue and proof of model
Portfolio builds to materiality 2015 onwards
EBITDA Margin:
60% - 70%
15

LEVERAGED TO THE STRONG MACRO GAS STORY.
1
2
3
4
Gas is increasingly becoming the primary fuel globally;
its share in the energy mix is expected to catch up with oil by 2040 1,2
Technically recoverable unconventional gas resources
are larger than conventional natural gas resources 1
Dart Energy is a leading global unconventional
gas company with a large international asset base, managed by an
experienced team with a demonstrated track record of success
Near term value creation potential through focus on achieving
production and revenues at core projects
Notes:
1 DataFusion Associates
2 ExxonMobil report: 2012 The Outlook for Energy: A View to 2040
16

INDUSTRY PRESENTS A SUBSTANTIAL VALUE CREATION OPPORTUNITY.
NORTH AMERICA
SHALE
2010: acquired by
Exxon for US$41bn
2010: 2 nd largest US
producer; CNOOC
US$2bn+ strategic
investor
2010: acquired by
Royal Dutch Shell
for US$4.7bn
AUSTRALIA
CBM
2010: A$3.5bn
acquisition by Shell /
CNPC
2009: A$5.2bn
acquisition by BG
Group
2009: A$5bn CBM-
LNG JV with
ConocoPhillips
INTERNATIONAL
UNCONVENTIONALS
2000’s
2000’s
Europe Asia Global
2012
Source: Reuters
17

DART ENERGY LIMITED – SUMMARY.
1
2
3
A global portfolio of quality unconventional gas assets
• coal bed methane and shale gas
• growth regions of Asia and Europe
• Large certified resource / reserve position
• Markets with unsatisfied gas demand growth and advantaged pricing
Multiple projects across portfolio on-track, goal is to generate
first gas and revenues within 18 months
• Initial production / production results
• Early commercialisation schemes well advanced
• Migrate to larger-scale developments – GSAs in place
• Five-year ambition to become a significant producer / cash generating business
Board, executive and team with track record and delivery capability
18

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, Brisbane Queensland 4000
Tel: +61 7 3149 2100
Fax: +61 7 3149 2101
CONTACTS:
John McGoldrick,
Dart international Chief Executive Officer
JMcGoldrick@dartcbm.com
Robbert de Weijer
Dart Australia Chief Executive Officer
RdeWeijer@dartcbm.com
Eytan Uliel, Chief Commercial Officer
EUliel@dartcbm.com
Nathan Rayner, Chief Operating Officer
NRayner@dartcbm.com
Martin Cooper, Chief Financial Officer
MCooper@dartcbm.com
19
Country Offices
Australia (Registered Office)
Suite G2
64 Talavera Road
North Ryde, Sydney NSW 2113
Tel: +61 2 9146 6330
Fax: +61 2 8088 7140
Beijing, China
Tower 4 of Beijing International Centre
Suite 706, 7/F, No.38, East 3rd Ring Road North
Chaoyang District 100022 Beijing, P.R.China
Tel: +86 10 8587 0177
Fax: +86 10 8587 0167
New Delhi, India
804 - 805, Global Business Park
Tower B, 8th Floor MG Road
Gurgaon - 122002 (India)
Tel: +91 124 4990500
Fax: +91 124 4990501
Stirling, Scotland, United Kingdom
Laurel Hill Business Park
Polmaise Road, Stirling
FK7 9JQ
Tel: +44 333 800 2000
Fax: +44 1786 447868
Jakarta, Indonesia
Wisma Anugraha, (Petrosea Office)
1st Floor, JI. Taman Kemang, No.32B
Kemang Jakarta 12730, Indonesia
Tel: +62 21 719 8117
Fax: +62 21 718 2844

UNCONVENTIONAL GAS PRIMER.
AUSTRALIA / CHINA / INDIA / INDONESIA / UNITED KINGDOM / POLAND / BELGIUM / GERMANY

WHAT ARE “UNCONVENTIONALS”?
Coal Bed Methane Shale gas Tight gas
Gas is adsorbed onto the Gas is “trapped” within Gas trapped in impermeable
surface of the coal the shale rock hard rocks or sands
CBM and shale gas is the same end product as
conventional natural gas
Difference is source rock from which natural gas is
produced
Drilling techniques and principles of well completions are
similar to those used in the conventional oil and gas
industry
Advances in horizontal drilling and hydraulic fracturing
make CBM and shale gas economically competitive
Conventional natural gas
Gas exists in a free state in
the spaces between the sands
21

