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April 2012

www.petrelresources.com

Petrel Resources Plc Operations in Iraq, Ghana and Offshore Ireland


Important Notice

•  This presentation does not constitute or form any part of any offer for sale or solicitation of any offer to buy or subscribe for any securities in Petrel Resources plc nor shall it or any part of it form the basis of, or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this presentation or on any other document or oral statement or on the completeness, accuracy or fairness of any such information and/or opinions. No undertaking,representation,warranty or other assurance, express or implied, is made or given by or on behalf of Petrel Resources plc or any of their respective directors, employees or advisors, as to the accuracy or completeness of the information or opinions contained in this presentation, and (save in the case of fraud) no responsibility or liability is accepted by any of them for any such information or opinions or for any errors,omissions,misstatements,negligence or otherwise contained or referred to in this presentation. The contents of this presentation have not been approved by the authorised person within the meaning of the Financial Services and Markets Act 2000.

•  This presentation does not constitute an offer to the public as referred to in section 85 of the Financial Services and Markets Act 2000(as amended) of the United Kingdom and accordingly has not been nor will it be approved by any competent authority in the United Kingdom. This presentation is not a prospectus within the meaning of the Prospectus(Directive 2003/71/EC) Regulations 2005 of Ireland and therefore has not been approved by the Irish Financial Services Regulatory Authorities being the competent authority for the purposes of Directive 2003/71/EC in Ireland. This presentation is not an offering document for the purposes of section 49 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005 of Ireland.

•  This presentation has been prepared by the Directors of Petrel Resources plc and is being issued solely to and directed at persons who have professional experience in matters relating to investments falling within Article 19(1)(a)of the Financial Services and Markets Act 2000(Financial Promotion) Order 2001(“FPO”) or (b)high net worth entities and other persons to whom the presentation may otherwise lawfully be communicated, falling within Article 49(1)(a) of the FPO(all such persons together being referred to as “Relevant Persons"). In consideration of the receipt of the presentation each recipient warrants and represents that he or it is a person falling within that description. Delivery of the information to any other person or reproduction, in whole or in part, without the prior consent of Petrel Resources plc is prohibited.

•  This information is being supplied to you, in whole or in part, for information purposes only and not for any other purpose. In particular, the distribution of this document in jurisdictions other than United Kingdom or Ireland may be restricted by laws and persons into whose domain this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of laws of any such other jurisdictions.

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Strategy For Success

Petrel Resources plans to create value

– by using its experienced team to identify and develop high geological potential areas.

§  Ghana – Awaiting ratification for high potential spot close to Tullow Oil finds.

§  Ireland – license options for two packages of Blocks in the Porcupine Basin.

§  Iraq – successfully completed an E & P joint venture contract, value circa $200m. 13 years experience in Iraq.

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Experienced Team

John Teeling – Executive Chairman Established and managed a number of Stock Exchange listed resource companies in the past 30 years. Currently chairs 4 AIM resource companies. Holds a doctorate from Harvard and an MBA from Wharton

David Horgan – Director Managing Director of AIM listed Middle East Oil explorer Petrel Resources plc as well as Clontarf Energy . Holds directorships in a number of resource companies. Holds an MBA from Harvard & MA from Cambridge

Jim Finn – Finance Director Holds degrees in management and an accounting qualification and is a finance director for several publicly listed junior exploration companies

Guy Delbès – Director Formerly a French diplomat, Mr. Delbès is a fluent Arabic speaker and writer. He has 40+ years oil experience in the Middle East.. He is a member of the Académie des Sciences d'Outre-Mer. Guy Delbès is also President of the Société Littéraire du Jasmin d'Argent and an Officer of the Légion d'Honneur.

Stefano Borghi – Director Co-founder of Convergenza S.A, a European private equity company and Co-founder of Livolsi and Partners Spa, a Milan based merchant bank. He was previously Managing Director of Nokia Italia Spa, Cable & Wireless Italia Spa and was an executive with BP Amoco in London from 1988 to 1994. He holds a M.Sc. from the London School of Economics and a degree from the Bocconi University. 4


Why Africa for oil/gas?

•  Our group has 25 years continuous Africa experience.

•  Petrel has previously worked on oil & gas exploration in Uganda & Namibia.

•  More than 330 billion barrels of oil equivalent of reserves discovered -  50% in Sub Saharan Africa

•  Many hydrocarbon rich basins, new ideas emerging, but select focus on -  West Africa Offshore (Ghana and neighbours, Nigeria, Cameroon) -  Unconventionals -  Onshore Central Africa (Rifts basins)

•  Opportunities and conducive business environment for small E&P companies in countries of focus.

•  A consortium including Petrel (30%) signed a Petroleum Agreement on Ghana Block Tano 2A in 2010 – now being ratified by Parliament. 5


Ghana combines prospectivity & good fiscal terms

Approximate government take in Ghana World Average Colombia, Peru

•  West Africa has proven to be attractive due to competitive conditions and large exploration potential.

•  Ghana among the most attractive.

Ghana Terms

Royalty – 12.5% on oil GNPC Carry – 10% Income Tax – 35%

In recent years a new oil province has opened in West Africa with multi billion barrel discoveries. Ghana is the centre of activity.

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Exploration sweet-spot beside Tullow finds: Offshore/Onshore Tano Block 2A

•  over 2 billion plus barrels discovered since 2005 in Tano Basin.

