18th May 2010 Company Announcements Platform Australian Stock Exchange Level 4 20 Bridge Street SYDNEY NSW 2000

By e-Lodgement

COMPANY PRESENTATION MATERIAL Please find attached to this document a copy of the presentation slides to be used by Aurora Oil & Gas Limited in presentations being conducted at the Rodman & Renshaw Annual Global Investment Conference in London. For Aurora Oil & Gas Limited Julie Foster Company Secretary (Data referencing activities in adjacent acreage has been sourced from publically available information) Technical information contained in this report in relation to the Sugarloaf project and Sugarkane field was compiled by Aurora from information provided by the project operator and reviewed by I L Lusted, BSc (Hons), SPE, a Director of Aurora who has had more than 15 years experience in the practice of petroleum engineering. Mr Lusted consents to the inclusion in this report of the information in the form and context in which it appears.

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An Emerging Producer

Rodman & RenshawAnnual Global Investment Conference

London

16th – 18th May 2010

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Disclaimer

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This document has been prepared by Aurora Oil & Gas Limited (“Aurora”) in connection with providing an overview to interestedanalysts / investors.

This presentation is being provided for the sole purpose of providing preliminary background financial and other information to enable

recipients to review the business activities of Aurora. This presentation is thus by its nature limited in scope and is not intended to

provide all available information regarding Aurora. This presentation is not intended as an offer, invitation, solicitation, or

recommendation with respect to the purchase or sale of any securities. This presentation should not be relied upon as a

representation of any matter that a potential investor should consider in evaluating Aurora.

Aurora and its affiliates, subsidiaries, directors, agents, officers, advisers or employees do not make any representation or warranty,

express or implied, as to or endorsement of, the accuracy or completeness of any information, statements, representations or

forecasts contained in this presentation, and they do not accept any liability or responsibility for any statement made in, or omitted

from, this presentation. Aurora accepts no obligation to correct or update anything in this presentation.

No responsibility or liability is accepted and any and all responsibility and liability is expressly disclaimed by Aurora and its affiliates,

subsidiaries, directors, agents, officers, advisers and employees for any errors, misstatements, misrepresentations in or omissions

from this presentation.

Any statements, estimates, forecasts or projections with respect to the future performance of Aurora and/or its subsidiaries contained

in this presentation are based on subjective assumptions made by Aurora's management and about circumstances and events that have

not yet taken place. Such statements, estimates, forecasts and projections involve significant elements of subjective judgement and

analysis which, whilst reasonably formulated, cannot be guaranteed to occur. Accordingly, no representations are made by Aurora or

its affiliates, subsidiaries, directors, officers, agents, advisers or employees as to the accuracy of such information; such statements,

estimates, forecasts and projections should not be relied upon as indicative of future value or as a guarantee of value or future

results; and there can be no assurance that the projected results will be achieved.

Prospective investors should make their own independent evaluation of an investment in Aurora.

Nothing in this presentation should be construed as financial product advice, whether personal or general, for the purposes of section

766B of the Corporations Act 2001 (Cth). This presentation consists purely of factual information and does not involve or imply a

recommendation or a statement of opinion in respect of whether to buy, sell or hold a financial product. This presentation does not

take into account the objectives, financial situation or needs of any person, and independent personal advice should be obtained.

This presentation and its contents have been made available in confidence and may not be reproduced or disclosed to third parties or

made public in any way without the express written permission of Aurora.