HOW IS IT EXTRACTED?
Typical
Depth
500m –
1,500m
Coal Bed Methane (CBM)
Water is removed from the
coalbeds (“dewatering”),
lowering the pressure in the
coals and the gas is “desorbed”
Depth
>2,500m
Shale gas
Water, sand and chemicals are
injected into the rock at high
pressures (“fraccing”) to crack
the rock and liberate the gas
22

The image cannot be displayed. Your computer may not have enough memory to open the image, or the image may have been corrupted. Restart your computer, and then open the file again. If the red x still appears, you may have to delete the image and then insert it again.
The image cannot be displayed. Your computer may not have enough memory to open the image, or the image may have been corrupted. Restart your computer, and then open the file again. If the red x still appears, you may have to delete the image and then insert it again.
BASIC CBM WELL TYPES.
Vertical Lateral Multi-lateral
Lowest cost
Fastest completion time
Effective for thick coal seams
Used when coal seams are thin
Horizontal drilling techniques
High precision required
Minimise surface footprint
Fastest gas drainage
Most ‘hole in coal’
Cross-Section View
45m to
175m
Radius Bend
COAL SEAM
COAL SEAM
60m
Typical wellhead
• Fully automated pump and
reservoir control
• Optimises production; reduces
field maintenance
Lateral Collars
Typical CBM rig
• Conventional mineral rig
• Truck mounted
• In-seam steering technology
Vertical Collars
Well design decision to optimise economics
23

The image cannot be displayed. Your computer may not have enough memory to open the image, or the image may have been corrupted. Restart your computer, and then open the file again. If the red x still appears, you may have to delete the image and then insert it again.
A TYPICAL SHALE WELL.
Deep vertical well with one or more laterals
Main difference is “fraccing” - pumping water
and sand (>98%) and additives (

AN UNCONVENTIONAL GAS WELL PRODUCTION PROFILE.
Nature of the source
rock results in a
fundamentally
different production
profile
Significant technical
and commercial
impact
25

UNCONVENTIONAL GAS PROJECT LIFE CYCLE.
Identification
1 - 3 yrs
Explore
1 - 3 yrs
Full Scale
Development 1
Appraise 1
20+ yrs 1 - 2 yrs
Initial
Development 1
2 - 3 yrs
Note:
1 Once a well has been drilled and is of no further use, it will be abandoned. The
process includes safely sealing the well and rehabilitating the surrounding area, in
accordance with licence terms and applicable local regulations providing for
rehabilitation and industry best practice
26

RESPONSIBLE ENVIRONMENTAL MANAGEMENT.
1
LAND USE
CONCERNS
Wells occupy large surface area?
Land cannot be used for other uses?
Unsightly and disrupts wildlife habitats?
INDUSTRY FACTS
“Nuisance” / drilling period typically 98% water; < 2% “additives” (common in
household products)
Used for shale; limited use in CBM
Strictly regulated
Notes
1. Marcellus Shale – Water Treatment Options Worth Considering, www.ventureengr.com
2.. Department of Energy & Climate Change (U.K.) Report “Shale gas, NW England earthquakes and UK regulation”, 8 May 2012
27 STRICTLY PRIVATE & CONFIDENTIAL

END. THANK YOU.
AUSTRALIA / CHINA / INDIA / INDONESIA / UNITED KINGDOM / POLAND / BELGIUM / GERMANY

Dart Energy Limited
(ASX: DTE)
Developing Global Unconventional Gas
Proactive Investor
ONe2One Hydrocarbon Investor Forum
John McGoldrick – Chief Executive Officer
Eytan Uliel – Chief Commercial Officer
23 August 2012
www.dartenergy.com.au

