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IPO Presentation February 2012

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Strictly Confidential

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Disclaimer

The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making

investment decisions, investors should rely on their own examination of Zeta Petroleum plc and consult with their own legal, tax, business and/or

financial advisors in connection with any acquisition of securities. The information contained in this presentation has been prepared in good faith

by Zeta Petroleum plc. However, no representation or warranty, expressed or implied, is made as to the accuracy, correctness, completeness or

adequacy of any statement, estimates, opinions or other information contained in this presentation. Given the highly speculative nature of

exploration for oil and gas, there are significant uncertainties associated with forecasting future revenue. Certain information in this presentation

refers to the intentions of Zeta Petroleum plc, but these are not intended to be forecasts, forward looking statements, or statements about future

matters for the purposes of the Corporations Act or any other applicable law. Information about potential cashflows are conceptual in nature and

will only occur upon successful outcome on future events, which cannot be guaranteed. The occurrence of events in the future are subject to

risks, uncertainties, and other factors that may cause Zeta Petroleum plc’s actual results, performance or achievements to differ from those

referred to in this presentation. Accordingly, Zeta Petroleum plc, its directors, officers, employees and agents do not give any assurance or

guarantee that the occurrence of events referred to in this presentation will occur as contemplated.

The information provided in this presentation that relates to Zeta Petroleum plc’s hydrocarbon resources is based on information complied by Mr

Philip Crookall who is a competent person as defined in Listing Rule 5.11. Mr Philip Crookall has consented in writing to the inclusion of the

information provided in this presentation that relates to Zeta Petroleum plc’s hydrocarbon resources in the form and context in which it appears

here. Mr Philip Crookall is Chief Operating Officer of Zeta Petroleum plc.

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Overview

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• Oil and gas company focused on exploration and

development in Romania

• Founded in 2005

• Strong Board with track record in oil & gas,

fundraisings, public markets and M&A

• Raised ~£11.5m private equity to date: secure

licences & mature to drill ready stage

• Existing major shareholders supportive of IPO

• Oil & gas assets with a significant near term

development potential

• Option to acquire a 50% interest in a producing

gas field in Romania with material upside

• Aggressive Eastern Europe growth strategy

• Experienced and incentivised management team

with in-country technical team

• Listing on ASX in March 2012 to raise $8m

Zeta Gas Resources Pmean

(Bcf)

Pmean

(MMboe)

Contingent

Resource

44.36 7.63

Prospective1

Resource

68.73 11.82

Zeta Oil Resources Pmean

(Mmbbl)

Prospective

Resource

1.72

ISIS Consultants Draft CPR (Jan 2012):

1includes 54.64Bcf outside licence boundary but under application

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ASX - IPO

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• Raise $8 million in new funds:

• Develop existing assets to production

• Complete acquisition of 50% interest in producing gas field

• Company confident of independently raising $3 million

• Patersons Securities appointed Lead Manager & Pursuit Capital appointed

Corporate Advisor for IPO on ASX:

• Issue Chess Depository Interests (CDI’s)

• Listing price of 20 cents per CDI (with attaching options)

• Pre-money valuation of ~$18 million – significant discount to Zeta’s internal valuation

• Target listing date – March 2012

• Excellent value proposition for new investors + downside risk protection from

share options

• 129 million shares on issue post listing + listed options

• Drill ready assets to provide news flow for 2012 and beyond

• Consider dual listing on AIM in 2013

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• Zeta is seeking to raise $8m at 20c per CDI to drill development wells, secure a

producing asset, provide exploration funds and working capital

• Company expects to independently introduce at least $3m of support towards the IPO

fundraising

• In view of the current markets, propose to attach share options to the issue:

• 1:1 short-dated option (20c, 14 months expiry, listed) issued with the IPO raising

• 1:4 loyalty option (30c, 3 years, listed) issued to all shareholders on the register 3 months after the date of

listing

• Expect at least 90% of existing shareholders to have shares escrowed for a minimum

of 12 months

Offer Summary

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IPO Highlights

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FOCUSED

Onshore assets located in Romania and targeted assets in Eastern Europe

Board and management team with clear development strategy

Strong in-country team with further step out opportunities to grow the business

DEVELOPMENT ASSETS

Bobocu gas field in Romania – Pmean contingent resource of 44Bcf recoverable gas (7.6 MMBoe) + Pmean

prospective resources of 69Bcf recoverable gas (11.8 MMboe) (100% Zeta)