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Company Profile

220m ordinary shares on issue (ASX:AUT)

Current cash $8.0m - nil debt

Management & Board – approx. 12% owners

Focussed onshore USA in south east Texas Eagle Ford shale / Austin

Chalk – Sugarkane Gas & Condensate Field

Participate in approx 50,000 acres within premium proven new

Sugarkane Field discovery adjacent to several major companies

operating in same trend

Low risk development assets with a drilling inventory of

approximately 500 well locations and very significant production

growth profile

Active drilling program delivering exciting results

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Sugarkane Gas & Condensate Field – Eagle Ford & Austin Chalk

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Secured a material interest by participation in the discovery of a large

onshore gas & condensate field in SE Texas – Sugarkane Field

Conservatively funded:

Last capital raising 2007 – no debt

Discovery drilling and acquisition of land position using capital

Limited spend but moved up the technical learning curve in a new trend,

particularly in drilling & completions, by watching others - leveraged off

their transfer of shale experience & spend capacity

De-risked appraisal of project via industry farmout:

Introduce a well funded technically competent partner (Hilcorp) to prove

concept and demonstrate value through extensive carried drilling program

currently underway

Maximise value and deliver on value proposition via effective, profitable

development with experienced cost effective operator

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“The biggest development of the first decade of the 21st century is not solar,

not wind, but unconventional gas.”

(Source: Daniel Yergin, Chairman, Cambridge Energy Research Associates, January 2010)

Area of High

activity since

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Is the Eagle Ford the Premium US Shale Play?

Company Market Capitalisation US$

ConocoPhillips $71 billion

Anadarko $34 billion

Chesapeake $17 billion

EOG Resources $23 billion

Murphy Oil Corporation $10 billion

Petrohawk Energy Corp $6 billion

Pioneer Natural Resources $5 billion

Encana Corporation $24 billion

ExxonMobil $307 billion

BP $166 billion

Talisman $17 billion

Large US and multinational E&P companies have invested significantly to enter.

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Some 50 new wells were drilled and completed along the Eagle Ford trend to

the end of 2009 with a dramatic ramp up in 2010.

We are seeing:-

Improved Initial Production rates

Decrease in early decline rates

Substantial reduction in costs

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Eagle Ford Drilling Activity Growing Rapidly

“Advances in horizontal drilling

completion technologies have driven a

fundamental shift towards shale and

unconventional resources in the past

four years” Source Chesapeake Energy Feb, 2010

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Apache

450,000 gross acres

> 5 wells

Pioneer

310,000 acres

6 wells

ConocoPhillips

300,000 acres

15 wells (min)

50,000 acres (gross)

7 wells drilled, 1 underway

Anadarko, Newfield,

St Mary, EnCana

> 12 wells

Petrohawk &

Swift JV

26,000 acres

Recent Eagle Ford Activity

EOG

Multiple

>30 wells

BP

Reported deal up

to 200,000 acres

Murphy Oil leases

100,000 acres

2 wells drilled, 1

tested

Petrohawk

210,000 acres

26 wells

El Paso

132,000 acres, 2

well

New Petrohawk Area

53,000 acres

3 wells, 3 drilling

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Why the Shift to Liquids Rich Areas?

The relative energy differential

(BTU) for Oil/Gas is approx 6:1.

The value ratio of Oil/Gas has

been trending up in recent years

and today is approx 20:1. That

is oil and gas prices in the US

have decoupled!

The Eagle Ford is liquids rich!

Source: Pioneer Natural Resources

Liquids are more valuable!