IMPORTANT NOTICE.
This presentation has been prepared by Dart Energy Limited (“Dart” or the "Company"). By viewing all or part of this presentation, you agree to maintain
confidentiality regarding the information disclosed in this presentation, unless such information is otherwise publicly available. Any failure to comply with
these restrictions may constitute a violation of applicable securities laws.
This presentation is for information purposes only and does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe
for any securities, nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever.
The information contained in this presentation has not been independently verified. No representation or warranty expressed or implied is made as to, and
no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. None of
the Company, Dart Energy Limited or any of their respective affiliates, advisers or representatives accept any liability whatsoever (in negligence or otherwise)
for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in
connection with this presentation.
This presentation includes forward-looking statements. These statements contain the words "anticipate", "believe", "intend", "estimate", "expect“, “plan”
and words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those
regarding the Company’s financial position, business strategy, plans and objectives of management for future operations (including development plans and
objectives relating to the Company's business and services) are forward-looking statements. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different
from results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements speak only as at the
date of this presentation. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future
or likely performance of the Company. Past performance is not necessarily indicative of future performance. The forecast financial performance of the
Company is not guaranteed. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current views of the
Company on future events. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions, except as required by
law, to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
Neither this presentation nor any copy or portion of it may be sent or taken, transmitted or distributed, directly or indirectly, into the United States, Japan,
Australia, Canada or any other jurisdiction which prohibits the same. The securities have not been, and will not be, registered under the U.S. Securities Act of
1933, as amended (the "Securities Act"), or the securities laws of any state or other jurisdiction of the United States or elsewhere, and the securities may not
be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act and applicable state or local securities laws. This presentation is not for distribution in, nor does it constitute an offer for sale of securities in
the United States. The Company does not intend to conduct a public offering of its securities in the United States.
This presentation may not be forwarded or distributed to any other person and may not be copied or reproduced in any manner. Failure to comply with this
directive may violate applicable laws.
2

DART ENERGY LIMITED -
DEVELOPING GLOBAL UNCONVENTIONAL GAS.
AUSTRALIA / CHINA / INDIA / INDONESIA / UNITED KINGDOM / POLAND / BELGIUM / GERMANY

WHAT ARE “UNCONVENTIONALS”?
Coal Bed Methane Shale gas Tight gas
Gas is adsorbed onto the Gas is “trapped” within Gas trapped in impermeable
surface of the coal the shale rock hard rocks or sands
CBM and shale gas is the same end product as conventional
natural gas
Difference is source rock from which natural gas is produced
Drilling techniques and principles of well completions are
similar to those used in the conventional oil and gas industry
Advances in horizontal drilling and hydraulic fracturing make
CBM and shale gas economically competitive
Conventional natural gas
Gas exists in a free state in
the spaces between the sands
4

HOW IS IT EXTRACTED?
Typical
Depth
500m –
1,500m
Coal Bed Methane (CBM)
Water is removed from the
coalbeds (“dewatering”),
lowering the pressure in the
coals and the gas is “desorbed”
Depth
>2,500m
Shale gas
Water, sand and chemicals are
injected into the rock at high
pressures (“fraccing”) to crack
the rock and liberate the gas
5

“UNCONVENTIONALS” – A TRANSFORMATIVE, GLOBAL ENERGY SOURCE.
CBM and Shale transformed the energy landscape in North America and Australia
Europe and Asia have significant unconventional gas resources
The long-term sector dynamics are excellent – Dart is well placed
Europe
3,478 Tcf 1,2
North America
2,670 Tcf 1
China
2,519 Tcf 1
North America Case Study
• Most advanced in CBM and
shale gas development
• Over 20-year history
• 23% of US natural gas in 2010
accounted for by shale gas 4
Legend:
India
344 Tcf 1 Indonesia
1,440 Tcf 1
Australia
1,128 Tcf 1,3
Australia Case Study
• Advanced CBM development in
Queensland; early stage
exploration/appraisal outside
QLD (including NSW)
• 70% of Queensland’s gas
supplied by CBM
• 4 th largest LNG exporter
• Expected to be the largest in

CORPORATE HISTORY.
First 2 years: establish resource base in attractive markets; establish capabilities
Next 18 months: rapid commercialisation – initial developments and first cashflow
At Dart Energy’s listing 1 :
2010 OGIP: 4.3 Tcf
2010 2C: 0.3 Tcf 3
2010 2P: Nil
CBM only
Operations in:
July 2012 1 :
OGIP: 50.3 Tcf (CBM); 76.0
Tcf (Shale)
Prospective: 14.8 Tcf (CBM);
0.4 Tcf (Shale)
2C: 5.4 Tcf
3P/2P: 140 Bcf / 45 Bcf
CBM, Shale and CMM
Operations in:
Sources: All Resources and Reserves reported are based on NSAI and MHA Petroleum Consultants’ reports. 2010 figures are as reported in Dart Energy Limited and Arrow Energy
Limited’s Demerger Scheme Booklet of 7 Jun 2010
Notes:
1 Comprising Dart Energy’s international (non-Australian) portfolio
2 Dart Energy Limited acquired 10% of Composite Energy Limited on 3 September 2010 and acquired the remaining 90% which it did not own on 28 February 2011
7

