2014 GTC Conference Progress Report: “Making UCG Technology a Commercial Reality” October 27, Washington D.C.

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Disclaimer

This presentation is confidential and its content may not be copied, reproduced, redistributed, quoted, referred to or otherwise disclosed, in whole or in part, directly or indirectly, to any third party, except with the prior written consent of the Company.

This presentation is for informational 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.

This presentation contains interpretations and forward-looking statements that are subject to risk factors associated with the oil and gas, and coal industries. You are cautioned not to place reliance on these forward-looking statements, which are based on the current views of the Company on future events. The Company believes that the expectations reflected in the presentation are reasonable but may be affected by a variety of variables and changes in underlying assumptions which could cause actual results to differ substantially from the statements made. These include but are not limited to: production fluctuations, commodity price fluctuations, variations to drilling, well testing and production results, reservoir risks, reserves estimates, loss of market, industry competition, environmental risk, physical risks, legislative fiscal and regulatory changes, changes to petroleum licences/regimes, economic and financial market conditions, project delay or advancement, approvals and cost estimates.

The Company and its Directors, agents, officers and employees do not make any representation or warranty, express or implied, as to endorsement of, the fairness, accuracy or completeness of any information, statement, representation or forecast contained in this presentation and they do not accept any liability for any statement made in, or omitted from, this presentation.

The information contained in this presentation noted above are subject to change without notice. This presentation is intended only for the recipients thereof and may not be forwarded or distributed to any other person and may not be copied or reproduced in any manner.

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Agenda

Page

A. Introduction & Corporate Update 3 – 5

B. Underground Coal Gasification (UCG) Technology Overview 6 – 12

C. Linc Energy’s G6 UCG Permitting Success in WY – “Blazing the UCG Permit Path” 13 – 17

D. Accomplishments of Gasifiers 1 – 5 and Decommissioning Process at Chinchilla 18 – 29

E. Linc Energy Current Commercial UCG Opportunities 30 – 37

F. Conclusions – Questions & Answers 38 – 40

A. Introduction & Corporate Update

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Breaking NEWS – “This Just In” – UCG Approved in WY!

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Business Units/Segments of Linc Energy

Gulf Coast, U.S.:

− 2P reserves of 12.9 mmboe

− Production rate of 5,500 boepd as at 8 August, 2014

− Target increased production to exit rate of 8,000 – 9,000 BOPD (gross) by year end-2014

Alaska, U.S.:

− Successful 2013-14 Umiat winter drilling season 250 – 800 bpd flow

− 1,200 mmbbl OOIP

− 3P reserves of 194.1 mmbbl

− Peak production target 10,000 – 50,000 bopd (gross)

Wyoming, U.S.:

− Enhanced Oil Recovery (“EOR”) ~80 mmbbl recoverable oil

− 3P reserves of 67 mmboe

− Production target 15,000 bopd

Wyoming G6 Approval

Leader in UCG

The only company in the world to have produced diesel and jet fuel from UCG syngas

First commercial projects underway in South Africa and Poland

Strategic JVs with partners in Russia, Ukraine and South Africa. Exploring JV opportunities in Asia and North America

Petroleum Exploration leases in South Australia’s Arckaringa Basin covering ~16 million contiguous acres

102.8 – 232.8 billion boe (unrisked) estimated recoverable resource

3 – 5 well exploration program 2014

Exercised August, 2014 $145mm

Linc Energy would have received A$2 per tonne (indexed to the Consumer Price Index (Brisbane) All Groups number) of coal produced for the first 20 years of production at Adani’s Carmichael Project

First production expected in 2017

Ownership of coal reserves and resources in Queensland, Australia

Further develop coal portfolio over time, establish a pure-play Australian coal company via divestment and/or demerger

JORC coal resource of 756.1MT

JORC coal reserve of 56.5MT

Conventional Oil & Gas

Unconventional Oil & Gas

Coal

Clean Energy Shale Oil (SAPEX)

Carmichael Royalty New Emerald Coal

Corporate asset

Core business

B. Underground Coal Gasification (UCG) Technology Overview

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What is UCG?