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LaSalle

McMullen Live Oak

Bee

Karnes

Attacosa

Wilson

Dewitt

Gonzales

Dry Gas – 0 CGR

1 – 50 CGR

101 – 200 CGR

201 – 300 CGR

300 + CGR

51 – 100 CGR

Oil Well

Dry Gas

Window

Condensate

Window

Oil

Window

Eagle Ford Shale

Hydrocarbon Map

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Pioneer

2 wells

14.3 - 17 mmscfe/d

St Mary

6 wells

Average IP 7.5

mmcfe/d

El Paso

2 wells

IP 7.4 - 12.6

mmcfe/d

Rosetta Resources

2 wells. Av IP 6.25

mmcfe/d

7 wells drilled, 1 underway

IPs 33 mmscfe/d

19.1 mmscfe/d

17.9 mmscfe/d

12.1 mmscfe/d

Recently Reported Eagle Ford Wells

Petrohawk

>26 wells

Average IP 10.4

mmcfe/d

Murphy Oil

7.5 mmscf/d

Antares Energy

IP 10.4 mmcfe/d

Geosouthern/Petrohawk

3 wells

IPs 12.8 -17.1mmcfe/d

Pioneer

IP 22.7mmcfe/d

Pioneer

IP 34 mmcfe/d ConocoPhillips

11 Sugarkane Wells

Reported IP’s

5.1 - 12 mmcfe/d

Murphy Oil

19.1 mmscfe/d

Pioneer

IP 20.7 mmcfe/d

ConocoPhillips

IP 22mmcfe/d

To provide comparisons between wells, most industry participants are using a currently conservative oil/gas ratio of 12:1.

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Sugarkane Gas and Condensate Field – AMI’s

This diagram is an indicative pictorial representation of the Sugarkane Gas &

Condensate Field and is not intended to be definitive schematically, to scale or

reference owners of mineral rights.

AMI

AUT

Interest %Pre farmout

Acreage

Grossapprox

Acreage

Netapprox

Sugarloaf 20 23,500 4,800

Longhorn 50 23,800 11,900

Ipanema 80 4,400 3,600

Total 51,700 20,200

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Sugarkane Gas and Condensate Field - Technical

Sugarkane field consists of a high quality Austin Chalk reservoir directly overlaying

an organic rich and calcareous regional Eagle Ford shale.

The field has been delineated by more than 25 wells with consistent reservoir and

hydrocarbons from all penetrations.

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AUT Acreage Regional Eagle Ford

Depth (ft) 12,000 – 13,000 6,000 – 14,000

Porosity (%) 6% – 10% 2% – 12%

Pressure (psi/ft) 0.76 – 0.80 0.43 – 0.80

Condensate Ratio (bbls/mmscf) 50 - 400 0 – 400+*

Total Organic Content (%) 2% - 6.6% 2% - 6.6%

GIIP/640 acres (Bcfe) 120 -250 100 – 300

* Across the regional Eagle Ford trend there are dry gas, condensate rich gas and oil prone zones, the origins of which are linked to

depth and pressure at time of maturation (hydrocarbon generation). AUT’s acreage is within a condensate rich gas area and has a

variable condensate ratio trend across it. On a cash sales basis condensate and oil are considerably more valuable than

comparative BTU gas production.

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Sugarkane Field Reservoir & Drilling

Incre

asin

g S

hale

Incre

asin

g C

halk

The reservoir is characterised from top to bottom

as a clean Austin Chalk with increasing content of

interbedded organic shales.

The Texas Railroad Commission has issued a ruling

that the Sugarkane Field is considered a single gas

field across the entire section.

Austin

Chalk

Eagle

Ford

Shale

The whole vertical reservoir i.e. Austin Chalk +

Eagle Ford is accessed by staged fracture

stimulations carried out along the horizontal

section of the well as depicted in this picture.

Courtesy of Schlumberger

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Current 2010 Forecast Carried Program – AUT Acreage

Q1 Start Q1

End Q2

Start Q2

End Q4

Q4

Current rate of activity could see this program completed earlier

Drilling now complete at

Sugarloaf AMI with frac

program commenced on 3

new drilled and cased

wells.

New drilling now focussed

on Aurora’s Longhorn

acreage then Ipanema

until completion of

farmin commitments.

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Current 3 Year Forecast of Activity – AUT Acreage

Revenues expected Q4 2010 after farminee cost payout.

Modest additional capital for drilling requirement net of cashflow for AUT in

2011 based on above program and results to date*.

More than 500 drilling

locations.

Ruling by Texas

Railroad Commission

that each well will hold

640 acres as Sugarkane

is designated as a gas

field.