Jimbolia oil field in Romania – Pmean contingent resources of 1.7 MMbbls + oil production in 2013 (100% Zeta) –

farm-in offer from major company

EXPERIENCED BOARD Strong Board with track record in oil & gas, fundraisings, public markets and M&A

Material “skin in the game”

GROWTH

Option over a producing asset with high prospectivity and unconventional potential

Conversion of Prospecting Permits into exploration licenses

Bidding in 2012 government licence round

Several other acquisition opportunities being assessed

REGULAR MATERIAL

NEWS FLOW

Anticipate monthly ASX releases for 2012 (post listing)

Promote demand and prevent stagnation of liquidity

“STICKY”

SHAREHOLDERS

Shareholders of Zeta representing circa 90% of Zeta’s issued capital will be locked in for at least 12 months

Highlights long term commitment to growing the company and promotes orderly market post listing

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Board of Directors

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Timothy Osborne

Non-Executive

Chairman

The Senior Partner at Wiggin Osborne Fullerlove solicitors, London

Director of GML Limited, a diversified financial holding company which, at one time owned strategic stakes in a

number of Russian companies, including a majority shareholding in Yukos Oil Company (previously Russia’s

largest oil company)

Stephen West

Managing Director

Co-founder of Zeta

Chartered Accountant with over 17 years’ financial and corporate experience ranging from public practice, investment banking, oil & gas and mining

Co-founder of Aspire Minerals Pty Ltd which vended assets into Glory Resources Ltd (ASX:GLY) and Apollo Consolidated Ltd (ASX:AOP)

Previous senior positions at Regal Petroleum plc, Barclays Capital and PricewaterhouseCoopers

Philip Crookall

Chief Operating

Officer

Petrophysicist with over 22 years industry experience with both independent international oil companies and

consultancy groups including Hamilton Brothers Oil and Gas Limited, Ultramar Limited, LASMO plc, Hardy Oil and

Gas plc, Scott Pickford Limited, Paradigm Geophysical Limited

Until July 2011, Technical Director at Valiant Petroleum plc (a company listed on AIM with a market capitalisation

of over £200 million and production of over 7,500bopd) for the last 5 years having joined the company when it was

a start up

Michael Scott

Non-Executive

Director

Reservoir engineer with over 25 years industry experience

Former Managing Director of Cooper Energy Limited (2004 to 2011) , a company listed on the ASX with a market

capitalisation of over $100 million and production of approximately 1,500bopd

Zeta has an experienced oil and gas Board capable of developing the asset portfolio:

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Why Romania?

• Proven hydrocarbon systems

• Favorable and stable fiscal regime

• Close to markets and strong internal demand

• Long established oil & gas industry: one of the oldest oil provinces in the world

• EU member country since January 2007

• Regulated markets moving towards being unregulated

• Relinquishment of assets previously held by state companies

• Dedicated and educated local work force

• Good base for further Eastern European expansion

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Romania Fiscal Terms

• Tax and royalty regime

• Corporate tax rate = 16%

• Sliding scale royalties applied on a field

basis:

• Gas: 3.5% to 13.0%

• Oil: 3.5% to 13.5%

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Zeta Gas Production Zeta Oil Production

Government share

Zeta share

76.5%

23.5%

79.0%

21.0%

• Production may be sold direct to

customers or to gas traders

• Producers have the right to export all

production or to sell to the domestic

market

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Two Year Value Creation Strategy

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Complete acquisition of 50% interest in producing field

Drill first Bobocu well Q2 2012

Farm-out 50% interest in Jimbolia

Drill Jimbolia well Q3 2012

Develop Bobocu P50 case

Develop and expand new venture assets

Commence production from Bobocu

Commence production from Jimbolia

Convert contingent resources into reserves

Generating annual cashflow > $30m

Asset Strategy

Corporate Strategy

2012 2013 - 2014

List on ASX

Raise $8m in new funds

Market cap of ~$26m

Current comparables trade at multiple of A$10-15 EV /

2P reserve boe

Implied target EV of circa. $150 - $225m

Grow EV in the short term by converting contingent resources into production and 2P reserves, and to

target assets in Eastern Europe leveraging experienced management and local technical knowledge

Target 15 MMboe 2P Reserves

Production of 2,100 boepd

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Anticipated News Flow

Mar 2012

•IPO

Apr 2012

•Complete new venture acq.