Underground Coal Gasification, or UCG, converts deep, stranded coal to a gas while remaining in the ground – this process is referred to as “in situ”

Two wells, injection and production, are drilled into the coal seam and connected with a horizontal linking well

Oxygen/air is injected, heat and steam are generated, creating a chemical reaction

Produces synthesis gas, or “syngas” and consists of mainly hydrogen and carbon monoxide molecules

UCG can be compatible with traditional coal mining operations

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Injection Production

1. Combustion of Coal with oxidant

2. Heat is generated

3. Coal + Water + Heat Syngas (H2+CO) through Gasification

4. Other reaction:

Water Gas Shift (CO + H2O < -- > H2 + CO2)

Methanation (CO + 3H2 < -- > CH4 + H2O)

Pyrolysis (Coal CH4 + H2O + Hydrocarbons + Tars + Volatile gases)

Underground Coal Gasification (UCG)

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Gasifier Snapshot

11 bar

Production Well

Injection Well Vibrating wire

piezometers

Vibrating wire piezometers

13 bar 13 bar

12 bar 12 bar

23 bar 23 bar

Gasifier operating pressure set just below pore pressures in the

coal seam

Water Water

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Linc Energy’s UCG Technology Breakthroughs Historical UCG technology vs. Linc Energy proprietary technology

Linc Energy proprietary technology Historical UCG technology

Key Challenges with Historical UCG technology:

Well Control - vertical oxidant injection well challenges:

Control at injection point - low coal recovery & syngas quality

Multiple wells required - surface impacts and cost prohibitive

Well Failure – well casing integrity, tar blockages & proximity to high temperature gasification zones.

Gasification Technical Constraints - oxygen blown gasification not available – power generation only option - production of high quality liquid fuels, synthetic natural gas and chemicals was not feasible.

Drilling Technology Constraints - no directional drilling. Vertical wells linked together using hydraulic fracturing, reverse combustion & other unreliable methods.

Shallow Depth - feasible only for lignite and sub-bituminous coals with depths less than 500m (1,640 ft.).

Key Breakthroughs proven with Linc Energy’s UCG technology:

Horizontal directionally drilled wells - enable access to large volumes of coal from a small number of wells with minimal surface footprint/impacts.

Coil Tubing improved oxidant injection point - technology enables precise control of the gasification zone and high resource recovery.

High temperature production wells - ensure isolation integrity of the coal seam from groundwater aquifers .

Proprietary oxidant injection methods and nozzles - ensure precise control of the process and reliable operation of oxygen blown gasification, facilitating use of syngas in petrochemical applications.

Proprietary ignition methods - ensure successful start up of the process, without need for fracturing of the coal seam.

R & D Experience - operating experience and demonstrated process control.

Versatility - feasible for variety of coals including lignite, sub-bituminous and bituminous rank with depths up to 2000m (6,560 ft.).

Coal seam

Overburden

Underburden

Product Gas

Communication established through fracturing and reverse combustion

< 100m

Air

Ash

Ignition

Flame

Overburden

Groundwater level

Coal seam

Underburden

Injection well

>1000m

Production well

UCG Gasifier

Air / Oxygen input

Aboveground

Syngas output

GTL fuels / power production

Hydrostatic pressure contains the UCG process

Horizontal well linking injection and production

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Environmental Benefits of UCG

• Limited surface footprint and disturbance

• Dramaticaly reduced risk of subsidence

• Limited surface equipment Land

• Pressure control & produced water recovery

• No ground water drain like CBM operations Water

• Products low in SOx, NOx, heavy metals and particulates

• Low sulfur & low aromatics Air

• Controlled, continuous process

• No coal stocking, spoil or ash handling disposal

• Ability to decommission gasifiers to a stable state

• No fracking required

Operations

• Reduced dust, noise and visual impact

• Safe – no miners underground Social

C. Linc Energy’s G6 Permitting Success in WY “Blazing the UCG Permit Path”

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Gasifier 6 (G6) – What is it?