* Subject to Operator variation

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Well AMI AUT %

Post

Farmout

IP

Gas

mmcf/d

IP

Cond.

b/d

30 Day

average

mmcf/d

30 Day

average

b/d

30 Day

average

mmcfe/d*

Kennedy 1H Sugarloaf 10% 4.39 1,132 3.05 661 11.7

Weston 1H Sugarloaf 10.64% 5.68 414 5.49 388 11.5

Kowalik 1H Sugarloaf 11.46% Post frac completion issue not yet addressed

Morgan 1H Sugarloaf 10% 5.16 2,046

Easley 1H Sugarloaf 10.64% 6.81 780

Rancho

Grande 1HSugarloaf 10% Well awaiting fracture stimulation

Turnbull 1H Longhorn 25% Well awaiting fracture stimulation

Turnbull 2H Longhorn 25% Well presently being drilled

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Drilling Program & Initial Results

IP’s and 30 Day averages are approximately 50% higher than those

reported to date by Petrohawk for their Eaglehawk Field

* Equivalent gas rate calculated on a 12:1 conversion of condensate and a 25% uplift to gas rate based on calorific value.

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Well AUT %

Post

Farmout

Horiz.

length

feet

60 Day

total

mmcf

60 Day

total

bc

60 Day

average

mmcf/d

60 Day

average

bc/d

60 Day

average

mmcfe/d*

Kennedy 1H 10% 2,200 148 30,825 2.47 514 9.26

Weston 1H 10.64% 3,000 342 21,351 5.70 356 11.40

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2010 Production to Date

60 Day averages are approximately 50% higher than those reported to

date by Petrohawk for their Eaglehawk Field

Production casing strings have not yet been installed in these wells.

Competitor reports indicate improved production following ultimate

deployment of production tubing.

* Equivalent gas rate calculated on a 12:1 conversion of condensate and a 25% uplift to gas rate based on calorific value.

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Independent Contingent Resource Certification

Reservoir

Aurora Working Interest Contingent Resources (Pre Farm out)

Gas (Bcf) Condensate (mmbbls)

Low

Estimate

(1C)

Best

Estimate

(2C)

High

Estimate

(3C)

Low

Estimate

(1C)

Best

Estimate

(2C)

High

Estimate

(3C)

Austin Chalk 81 148 277 14 27 54

Eagle Ford

Shale129 243 475 22 45 93

Total 210 391 752 36 72 147

Netherland, Sewell & Associates, Inc (“NSAI”) carried out an independent

certification of Aurora’s interests in Sugarkane1 in September 2009.

Drilling results to date and those scheduled for balance of 2010 expected

to lead to an upwards revision in resource and an allocation of 3P reserves.

1 In accordance with the definitions and guidelines set forth in the 2007 Petroleum Resource Management System approved by the Society of Petroleum Engineers.

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Initial Field Development Funded by Farmout

The farm out to Hilcorp brought a large

industry participant (4th largest private

US E&P company) into the project to

Operate.

Following earn in work program across its

acreage Aurora will have an interest in 10

horizontal wells within the Sugarkane

field.

Hilcorp will earn incrementally as each

activity is completed (up to ~ 50% of each

Farminor’s interest) leaving Aurora with a

net WI of about 10,000 acres in a total

acreage position of approx. 50,000 acres.

Majority of field development costs

thereafter will come from production

cashflow.

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0

2000

4000

6000

8000

10000

12000

14000

16000

18000

0 20 40 60

Me

as

ure

d D

ep

th (

ft)

Time (Days)

Sugarkane Drilling times

Easley #1H

Morgan #1H

Rancho Grande #1H

Turnbull #1H

Significant reduction in drilling times.

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Preliminary Results Indicate Robust Economics

Industry analysis shows the Eagle

Ford to be one of the best shale

plays in North America

Project Returns improve with

increased Condensate and NGL

yields

AUT acreage has condensate yields

of 50 – 400 bbl/mmscf and high

yield gas ~1250 BTU/scf.

Field ave ~200 bbl/mmscf to date.