May 2012

•Farmout50% of Jimbolia

Jun 2012

•Spud Bobocuwell

Jul 2012

•Complete Bobocuwell

•Extension to Boboculicence area

Aug 2012

•Spud Jimboliawell

•New govt bidding round for licences

Sept 2012

•Complete Jimboliawell

•Acquire seismic over new venture asset

Oct 2012

•Reserve and resource upgrade on assets

Nov 2012

•Spud well on new venture asset

Dec 2012

•Complete well on new venture asset

2012

2013

• Bobocu commences production

• Jimbolia commences production

• Deregulation of domestic Romanian gas price

• Asset acquisitions

• Dual listing on AIM

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Valuation Potential

The 20 cent issue price represents a significant discount to the PMean development NPV. Significant

further upside from deregulation of the Romanian gas price, exploration success and unconventional

potential.

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Asset Overview

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Diverse portfolio of production, development and exploration projects:

Padureni

Type: Gas

ZETA Holding: 12.5%

Status: Exploration

Prospecting

Permits

Type: Gas

ZETA Holding: 100%

Status: Prospecting

Bobocu

Type: Gas

ZETA Holding: 100%

Status: Development

Jimbolia

Type: Oil

ZETA Holding: 100%

Status: Appraisal

New Venture

Type: Gas

ZETA Holding: 50.0% (upon

exercise of option)

Status: Producing with

conventional +

unconventional upside

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Bobocu Overview

• 100% Zeta

• Development asset with near term production

• Previously producing gas field with

redevelopment potential targeting

undeveloped reservoir sections

• Pmean contingent gas resources of 44.8Bcf

(7.71MMboe)

• Additional Pmean prospective gas resources

of 68.73Bcf (11.82MMboe)

• 76km2 of 3D seismic acquired in 2010

• Drill ready targets

• Close proximity to markets and infrastructure

• First gas targeted for 2013

• NEXT STEP: drill Bobocu #1 well Q2 2012

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3.7 Km

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Jimbolia Overview

• 100% Zeta - intend to farm-out 50% (letter of

intent received)

• Discovered field with historical gas production

that also produced oil in testing

• Oil tested at rates of 50-100bbls/day

• Appraisal asset with near term production

• Oil potential to be targeted through drilling

• Pmean prospective oil resources of 1.72MMbbls

• Close proximity to markets and infrastructure

• Oil priced at Urals crude price

• First oil is targeted for 2013

• NEXT STEPS: farm-out 50% + drill Jimbolia #1

well Q3 2012

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New Venture Acquisition

• 50% Zeta (non-operator)#

• Total acquisition cost of US$650k

• complete after IPO

• Contains producing gas field

• gas sold to Wintershall

• generates circa $25k net revenue per month (after

royalties & taxes) to 50% holder

• Shallow exploration potential: leads and

prospects of up to 100Bcf

• Unconventional potential from deeper Silurian

shales

• Work programme is to acquire 2D seismic

and drill a shallow well in 2012

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Producing

Shallow

Exploration

Upside

Unconventional

Potential

#upon exercise of option by Zeta

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Padureni Overview

• 12.5% (fully carried) Zeta

• Historical producer

• Pmean contingent gas resource of

0.52Bcf

• Structurally complex

• 87.5% interest farmed out to

Expert Petroleum Limited (backed

by Limerock Partners)

• Zeta is fully carried on all

expenditure to production

• NEXT STEP: finalise geological

model and identify drill targets

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1.3Km

615 m

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Prospecting Licences

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• Awarded three prospecting permits in the eastern

Moldavian area of Romania in December 2009

• Falticeni Prospecting Permit:

Covers an area of 653km2

• Faurei Prospecting Permit:

Covers an area of 2,439km2

• Vaslui Prospecting Permit:

Covers an area of 2,981km2

• Finalising an evaluation of these prospecting permits to determine prospectivity