DART ENERGY TODAY.
EUROPE SHALE
EUROPE CBM
ASIA CBM
ASIA SHALE
1m acres 76 Tcf GIP (1)
1.7m acres 13.8 Tcf GIP
0.9m acres 4.1 Tcf GIP
0.2m acres 76 Tcf GIP (1)
Early exploration
Drilling activity in proximity
Large GIP
Early development
Exploration / Appraisal upside
Reserves: 120 Bcf (3P)
Large Contingent 4.7 Tcf (2C)
Early development
Exploration / Appraisal upside
Reserves: 20 Bcf (3P)
Large Prospective: 2 Tcf
First mover advantage in
China
Carried work program
United Kingdom - 5 principal areas (32 Assets)
Belgium - 1 Asset (CBM JV)
Germany - 2 Assets 3
Poland - 3 Assets and 2 Assets under option
SUMMARY
Assets / projects CBM and Shale projects across over 20 basins 3
8.4 million acres (>34,000 km 2 )
Resources /
Reserves (net)
Business
Commercial Options
OGIP: 50.3 Tcf (CBM); 76.0 Tcf (Shale) 1
2C: 5.4 Tcf (CBM); Prospective: 14.8 Tcf (CBM) / 0.4 Tcf (Shale)
Reserves: 45 Bcf (2P - CBM); 140 Bcf (3P - CBM)
9 countries; local / regional capabilities
180 staff; number of former Arrow Energy staff
C. A$77m cash at end June
Electricity generation commenced in the U.K.
Compression facilities installed in China
2 GSAs in place; 1 MOU signed; others being negotiated
All resources and reserves are on net basis and have been independently certified by NSAI (except Liulin, China which has been
certified by MHA Petroleum Consultants)
Notes:
1 Comprise of 44 licenses (including 17 with shale potential) and 2 CMM projects. Excludes licenses under relinquishment
2 Shale OGIP potential best estimates based on NSAI’s independent assessment (May 2012)
3 Options for the 2 assets have been exercised and are pending completion
China - 2 Asset
Office Location: Beijing
India - 2 Assets and 2 CMM projects
Office Location: New Delhi
Head Office - Singapore
Indonesia - 3 Assets
Office Location: Jakarta
Australia - 7 Assets
Office Locations: Sydney, Brisbane
AUSTRALIA CBM
5.8m acres
32.5 Tcf GIP
Early appraisal
Exploration / Appraisal upside
Large Prospective: 12.3 Tcf
8

TARGETTING “GAS HUNGRY” MARKETS.
DART ENERGY
MARKETS
Long-term Supply
Deficits 1
Large Resource
Potential 2
21.4
+
-15.6Tcf -5.3Tcf -4.3Tcf -2.4Tcf
12.3
5.8
7.0
7.1
4.3
2.8
1.9
~3,500Tcf ~2,500Tcf ~350Tcf ~1,450Tcf
Attractive Gas
Prices
Unconventional Gas
in Early Stages
Favourable Market
Considerations
Demand
Supply
US$8.0 - US$11.0/mcf US$6.0 - US$8.0/mcf US$5.0 - US$7.5/mcf US$5.0 - US$8.0/ mcf
Exploration / appraisal
• Domestic gas production in
decline
• Security of supply concerns
(reliance on Russian and
Norway imports)
• Large CBM and shale gas
resources
• Stringent “green”
regulations likely to
increase gas demand
Some production; early
stage exploration /
appraisal
• Largest gas market in Asia 3
• 2 nd largest energy
consumer globally 3
• Largest unconventional gas
resource globally 3
• Govt’s intention to fast
track development of
unconventional gas as part
of 12 th 5-Year Plan
Early stage exploration /
appraisal; some (small)
production
• 3 rd largest gas market in
Asia 3
• 4 th largest energy
consumer globally 3
• 5 th largest LNG importer
globally 3
• Large CBM resources
• Shale gas on the agenda
Early stage exploration /
appraisal
• Largest holder of proven
natural gas reserves in
Asia-Pacific 3
• 5 th largest CBM reserves
globally 3
• 2 nd largest LNG exporter
globally in 2010 3
• Govt seeking to fast track
CBM/shale development
9
Notes:
1 Projected demand less domestic supply in 2020; DataFusion Associates projections
2 Includes CBM and shale gas resources (where available). Source: DataFusion Associates
3 Based on BP Statistical Review of World Energy June 2011

