LINC ENERGY EXTRAORDINARY GENERAL MEETING

26 FEBRUARY 2016

1

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 Linc Energy Ltd (“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 or 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.

Disclaimer

2

Since October 2014….

Successfully negotiated amendments to the Convertible Notes including:

1. In December 2014, a 25% repayment of the principle outstanding and an extension to the Redemption Put Date from April 2015 to April 2016.

2. In December 2015, removal of the Redemption Put Date and reduction of the coupon to 0% (Resolution 2).

Successfully negotiated placements of new equity to Convertible Note holders for working capital purposes during the restructuring period.

Completion of a Receivable Factoring Facility Agreement with a third party Financial Institution in relation to the second tranche of the Adani Receivable.

US O&G operations switched from prioritising production to:

1. Low capital expenditure program: recompletions and new wells selected and drilled based on risked NPV analysis.

2. Low operating cost mindset: improved operational efficiencies allowed for a 44% reduction in LOE’s and a total operating cost below USD 29/net bbl.

Organisational restructure: >50% reduction in employee and contractor numbers realising in >A$20million per annum in savings.

Maintenance costs of facilities and non-core business assets reduced by 37%.

Restructuring of Board and Executive Management team.

3

Financial Update

* Amounts highlighted in boxes indicate average realised oil prices for the quarter. * Amounts presented above have been normalised to remove exchange rate impacts.

Despite continual decline in oil prices over the past 18 months, operating costs and overheads have been reduced to mitigate significant decline in overall Group net profit.

Profit & Loss Extract (AUD$ million)

Q2 FY16

Revenue 15.8

Gross Profit -30.5

Total Expenses -50.1

Adjusted Profit/(loss) before income tax

-93.9

Profit/(Loss) result for quarter ended 31 December 2015 includes the following key items which total AU$92m:

Impairment (AU$29.3m) Depletion (AU$37.3m) Interest Expense (AU$25.4m)

Revenue vs Cost of Sales (AU$ million)

9.72 10.80 10.37 6.95 6.85 7.87

29.85

21.57

12.77 10.73

16.48

12.75

-

5

10

15

20

25

30

35

40

Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16 Q2 FY16

Cost of Sales - Cash Revenue

94.16 72.95 48.03 56.82 46.48 39.00

Sale of hedges

4

Current Debt Structure Linc Energy has Convertible Bonds and US Notes. US Notes are secured by the US asset portfolio

SGX:TI6 US$137m Convertible Bond

US Notes Secured by Linc Energy’s US Asset Portfolio 1st Lien US$125m

2nd Lien US$284m (inc. Oct ’15 PIK)

Gulf Coast Umiat Wyoming UCG Sapex

US Secured Notes

Restructuring discussions in progress

* Bloomberg 23 February 2016

Coupon % Coupon Total (US$mm) Payable Face Value (US$mm)

Quoted per US$100 of Face Value * (US$)

Quoted Value (US$mm) *

First Lien Senior Secured Notes

9.625% 12.0 Oct / Apr 125 20.00 25.00

Second Lien Senior Secured Notes

12.5% (Oct’15 PIK @ 14%)

33.1 Oct / Apr 283.55

(including Oct’15 PIK) 0.625 1.77

Total Value 408.55 26.77

RBC Capital Markets 5

$20

$30

$40

$50

$60

$70

Jan-15 Apr-15 Jul-15 Oct-15 Jan-16

Bankruptcy filings by

independent E&P

companies have accelerated

in 2015 as crude prices

have continued to weaken

Oil price has continued to

deteriorate since Jan-16

with WTI hitting a low of

US$26.21 on 11-Feb-16

Bankruptcy Filings in Exploration and Production Sector WTI Crude Oil 2015 – 2016 Performance vs Reported Bankruptcies

Duer Wagner III, Inc.

WBH Energy LP Debt: $49mm

Barnett Shale

Debt: $239mm

Peru & Ecuador

Debt: $108mm

Louisiana & Gulf Coast

Debt: $2,074mm

Texas & Canada

Debt: $38mm

Diversified

Debt: $122mm

Diversified

Debt: $1,073mm

Louisiana & Gulf Coast

Debt: $194mm

Bakken Debt: $402mm

California

Debt: $206mm

GOM

Debt: $2,861mm

Diversified

Debt: $4,332mm

Diversified

Debt: $145mm

GOM

Debt: $304mm

Diversified

Debt: $216mm

Alaska

Debt: $35mm

Louisiana

Debt: $43mm

Wyoming & Nevada

Debt: $1,205

DJ Basin &

East Texas

Debt: $169mm

Hugoton Gas Field

Debt: $1,285mm

Louisiana & Texas

Source: Public disclosure, FactSet as of February 05, 2016.

(1) Debt estimated per First Day Declarations; schedules not yet available.

(1)

AIX

Debt: $1,020mm

Appalachia

$ / Bbl

Debt: $126mm

Haynesville and

Woodbine

Debt: $575mm

Woodbine

(1)

(1)

RBC Capital Markets 6

Current Production: 9,318 Mbbl / d

Current Rig Count: 467

Current WTI Price: $30.89

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

-

2,000

4,000

6,000

8,000

10,000

12,000

Jan-0

8

Jan-0

9

De

c-0

9

De

c-1

0

De

c-1

1

De

c-1

2

De

c-1

3

De

c-1

4

De

c-1

5

Crude Oil Production (Mbbl / d) Rig Count

U.S. Crude Oil Production and Rig Count

Source: Baker Hughes, EIA, FactSet.