• G6 is the next Linc Energy generation gasifier incorporating technology enhancements from Linc Energy’s Gasifiers 1 – 5 built and tested at Chinchilla, AU

• Located in the Powder River Basin (PRB) of Wyoming

• Designed to gasify the Wyodak coal at a depth of 1100’ for 90-100 days while proving no subsidence, decommissioning procedures and UCG operations/monitoring

• UCG demonstration required by Wyoming Dept. of Environmental Quality (WDEQ) prior to commercial mine permit being issued

• State of the art drilling techniques, equipment selection, modular surface facilities, gasifier operations and engineering are all part of the G6 project

• First UCG project approved to operate in the USA in over 20 years

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Permitting (License) Timeline

• License Application Pre-work

2010

• Obtain Baseline Information & Draft License Application

2011

• Complete License Application, Submit to Regulators, Application Review

2012

• Application Technically Complete, Public Comments, Environmental Quality Council (EQC) Hearing 2013

• WDEQ G6 License Approved, EPA Public Comment, EPA Aquifer Exemption (AE) Review and Approval

• September 8, 2014 ROD and License Approval 2014

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Linc Energy Wyoming Milestones

Linc Energy successfully negotiated royalty valuation strategy for UCG operations in Wyoming – the first of its kind in the USA

Drilled over 70 wells in the Powder River Basin and refined groundwater well drilling techniques and core sampling techniques

Developed innovated hydrodynamic control systems for managing local underground water movement to aid in gasification techniques

Developed innovative gasifier operations and ignition techniques to mitigate any subsidence concerns

Developed, implemented and learned valuable stakeholder engagement techniques

Received Wyoming Dept. of Land Quality approval for UCG demonstration operations and EPA approved the aquifer exemption

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Characterization Wells – Site 1

Wells Drilled Baseline groundwater wells

Shallow x5 First groundwater x5 Overburden x5 Target coal x5 Underburden x5

Core wells x4 Pump tests observation

wells x12 Models Constructed Subsidence (<2mm) Fate & Transport Regional groundwater Local groundwater Surface water Cavity Growth

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Ingredients for a Recipe of Success

PICK THE “RIGHT” SITE USING GEOSPATIAL ANALYSIS

Stakeholder Management Plan

Resource

•Coal Depth and Thickness

•Coal Quality

•Rock Strength

Hydrogeology

•Groundwater Quality

•Groundwater Use

Infrastructure

•Roads and Rail

•Pipelines

•Power

Markets

Environmental Constraints

Land Use

D. Accomplishments of Gasifiers 1 – 5 and Decommissioning Process at Chinchilla

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Linc Energy - A leader in UCG technology Linc Energy’s Demonstration Facility at Chinchilla, AU

Schematic of the Chinchilla Demonstration facility plot plan Operational achievements

14 years operating experience

Demonstrated safe, reliable and continuous

operations

Five UCG gasifiers constructed and

operated since 1999

Fifth generation gasifier started up in October

2011 currently in decommission phase

Continuous UCG operation since February

2010

GTL plant first product from UCG syngas in 2008

Simultaneous operation of Gasifier 4 and Gasifier

5 for GTL production

Environmental compliance

Demonstrated shutdown and re-start of UCG

gasifiers

Currently undergoing wide-scale

decommissioning as final phase of technology

demonstration

Refined laboratory techniques and bench

top testing

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Linc Energy - A leader in UCG technology Proven technology demonstrations

UCG gasifiers developed and operated by Linc Energy

Gasifier Operated Well Configuration Oxidants Demonstrated Comments

1 1999 – 2001 Linked Vertical Wells Air Designed for power

generation

2 2007 Linked Vertical Wells Air

3 2008 – 2009 Linked Vertical Wells

with Horizontally Drilled Linked

Air Syngas first used in GTL

plant

4 2010 – 2012 Parallel horizontal

wells Air, Enriched Air

Coiled tubing used for oxygen injection and well

work-over

5 2011 - present Single horizontal

well Air, Enriched Air, Pure

Oxygen Coiled tubing used for

ignition, oxygen injection

Linc Energy has operated five UCG gasifiers evolving from the conventional technology using linked vertical wells to its commercial “breakthrough” technology