A SIMPLE MODEL BUSINESS MODEL.
Strategy
RAPID RESOURCE MATURATION + RAPID COMMERCIALISATION
Life-cycle
phase
IDENTIFY AND ACCESS
(1-4 years)
APPRAISE
(2-5 years)
COMMERCIAL
PRODUCTION
(>10 years)
Success
factors
High quality prospects
Attractive gas markets
Diversified resource base
Partner relationships
Diagnostic know-how
Execution capability
Disciplined resource
maturation
Less capital intensive
Ability to market gas
quickly
Accessible markets
Favourable margins in
target markets
Dart progress
to-date
Large resource base in
attractive markets
Diversified portfolio
Established strong
relationships
Attractive pipeline
Large contingent
resources; Initial reserves
certified (independently)
5 projects near
development
Drilling across portfolio
Best-in-class team
2 GSAs in place
Early pilot-to-power
projects underway
Visibility on production
Other commercialisation
options being developed
10

UNIQUE GLOBAL PORTFOLIO APPROACH ADDS VALUE.
RISK MITIGATION.
CAPITAL
ALLOCATION.
RESOURCE
OPTIMISATION.
Not reliant on any single asset, country, basin, partner or regime to
meet targets and deliver value
Ability to reallocate funds across the portfolio to optimise returns by
progressing projects that provide highest risk adjusted returns
Allows for efficiency and productivity in use of people and resources
Global advantage
Local application
Staff – recruit, train and retain the best
Best practice, learning and technology
transfer
Business development and credibility
Global contracts and economies of scale
International certifications
Local staffing, contractors and suppliers
Fit for purpose procurement and
manufacturing
Land and community management
Gas sales and commercialisation
Operational efficiency
11

A HIGH QUALITY, GLOBAL COAL BED METHANE PORTFOLIO.
500
450
PEDL 133
400
350
Liulin PSC
300
Electrosteel
250
200
Chester Basin
Muralim
PSC
Assam
Satpura
Tanjung
Enim PSC
PEDL 159
Sangatta
West PSC
150
Staffordshire
PEDL
161 & 163
East Midlands
USCB
100
50
0
Milejow
Chelm
0
EXPLORATION
100 CORE DRILLING & 200 PILOT TESTING 300 INITIAL 400 EARLY 500
FULL
600
TESTING
DEVELOPMENT
PRODUCTION
PRODUCTION
OGIP
Prospective
2C
3P
2P
10,000 Bcf
8,000 Bcf
4,000 Bcf
2,000 Bcf
1,000 Bcf
500 Bcf
250 Bcf
100 Bcf
12

AN EARLY-STAGE, HIGH POTENTENTIAL SHALE GAS PORTFOLIO.
200
Xiushan*
150
Milejow
100
Chester Basin
Saxon I West
& Saxon II
Midland Valley
50
0
Gainsborough
Trough
(East Midlands)
0 EXPLORATION 50 CORE DRILLING & 100 PILOT TESTING 150 INITIAL 200 PRODUCTION 250
TESTING
DEVELOPMENT
* Dart internal estimates
OGIP
Prospective
40,000 Bcf
30,000 Bcf
20,000 Bcf
10,000 Bcf
5,000 Bcf
2,000 Bcf
1,000 Bcf
200 Bcf
13

DELIVERING VALUE IN THE NEXT 18 MONTHS.
Key projects in each geography progressing to production and income
Airth, PEDL133
2 Pilot wells, good early gas flows
SUMMARY
# Wells 35-45
Potential Field EUR
40-50Bcf
Contingent Resource (net):
594 Bcf (2C)
2P Reserves:
38 Bcf
3P Reserves:
72 Bcf
Based on c. 60km 2 initial development area
United Kingdom
Coal Mine Methane
SUMMARY
# Wells 3
Dart earns service fee from degassing activities
Tanjung Enim // Muralim
3 Pilot wells dewatering
SUMMARY
# Wells 160-180
Potential Field EUR
150-200 Bcf
Contingent Resource (net): 256 Bcf (2C)
Based on c. 60km 2 initial development area
India
Fullerton Cove
China
1 Pilot well approved
SUMMARY
Indonesia
# Wells 100 - 150
Potential Field EUR
Contingent Resource (net):
100 - 150 Bcf
542 Bcf (2C)
Note: This reflects a conceptual framework of a
potential initial development
Liulin
4 Pilot wells, good gas flows
SUMMARY
# Wells 30-35
Potential Field EUR
30-40 Bcf
Contingent Resource (net): 88 Bcf (2C)
Reserves:
Australia
Based on c. 30km 2 initial development area
Sangatta West
4 Pilot wells dewatering
SUMMARY
29 Bcf (2P) / 49Bcf (3P)
# Wells 110-130
Potential Field EUR
Contingent Resource (net):
3P Reserves:
125-150 Bcf
273 Bcf (2C)
38 Bcf
Based on c. 65km 2 initial development area
14