• All areas are known hydrocarbon prone areas

• Request a new Government bidding round in 2012

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New Ventures Strategy

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• Onshore Eastern Europe focus

• Leverage off Romanian operations office

and connections

• Step out into neighbouring countries:

• Ukraine

• Bulgaria

• Serbia

• Hungary

• Seeking near term production

opportunities that offer:

• Proven hydrocarbon systems

• Political stability

• Favourable fiscal terms

• Established legal system

• Future opportunities to expand

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Conclusion

• Zeta offers investment at a compelling valuation into high impact assets in

Romania and potential of substantial growth through Eastern Europe

• Board members bring track record, energy, ideas and ambition to aggressively

grow Zeta and provide significant returns to investors within two years

• High impact, regular news flow post listing

• Strong international presence with offices in Perth, UK and Romania

• Acquisition opportunities being assessed to expand portfolio, increase production

targets and enhance shareholder returns

• Target proved oil & gas assets with near term production and low risk exploration

• Focused area of interest: onshore Eastern Europe

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31 January 2012 - prospectus finalised with CPR, legals and financials

1 February 2012 - commence investor roadshow

• Australia

• UK

28 February 2012 - book built

~20 March 2012 - shares commence trading on ASX

Anticipated Timeline to Listing

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Contacts

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Olly Cairns

Director

Pursuit Capital

T: +61 (0)8 6267 9031

E: ocairns@pursuitcapital.com.au

Peter Evans

Director

Patersons Corporate Finance

T: +61 (0)8 9263 1106

E: pevans@psl.com.au

For further information please contact:

Stephen West

Managing Director

Zeta Petroleum Limited

T: +61 (0)487 413 973

E: swest@zetapetroleum.com

Philip Crookall

Chief Operating Officer

Zeta Petroleum Limited

T: +44 (0)7917 542 000

E: pcrookall@zetapetroleum.com

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Appendix

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Use of Funds

• Zeta intends to use the funds raised, along with existing cash facilities, to reach development sanction on the Bobocu field

• Zeta intends to farm-out the first well on the Jimbolia field – offer of interest received

• It is anticipated that debt finance can be secured for the capital spend to install the Bobocu production facilities required as part of

the field development

Timing $8m Raise

($’m)

Comments

Drill 1st Bobocu well Q2 2012 3.5

Drill Jimbolia well Q3 2012 - Farm-out well

Develop Bobocu P50 case Q4 2012 – Q3 2013 - Debt finance

New venture acquisition Q1 2012 0.5

New venture work programme Q3 2012 – Q4 2012 1.5

General & administration 1.5

Working capital 0.4

Issue costs Q1 2012 0.6

TOTAL FUNDRAISING 8.0

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Description Shares(m) Price % Short –

Dated

Options

(m)

Long-Dated

Loyalty

Options

(m)2

Existing

Unlisted

Options

(m)

Market Cap

at IPO

($m)

Existing shares on issue 89.0 $0.20 69 22.3 $17.8

CDI’s offered under IPO1 40.0 $0.20 31 40.0 10.0 $8.0

Director/Management options3 14.0

Corporate advisor options4 1.8

Total 129.0 40.0 32.3 15.8 $25.8

1Assumes $8m raised 2Assumes all loyalty options issued 320c, 7 years, 50% vest 12mths, 50% vest 18mths 420c, 5 years, escrowed 1 year

Listing Metrics

Final Capital Structure

At IPO (M)

Total Shares on issue 129

Market cap at issue $25.8

Net Cash $8.0

Enterprise Value $17.8

Current Resource position (Pmean MMboe) 21.25

EV / BOE ~ 84 cents

Valuation Metrics

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Existing Shareholders

Shareholder % owned

GM Investment & Co Limited 48.75

S W Pagel 10.22

Cresthaven Investments Pty Ltd 9.08

Banque Heritage 7.87

WCI Overseas Oil & Gas LLC 3.44

Others (49 shareholders) 20.64

100.00

Significant Shareholders

Director / Manager % owned

Timothy Osborne# 48.75

Stephen West 9.08

Philip Crookall 0.49

Michael Scott 0.84

Bogdan Popescu 0.37

Helen Prior 0.19

59.72

Director / Management Shareholdings

#Mr Osborne is a director of GM Investment &

Co Ltd’s ultimate holding company; however,

he holds no beneficial interest

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Management Structure

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Corporate Head Office

PERTH

• Stephen West (Managing Director)