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PRODUCTION

WELL INJECTION

WELL

State of the art drilling techniques

Coil Tubing Unit (CTU) first employed – successful workover during UCG operations

Successful oxygen enrichment injection to boost syngas quality

Wellhead technology and syngas clean-up refined for commercial scale

Initial ignition and re-ignition techniques refined

Successfully demonstrated and monitored parallel well UCG technology

Linc Energy - A leader in UCG technology Gasifier 4 Summary

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Linc Energy - A leader in UCG technology Gasifier 5 Summary

Summary

Start up October 22nd 2011

Shutdown November 4th 2013

Days On Stream 730

Coal consumed >15,000 tons

Specific runs to demonstrate technology/performance and validate design/operations

Commercial design and operations

Distance from injection well to production well = 880m

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Linc Energy - A leader in UCG technology Gasifier 5 Achievements

Key achievements over 2 years operation

Design

• Improved process models for flow rates, water ingress and pressure

• Validation of cavity growth control

• Improved UCG product data

• Validation of surface equipment design to separate UCG products effectively

Operation

•Drilling – successful drilling, completion and connection of horizontal well to vertical well

•Start up – demonstrated commercial gasifier start up procedure

•Controls – gasified 12 UCG chambers

•Controls – operated multiple gasifiers simultaneously (4& 5) to downstream facility

•Controls - chamber development , continuously expose new coal & maintain synthesis gas quality

•Controls – repositioning of active gasification zone via process control methods

•Ignition – gasifier ignition methods demonstrated in vertical and horizontal wells

Quality

• Proprietary oxygen injection system improved gas enrichment levels from 21% air to 100% oxygen

• Improved syngas quality

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Injection well pad - Chinchilla Gasifier 5 Achievements

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Production well pad and surface facilities - Chinchilla Gasifier 5 Achievements

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Decommissioning: Phase I

Production Well

Injection Well

Steam Generation & Steam Cleaning

Drop in pressure, increased gradient, increased inflows

Reduced flow & pressure Maintained

flow

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Decommissioning: Phase II

Production Well

Injection Well

Maintained low pressure. Cavity periodically vented to prevent gas pressure building

and displacing water.

Shut in, vented periodically Shut in

Gasification extinguished, water recovering

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Decommissioning: Phase III

Production Well

Injection Well

Cavity purged and water treated

Shut in Pump & treat or dispose water

Cavity water recovered

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Linc Energy - A leader in UCG technology Conclusion from UCG Demonstrations at Chinchilla R & D Facility

UCG Designs and design philosophy validated

Commissioning and Start Up methods validated

Ignition in horizontal wellbores

Operations validated

Air blown, enriched air and oxygen blown

Gasification zone relocation

Continuous operations over years

Performance validated

Gas quality (major & minor gas components)

Gas quantity

Efficiency

Variability

Surface facilities validated

Gas/water/coal condensate handling

Shutdown procedure validated

Decommissioning (site specific, in progress)

Long term impact study (site specific, in progress)

E. Linc Energy Current Commercial UCG Projects and Pilots

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Linc Energy – Americas

• Wyoming

- Twenty-two billion tons of coal under lease in Powder River Basin

- Major milestone achieved 18 November, 2013

- Wyoming Department of Environmental Quality approves Linc Energy UCG R & D License Application following EQC hearing and EPA AE approval

- Successful G6 trial will unlock Linc Energy’s PRB resources

- Several commercialization projects under review, although low gas prices in the continental US create challenges

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Linc Energy – Americas

• Alaska

- Significant coal acreage in and around the Cook Inlet Basin near Anchorage and Interior Alaska near Healy (166,762 acres)

- Market dynamics, including higher gas prices, supportive of UCG

- Assessing sizeable UCG project which could supply local utility and industrial customers in the Interior and South Central Alaska

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Europe - Poland

• This project for Linc Energy in Poland centers on affording the country a long term, secure, reliable and affordable alternative to foreign natural gas importation (SNG)

• Linc Energy currently holds 3 coal exploration leases with an estimated 5bn tonnes of coal in-situ