TRANSITIONING INTO A PRODUCTION COMPANY IN THE MEDIUM TERM.
Base projects underpin near term revenue and proof of model
Portfolio builds to materiality 2015 onwards
EBITDA Margin:
60% - 70%
15

LEVERAGED TO THE STRONG MACRO GAS STORY.
1
2
3
4
Gas is increasingly becoming the primary fuel globally;
its share in the energy mix is expected to catch up with oil by 2040 1,2
Technically recoverable unconventional gas resources
are larger than conventional natural gas resources 1
Dart Energy is a leading global unconventional
gas company with a large international asset base, managed by an
experienced team with a demonstrated track record of success
Near term value creation potential through focus on achieving
production and revenues at core projects
Notes:
1 DataFusion Associates
2 ExxonMobil report: 2012 The Outlook for Energy: A View to 2040
16

INDUSTRY PRESENTS A SUBSTANTIAL VALUE CREATION OPPORTUNITY.
NORTH AMERICA
SHALE
2010: acquired by
Exxon for US$41bn
2010: 2 nd largest US
producer; CNOOC
US$2bn+ strategic
investor
2010: acquired by
Royal Dutch Shell
for US$4.7bn
AUSTRALIA
CBM
2010: A$3.5bn
acquisition by Shell /
CNPC
2009: A$5.2bn
acquisition by BG
Group
2009: A$5bn CBM-
LNG JV with
ConocoPhillips
INTERNATIONAL
UNCONVENTIONALS
2000’s
2000’s
Europe Asia Global
2012
Source: Reuters
17

DART ENERGY LIMITED – SUMMARY.
1
2
3
A global portfolio of quality unconventional gas assets
• coal bed methane and shale gas
• growth regions of Asia and Europe
• Large certified resource / reserve position
• Markets with unsatisfied gas demand growth and advantaged pricing
Multiple projects across portfolio on-track, goal is to generate
first gas and revenues within 18 months
• Initial production / production results
• Early commercialisation schemes well advanced
• Migrate to larger-scale developments – GSAs in place
• Five-year ambition to become a significant producer / cash generating business
Board, executive and team with track record and delivery capability
18

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, Brisbane Queensland 4000
Tel: +61 7 3149 2100
Fax: +61 7 3149 2101
CONTACTS:
John McGoldrick,
Dart international Chief Executive Officer
JMcGoldrick@dartcbm.com
Robbert de Weijer
Dart Australia Chief Executive Officer
RdeWeijer@dartcbm.com
Eytan Uliel, Chief Commercial Officer
EUliel@dartcbm.com
Nathan Rayner, Chief Operating Officer
NRayner@dartcbm.com
Martin Cooper, Chief Financial Officer
MCooper@dartcbm.com
19
Country Offices
Australia (Registered Office)
Suite G2
64 Talavera Road
North Ryde, Sydney NSW 2113
Tel: +61 2 9146 6330
Fax: +61 2 8088 7140
Beijing, China
Tower 4 of Beijing International Centre
Suite 706, 7/F, No.38, East 3rd Ring Road North
Chaoyang District 100022 Beijing, P.R.China
Tel: +86 10 8587 0177
Fax: +86 10 8587 0167
New Delhi, India
804 - 805, Global Business Park
Tower B, 8th Floor MG Road
Gurgaon - 122002 (India)
Tel: +91 124 4990500
Fax: +91 124 4990501
Stirling, Scotland, United Kingdom
Laurel Hill Business Park
Polmaise Road, Stirling
FK7 9JQ
Tel: +44 333 800 2000
Fax: +44 1786 447868
Jakarta, Indonesia
Wisma Anugraha, (Petrosea Office)
1st Floor, JI. Taman Kemang, No.32B
Kemang Jakarta 12730, Indonesia
Tel: +62 21 719 8117
Fax: +62 21 718 2844