Note: EIA production through October 2015, Baker Hughes rig count and FactSet market data as of February 05, 2016.

Producer spending cuts are

reflected in a sharp decline

in the number of rigs drilling

for crude oil

Decline is much sharper

than that seen in the

Financial Crisis

Baker Hughes Crude Rig Count and U.S. Crude Oil Production

10/10/14

Rig Count: 1,609

WTI: $85.82

10/16/15

Rig Count: 595

WTI: $47.26

Mbbl / d Rigs

Oct-14 to Oct-15:

63% Decline in Rig Count

Prod. Up 2%

45% Decline in WTI

STRICTLY PRIVATE AND CONFIDENTIAL

OPERATIONS UPDATE

8

>3,000 BOEPD gross production from ~150 wells across 14 fields, (99% oil, 100% operated WI, 77% NRI). Attractive operating margins following a substantial cost reduction program to reposition for lower price. environment (<$30/BOE cash operating costs inc. G&A) Quality operating team capable of aggregating surrounding assets and realising development upside.

Gulf Coast Assets

Primary Gulf Coast fields are associated with salt domes or salt related structures. Production from stacked reservoirs primarily in normally pressured Miocene and Frio sands at depths to 7,500 feet. Significant 3‐D seismic coverage.

Asset Overview

Key Highlights Operational Footprint

Asset Overview

As of 1 July 2015 (SEC pricing)

As of 1 January 2016 (SEC pricing)

Proved Reserves 8.3 MMBOE

(93% oil, 25% PDP) 6.2 MMBOE

(91% oil, 32% PDP)

Prospective Resources 3.1 MMBOE

(81% oil) 6.6 MMBOE

(50% oil)

Proved PV-10 $195 MM $96 MM

PDP PV-10 $64 MM $41 MM

9

Gulf Coast Operations

45 recompletion zones 29 new well locations 22 wells shut-in (213 BOPD gross)

Large fixed cost component that will reduce in-line with increases in production

38.44

24.51

19.04 17.42

13.07 13.62

5.6

3.4

4.4

2.1

3.0

1.5

2.8

0.8

2.7

1.0

2.6

0.8

LOE and WO Cost Trending – Gulf Coast

56 recompletion zones (+11) 53 new well locations (+24)

Recompletions <60 day payback New wells < 12 month payback

Operating Costs ($ per BOE)

31 Dec 2015 Quarter

LOE $11.77

Workover $3.60

Production Taxes $1.91

Ad Valorem Taxes $2.05

G&A $8.66

Total $27.98

Stabilised after cost-out program

@ US$30/bbl

@ US$50/bbl

Internal Hurdle Rates

Cost Reduction Program

DEC Quarter year-on-year reduction in cost of production: 25% total 16% per BBL

10

Underground Coal Gasification

Our Strategy:

Grow our UCG technology licensing business.

Focus on new and existing business in Africa and Asia.

Key Activities:

PT Sugico Graha (Sugico) granted a license to use Linc Energy’s proprietary UCG intellectual property throughout Indonesia.

Sugico to pay a licence fee of US$17.5million and royalties on produced synthesis gas.

Sugico to deploy UCG across its significant coal acreage, with projects planned for South Sumatra and South East Kalimantan.

Negotiation of terms with investors for UCG to Power project in South Africa.

Provision of services to Exxaro to support their UCG technology license (Environmental Impact Assessment (EIA) and Mine Right (MR) applications).

Operations in Europe consolidated, and resources redeployed.

All five gasifiers ‘closed in’ at our Chinchilla operation.

11

SAPEX Australian Shale Oil

Linc Energy holds 7 exploration licenses and 2 license applications in the Arckaringa Basin. At ~14.2mm contiguous acres, representing 100% of the known prospective areas in the Arckaringa Basin Independent consultant Gustavson Associates estimate unrisked prospective unconventional resources of 256 Bbbl of oil. Gustavson estimates of 125 Bbbl unrisked prospective resources for conventional reservoirs adds upside potential Live oil samples and proof of an active petroleum system in the Arckaringa Basin proved through Maglia-1. Unconventional source rock potential supported by oil fluorescence within the Stuart Range and Boorthanna Formation at the Pata 1 locations. Exploration rights exceed 7 years in prospective areas.

Gustavson Associates Unconventional Resources

Location

14.2mm continuous acres of the Arckaringa Basin. Light, sweet crude oil findings at the Maglia-1 well. Independent expert estimate 256 Bbbl unrisked prospective resources for unconventional reservoirs. Estimated risked unconventional prospective resources of 19 Bbbl of oil.

Formation Unrisked Risked

Stuart Range 27.69 Bbbl 2.77 Bbbl

Boorthanna 21.79 Bbbl 1.74 Bbbl

Pre-Permian 207.08 Bbbl 14.50 Bbbl

Total 256.56 Bbbl 19.01 Bbbl

Future Work Program

Studies will incorporate newly acquired data to interpret potential sweet spots. Review future exploration options and engage with suppliers. Continue to engage the market to attract a strategic partner.

Highlights

Description