• Michael Scott (Non-executive Director)

Operations Head Office

UK

• Philip Crookall (Chief Operating Officer)

• Helen Prior (Technical Manager)

• Ben Hodges (Financial Controller & Company Secretary)

Romania OperationsOffice

BUCHAREST

• Bogdan Popescu (Country Manager)

• Ilie Stefan (Reservoir Engineer)

• Jimmy Micu (Senior Geologist)

• Vali Enoiu (Finance Manager)

• Office support staff

ZETA PETROLEUM GROUP

Zeta has a strong international presence with offices in Perth, UK and Romania:

Manage Australian

corporate affairs

Manage Eastern Europe Operations and New Ventures

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Helen Prior

Technical Manager

Qualified Geologist with over 11 years experience

Previously worked for Troy-Ikoda on a range of international projects including geological and log

analysis and reserves audits, for Regal Petroleum plc as a Senior Geoscientist on their Romanian

assets and for Granby Oil & Gas covering both their North Sea assets and licencing asset reviews

Bogdan Popescu

Romania Country

Manager

Oil industry specialist and NAMR certified expert with extensive international experience

Former appointments include Executive Senior Vice President of The Rompetrol Group (2003-2006), Senior Vice President (Australia) and CEO (Switzerland) of Millennium Group of Companies (1999-2003), various positions at Petroconsultants SA/IHS Energy (1980-1999) and Earth Sciences Researcher at the Institute of Geology and Geophysics (1968-1979

President of the Petroleum Exploration & Production Managers Forum in Romania

Ilie Stefan

Senior Reservoir

Engineer

Qualified Reservoir Engineer and NAMR certified specialist with 20 years experience in conventional and

advanced reservoir engineering

Key experiences include a broad range of classical reservoir engineering, production history analysis,

field development planning, production monitoring and forecasting work as well as reservoir 3D

modelling and reservoir simulation

Previous appointments include positions at IAT Global, Schlumberger Logelco, Halliburton Energy

Services, ASCOM Group and SNP Petrom

Jimmy Micu

Senior Geologist

NAMR certified Geologist with over 40 years experience

Career mainly spent in Romania with the Geological Survey, Faculty of Geology and Geophysics and

with Prospectiuni SA

Experience is mainly in the domains of structural geology and stratigraphy of the Mesozoic and Tertiary

of the Carpathian foldbelt and foredeep

Management Short Biographies

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Comparable Company Rating

15

Zeta ADX Energy Aurelian Oil and

Gas plc

Hawkley Oil and

Gas

Melrose

Resources

Transatlantic

Petroleum

Code ASX: ZTA* ASX:ADX AIM:AUL ASX:HOG AIM:MRS TSX:TNP

Status Explorer Explorer Explorer Producer Producer Producer

Market Cap ($m) 25.8 39.9 127.8 45.7 205.0 435.2

Cash ($m) 8.0 0.8 133.1 15.1 32.5 26.3

Debt ($m) - - 29.3 - 399.8 161.3

Enterprise Value ($m) 17.8 39.1 24.1 30.6 572.2 570.3

Locations Romania Romania

Italy

Tunisia

Romania

Poland

Slovakia

Ukraine Romania

Egypt

Bulgaria

US

France

Turkey

Romania

Turkey

Morocco

Bulgaria

2P Reserves (MMboe) - - - 8.31 45.9 29.0

EV/barrel ($/MMboe) - - - 3.68 12.47 19.66

Similar companies trade at approximately $12-20 per 2P MMboe. The strategy is for Zeta to convert

contingent resources and prospects into 2P reserves to gain a similar market rating for its assets.

Zeta 2P Conversion Value Matrix BCF MMboe Value at $12/MMboe Value at $20/MMboe

Low (75% of Contingent Resources) 33.23 5.98 71.8 119.6

Mid (100% of Contingent Resources) 44.30 7.97 95.6 159.4

High (100% of Contingent Resources + 50% of Prospective

Resources)

78.67 14.15 169.8 283.0