UNCONVENTIONAL GAS PRIMER.
AUSTRALIA / CHINA / INDIA / INDONESIA / UNITED KINGDOM / POLAND / BELGIUM / GERMANY

WHAT ARE “UNCONVENTIONALS”?
Coal Bed Methane Shale gas Tight gas
Gas is adsorbed onto the Gas is “trapped” within Gas trapped in impermeable
surface of the coal the shale rock hard rocks or sands
CBM and shale gas is the same end product as
conventional natural gas
Difference is source rock from which natural gas is
produced
Drilling techniques and principles of well completions are
similar to those used in the conventional oil and gas
industry
Advances in horizontal drilling and hydraulic fracturing
make CBM and shale gas economically competitive
Conventional natural gas
Gas exists in a free state in
the spaces between the sands
21

HOW IS IT EXTRACTED?
Typical
Depth
500m –
1,500m
Coal Bed Methane (CBM)
Water is removed from the
coalbeds (“dewatering”),
lowering the pressure in the
coals and the gas is “desorbed”
Depth
>2,500m
Shale gas
Water, sand and chemicals are
injected into the rock at high
pressures (“fraccing”) to crack
the rock and liberate the gas
22

The image cannot be displayed. Your computer may not have enough memory to open the image, or the image may have been corrupted. Restart your computer, and then open the file again. If the red x still appears, you may have to delete the image and then insert it again.
The image cannot be displayed. Your computer may not have enough memory to open the image, or the image may have been corrupted. Restart your computer, and then open the file again. If the red x still appears, you may have to delete the image and then insert it again.
BASIC CBM WELL TYPES.
Vertical Lateral Multi-lateral
Lowest cost
Fastest completion time
Effective for thick coal seams
Used when coal seams are thin
Horizontal drilling techniques
High precision required
Minimise surface footprint
Fastest gas drainage
Most ‘hole in coal’
Cross-Section View
45m to
175m
Radius Bend
COAL SEAM
COAL SEAM
60m
Typical wellhead
• Fully automated pump and
reservoir control
• Optimises production; reduces
field maintenance
Lateral Collars
Typical CBM rig
• Conventional mineral rig
• Truck mounted
• In-seam steering technology
Vertical Collars
Well design decision to optimise economics
23

The image cannot be displayed. Your computer may not have enough memory to open the image, or the image may have been corrupted. Restart your computer, and then open the file again. If the red x still appears, you may have to delete the image and then insert it again.
A TYPICAL SHALE WELL.
Deep vertical well with one or more laterals
Main difference is “fraccing” - pumping water
and sand (>98%) and additives (

AN UNCONVENTIONAL GAS WELL PRODUCTION PROFILE.
Nature of the source
rock results in a
fundamentally
different production
profile
Significant technical
and commercial
impact
25

UNCONVENTIONAL GAS PROJECT LIFE CYCLE.
Identification
1 - 3 yrs
Explore
1 - 3 yrs
Full Scale
Development 1
Appraise 1
20+ yrs 1 - 2 yrs
Initial
Development 1
2 - 3 yrs
Note:
1 Once a well has been drilled and is of no further use, it will be abandoned. The
process includes safely sealing the well and rehabilitating the surrounding area, in
accordance with licence terms and applicable local regulations providing for
rehabilitation and industry best practice
26

RESPONSIBLE ENVIRONMENTAL MANAGEMENT.
1
LAND USE
CONCERNS
Wells occupy large surface area?
Land cannot be used for other uses?
Unsightly and disrupts wildlife habitats?
INDUSTRY FACTS
“Nuisance” / drilling period typically 98% water; < 2% “additives” (common in
household products)
Used for shale; limited use in CBM
Strictly regulated
Notes
1. Marcellus Shale – Water Treatment Options Worth Considering, www.ventureengr.com
2.. Department of Energy & Climate Change (U.K.) Report “Shale gas, NW England earthquakes and UK regulation”, 8 May 2012
27 STRICTLY PRIVATE & CONFIDENTIAL

END. THANK YOU.
AUSTRALIA / CHINA / INDIA / INDONESIA / UNITED KINGDOM / POLAND / BELGIUM / GERMANY