• The concession, Tano 2A, is in the name of ‘Pan Andean Resources Limited’.

Ownership: 30% Petrel Resources 60% Clontarf Energy

10% Ghanaian interests

Target-rich block: – 1,532km2 area –  extensive raw data available –  676km of 2d seismic now reviewed – Tano Basin, close to recent Tullow discoveries – Multiple leads & prospects identified

Work Commitment: $25 million over 3 years

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Recent discoveries and prospects, offshore Tano Basin

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Total discovered to date over 2 billion barrels.

Production began from Jubilee in 2010.


Location map of seismic lines available

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Why Ireland?

•  Petrel was originally formed in 1982 to explore offshore Ireland and accumulated an extensive database.

•  The Petrel team has long experience in and knowledge of Irish offshore.

•  Why now? - Oil is c. $120 - was $13 a barrel in 1978 -  New tools in seismic and computers -  Greater knowledge of comparable plays -  Low entry cost, attractive fiscal terms

•  Petrel has been awarded two licensing options (1,400km2) in the Porcupine Basin.


Irish Offshore Blocks: 500km2 sedimentary basin available

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Irish Offshore (Porcupine Basin) Wells

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Work programme underway:

Ø  1st half 2012: Seismic Interpretation. Ø Robust dataset acquired, following integration & reprocessing. Ø  basic interpretation completed.

Ø  Q2/3 2012: Seismic Inversion. Ø  there are features within the main target horizons that need further seismic

study, and additional features to examine Ø  Q4 2012: Preparation of presentations to prospective partners.

Ø  Ireland’s attractiveness enhanced by Ballyroe oil/gas discovery in 2012.


Why Iraq?

Iraq is the world’s best oil play •  Iraq is the second largest oil province worldwide with 143 billion barrels of proven reserves

and up to 300 billion barrels of possible reserves.

•  The industry has suffered severe under-investment during the past 30 years.

•  Post-war production remains at c. 3 million but may rise to 7 million barrels within a decade.

•  Operating costs in Iraq are about $2 per barrel.

•  Petrel, as an Irish company, has worked in Iraq for 13 years. We were awarded the $197m Subba & Luhais development contract as well as Technical Study Projects on the Merjan and Dhufriya oil fields.

•  Petrel holds an interest in Block 6 in the Western Desert

•  We are also pursuing direct negotiations for small fields.

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Iraqi Oil and Gas Fields

There are 70+ known but undeveloped oil fields.

Iraq is largely unexplored at depth.

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Current and former projects in Iraq

Block 6

Merjan

Subba & Luhais

Dhufriya

Merjan: Completed 2008 Dhufriya: Completed 2009 Subba & Luhais: Will be completed in 2011 16


Subba & Luhais (EPC contract)

•  Petrel remains the operator of record with a 10% Net Profit Interest.

•  Petrel sold their 50% stake to a local company for $7million.

•  Working this project since 1999, awarded a $197 million contract in 2004.

•  The development is building surface facilities to boost oil production from current levels of under 50,000 b/d to over 200,000 b/d.

•  EPC Work is completed. Follow-up construction due to be completed by end 2013.

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Block 6

In 2002 Petrel was awarded Block 6 in the Western Desert. A contract was agreed and signed with the oil ministry but not by the then President. The legal status of the block is uncertain. Petrel is in continuing discussions with officials.

• Block 6 is located in the relatively unexplored Paleozoic Basin of Western Iraq. It covers 10,000sq km. • Mature oil and gas source rocks occur in Silurian and Middle Ordovician sediments. • Proven plays occur in reservoirs of Carboniferous, Silurian and Ordovician age. • There is 3,400km of seismic but no wells. • The potential is a multi-billion barrel oil and gas field.

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Block 6 (exploration): base map

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The brown rectangle is the total study area.

The over-lapping green rectangles are the satellite images on which we conducted our studies of topography, lineaments, surface structures, etc.


Expected timeline

Ghana •  Ghana Parliamentary ratification Q4 2012 •  Seismic phase Q3 2013 •  Well scheduled By end 2015 Ireland •  Irish Atlantic Blocks awarded Q3 2011 •  Seismic 2013 •  Well 2014/2015 Iraq •  Iraqi EPC Contract completed Q4 2011 •  Clarity on Block 6 By end 2012? •  Seismic programme Within 1 Year of start •  Wells By end 3rd Year


Corporate Facts

•  Cash balance: c. $5 million + low probability profit share (10%) for Subba & Luhais.

•  77m shares in issue – diluted 82m.

•  Current Market Cap. (fully-diluted): £6 million. •  >1800 shareholders.

•  20% institutional share holders.

•  Broker/NOMAD : Northland Capital Partners.

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Petrel top organization

Chairman John Teeling

Director Guy Delbès

Finance Director James Finn

Iraq Country Mgr Mahmoud Ahmed

Director of Projects Rod McInnes

MD David Horgan

Project Manager

Itochu

Oilfield Dev. Resources

Chief Process Eng.

Trinity College UCD

Director / Employee

Long term contractor

Business partner

Director Stefano Borghi

Senior Geologist Dr Munim Al-Rawi

Senior Geologist Dr Manouchir Takin

Senior Geologist Dr Dave Naylor

Fugro Geophysics GSE

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Petrel Resources Plc

162 Clontarf Road Dublin 3 Ireland

Phone: +353 1 833 2833 Fax: +353 1 833 3505

Email: [email protected] www.petrelresources.com

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