• Early exploratory work on Linc Energy’s coal resource suggests high suitability for UCG

• In July 2014, Polish Ministry of Environment confirmed their interest in Linc Energy performing its first UCG trial as precursor to commercial project

• Successful UCG pilot will be followed by a commercial UCG project

• First commercial project following the trial is expected to be

the development of a 1bcm p.a. UCG – SNG project

• Medium to longer term expectation is to produce between 20 - 25% of Poland’s gas supply from UCG

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Eastern Europe - Ukraine

• In late 2012, Linc Energy signed its first UCG agreement in Ukraine with D.TEK Oil and Gas to assess the potential application of UCG on D.TEK’s in country coal resources

• Initial reviews of applicable coal resources have indicated a significant potential for UCG to be successfully applied in Ukraine

• D.TEK have remained engaged with the Ukraine Government concerning the project and the ability to furnish more detailed geological information to Linc Energy in which to conduct its further investigations into UCG potential

• The majority of the resource currently under review exist in the Donetsk region of Ukraine and for reasons of recent geopolitical circumstances, this activities has been put on hold until these circumstances resolve themselves

• Linc Energy continues to believe the opportunity for UCG in Ukraine is very positive with significant volumes of stranded coal resources, high natural gas prices, and a strong desire for the country to become increasingly energy independent

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Africa - Tanzania

• In July 2014, Linc Energy signed Memorandum of Understanding with National Development Corporation of Tanzania and Olympic Exploration to explore UCG potential in Tanzania

• Programme of works includes scoping and commissioning first UCG to 40MW power project in

2017 • Linc Energy currently working with the NDC and Olympic Exploration to review and assess a

portfolio of coal resources in country to rank sites for UCG suitability • Discussions ongoing with regulators, Government and prospective offtakes regarding the first

UCG to power project • This project further confirms the potential scale of commercial UCG deployment in Southern

Africa and strongly complements our efforts with Exxaro in South Africa

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South Africa

• In 2013, Linc Energy signed its first commercial UCG licence with Exxaro to develop UCG projects in Sub-Saharan Africa - $30m non-exclusive licence fee agreed for access to Linc Energy’s UCG IP in this region

• Concept study completed which included a detailed techno-economic assessment of UCG to

power and GTL projects in South Africa • First phase coal exploration activities completed with subsequent exploratory phases about

to commence – to date, resources have been identified as suitability for UCG • Linc Energy is currently working with Exxaro on next phases of project preparation and

execution works including environment permitting, further engineering of commercial scale project and downstream technology reviews

• Linc Energy currently being reimbursed for all engineering and consultancy services provided to Exxaro as part of early project development activities

• Commercial UCG projects to be delivered in South Africa with Exxaro under a Joint Venture arrangements whereby Linc Energy would hold minimum 15% equity interest (and up to 49% equity interest)

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Russia

• In mid 2013, Linc Energy executed a Letter of Intent and Services Agreement with LLC YakultMinerals to assess and scope the potential application of UCG on the Chukotka region of North East Russia

• The work undertaken by Linc Energy under the Services Agreement included a thorough review of:

• available coal resources in the Chukotka region • local surface infrastructure and facilities to support a UCG project • concept engineering of an integrated UCG to GTL project • review of downstream market opportunities both in Chukotka and in surrounding

regions

• This work is currently under review by the parties to agree the next steps forward

F. In Conclusion. . .Q & A

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Linc Energy’s Value Proposition for Partners . . . UCG monetizes deep, stranded coal into premium energy products

Deep Stranded Coal Linc Energy Value Proposition Premium Energy Products

Over 65 years combined experience in UCG operations

Proven operation technology & a team you can trust

Invested over A$200M refining our technology, workforce, engineering, and environmental compliance

Owns 17 applications & published patents and 16 registered trademarks

First License to operate a UCG plant in the US in over 20 years!

Thank you William Preston Vice President Commercial - Americas Clean Energy Linc Energy Operations, Inc. 1000 Louisiana Suite #1500 Houston, TX 7002 Tele: 713-580-6624 william.preston@lincenergy.com www.lincenergy.com