AUT’s initial well results compare very favourably with the best regional Eagle

Ford wells

The solid IP rates extrapolated using analogue decline rates suggest that within

the current cost structure, AUT’s Eagle Ford shale acreage will be very

economic

$2.73

$3.25$3.44 $3.57 $3.70

$3.95$4.25 $4.27

$6.18$6.35

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

US$

/MM

BTU

(A

ssu

min

g B

TAX

10

% IR

R)

Breakeven Gas Prices for Shale Plays Source: Scotia Waterous & Pioneer Natural Resources

(1) Assumes yield of 40 bbl/mmcf and flat oil price of US$60/bbl(2) Assumes yield of 10 bbl/mmcf and flat oil price of US$60/bbl

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Value of 1 mscf

of dry gas at

wellhead

Value of NGL’s

at 1,250 BTU

per mscf

Associated

condensate

production at

200 bbl per

mmscf

US$4.00US$1.00

US$14.00

High condensate yields

and rich gas significantly

increases gross revenue

for each mscf produced

Highly Leveraged to Oil Price

Note: Assumes US$4/mscf gas, US$70/bbl condensate

Gross

Revenue

US$

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Acreage

Gross

Acreage

NetPost farmout

Resource

Estimate

mmboe*

Share

Price

A$

Market

Cap #

A$

Cash

(net)

A$m

Carried

Wells &

Fracs

EV/boe

A$

Aurora

(ASX:AUT)51,791 9,659 52 $0.65 $144m $8.0 10 $2.60

* Based on 2C independent resource estimates released, gas converted using 1/12x value ratio

# Based on closing share price 07/05/2010

Summary Position

Single Well Target Economics Based on Initial Results

NPV

0%

$USm

NPV 10%

$USm

Breakeven

Gas

(12:1)

US$/mscfe

Well Costs

Drill, Complete,

Frac & Tie in

US$m

Contingency

cost on per

well basis

US$m

Average

payout

Months

Est. Wells for

Full Field

Development

Oil - $70

Gas - $416.50 11.65 2.13 7.00 1.00 6 400-650

Key Assumptions:

EUR 2.7 Bcf & 540 kbbls, Haynesville Type Decline curve, After Royalty & US tax, IPs extrapolated to planned development based on initial 2 well results

Note: These estimates are based on a small sample and will continue to be reviewed based on the growing well population.

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“Those that missed the “Big 6”* shale land rush of 2004–2009 will pay

the price through higher finding costs (or significant acquisition premiums) for

years, if not decades, to come…”Source Chesapeake Energy Feb 2010

* Marcellus, Haynesville, Eagle Ford, Barnett, Bossier, Granite Wash

“Unconventional gas is a complete game changer in the US, it probably transforms the

US energy outlook for the next 100 years”(Source: Tony Hayward, Chief Executive Officer ,BP Plc, January 2010)

“Advances in horizontal drilling completion technologies have driven a fundamental

shift towards shale and unconventional resources in the past four years” (Source: Chesapeake Energy Feb, 2010)

“The Eagle Ford shale is galloping into the ranks of the nation’s top resource plays, due

to rich gas, impressive flows and remarkably consistent results.....In August 2009

there were 11 rigs operating. By February 2010 some 45 rigs reported operating

across the trend.” (Source: Oil & Gas Investor March 2010)

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Aurora is positioned for an active and successful 2010 and beyond.

Quality Asset / Significant Size

Positioned in one of the premier North American shale plays

Initial 2C net resource of 52mmboe (post farmout) with scope for significant increase as

more wells drilled

Strong Economics

Strong technical merit, high liquids ratio, low reliance on gas prices

Fast well payback timeframes and majority of development paid out of cashflow

De-risked by Quality Farm Out

Large, competent US Operator experienced with large onshore assets

10 wells to be completed before AUT drilling cost participation

Low Company Valuation Relative to Peer Group and Asset Value

Current market valuation of 2C resource of $1.30/barrel pre farmout and $2.60/barrel post

Largest Sugarkane participation of listed juniors with lowest value per acre and per barrel

Sound Balance Sheet

No debt, $8.0m cash

Huge Growth Potential

Project maturity through drilling expected to increase resource, in turn reserves and

revalue assets significantly25

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