Texon Petroleum LtdABN 24 119 737 772

Level 9, 46 Edward StreetBrisbane, Qld Australia 4000

Postal:  GPO Box 402Brisbane, Qld  Australia 4001

Telephone:   +61 7 3211 1122Fax: +61 7 3211 0133

Directors:John ArmstrongBernard RowleyDavid Mason

Company Secretary:Des Olling

Contact:Clifford S. FossPresident & CEOcfoss@texozep.comor:John ArmstrongChairmanjohn.armstrong@texonpetroleum.com.au

Website:www.texonpetroleum.com.au

ASX Code:  TXN November 2012

Talon Petroleum Limited

2

Important Statement

• The information contained in this presentation concerning Texon Petroleum Ltd (Texon) consists of general background information about Texon's activities as at the date of the presentation – 13 November 2012. This information is provided in summary form and may be derived from sources that have not been independently verified by Texon. No representation or warranty is made as to the accuracy, completeness or reliability of the information provided (including any tables, charts, diagrams or maps).

• The presentation contains certain statements (including projections, estimates, opinions and forecasts) concerning the anticipated future performance of Texon and its operations (Forward Looking Statements). None of these Forward Looking Statements is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside Texon's control. Accordingly, Texon's actual results, performance and prospects could differ substantially from that expressed in or implied by the Forward Looking Statements. Texon undertakes no obligation to update publicly or release any revisions to the presentation or Forward LookingStatements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events.

• This presentation is not an offer, invitation or recommendation to subscribe for securities by Texon. Nor does this presentationconstitute advice to investors or potential investors and it should not be relied upon as such as it does not take into account the investment objectives, financial situation or needs of any particular investor. Recipients of this presentation are strongly recommended to seek their own financial, legal, tax and other advice and make their own independent investigations and appraisals of Texon and the information contained in this presentation .

• Texon, its related entities, officers, employees, advisors, consultants and agents disclaim and exclude to the extent permitted by law all liability (including negligence) for any loss, claim, demand, damages, costs and expenses of whatever nature (whetherforeseeable or not) suffered or incurred by any person relying or acting on the information contained in the presentation (including the Forward Looking Statements) or arising in connection with that information being inaccurate or incomplete.

November 2012

3

Corporate Matters

The proposed demerger of Talon Petroleum Ltd (“Talon”) * and the merger of Texon Petroleum with Sundance Energy Australia Limited provides for Texon shareholders:

Merger‐ Shareholders will have continued exposure to Texon’s EFS assets through a company that has the financial resources to fund an accelerated development program

‐ Significantly enhanced basin and opportunity diversity  ‐ Significantly increased scale, activity and production

Talon Petroleum- Exploration and appraisal to unlock the value embedded in the Company’s non EFS assets

November 2012

_____________________________________________________________________________________________________*  Talon is the name currently being used by the Company to refer to the group of demerged non‐Eagle Ford Texon 

subsidiaries and assets

4

Talon - Experienced Management

Clifford S. Foss Jr to lead Talon Petroleum as CEO and President

40 years of successful exploratory, production and monetization experience in the Texas Gulf Coast area with a wide knowledge of the key players in the industry and the resulting understanding of the ingredients for commercial success. 

Petrohawk ‐ Senior Vice President Exploration – 2006‐2008

KCS Resources ‐ Senior Vice President Exploration – 2000‐2006

Mr Foss has been involved in the exploration, production and monetization of over $3.5 billion of producing assets since his early days with the Cockrell Oil Corporation and later with KCS Resources and Petrohawk Energy.

The entire Texon team will transfer across to Talon upon completion of the demerger. 

November 2012

5

Talon - Projects

Mosman / Rockingham Olmos – low risk oil project

Roundhouse oil project

East Texas – oil plays being leased

Other – emerging projects

Database – extensive

November 2012

6

Talon – Mosman / Rockingham Olmos

November 2012

• Oil

• Talon WI – 95-100%

• One producing well

• 1,200 acres of 3D indicated reservoir

• 30 ‘40 acre’ well locations

• 3.0 mmboe low risk potential to Talon WI

• Similar in size to Leighton Olmos

• Refrac Hoskins well

• Two more wells in 2013

• Monetize

7

Talon – Roundhouse oil project

Gross Area : ca. 7,000 acres

Location : Surrounded by producing wells

Potential : 250,000 bbls oil per well (160 ac/well)– [drainage area may be 80 ac]

Overall Potential : 10-12 mmbbl oil (160 ac/well)

Texon WI : ca 50%

Drilling : First well in 2013

November 2012

8

Talon – East Texas oil project

Leasing in Progress on Oil Projects

20,000 acres targeted

35 mmboe potential to 100% WI

Proof of Concept well – 2013

November 2012

9

Talon - Other Oil Projects

Prospect Name TargetSingle Well Economics 

NPV10  ‐ $MM

Prospect Potential ‐(mmboe)

East Texas 1 Cretaceous Oil 4.0 21East Texas 2  Cretaceous Oil 4.0 8.8East Texas 3 Cretaceous Oil 4.0 7.8Bellambi Cretaceous Oil 5.0 14.2Sorrento Cretaceous Oil 11.0 6.0Dicks Oligocene Gas Condensate 20.0 45-65

• Sample of kinds of projects

• Yet to be prioritized and leased

• Risk sharing JV to be sought

November 2012

10

Talon – Drilling Plan

Well Well Timing Texon WI (%)

Hoskins #1 Refrac 2012 95%

MR Olmos – 2 2013 95%

MR Olmos – 3 2013 95%

Roundhouse 1 2013 50%

East Texas “Proof of Concept”

2013 100%

November 2012

11

Talon – Wandoo Data Base

Through the Wandoo Prospect Generation Agreement (PGA) Talon has the first option on prospects generated from:

• 180 3D Seismic Surveys totalling 24,600km2

• 30,000 km 2D Seismic; and• 212,000 km2 Talon Prospect entitlement area

Source: Texon reports

Texon

November 2012

12

Talon - Summary

An exciting oil exploration and appraisal play

Experienced board and management team with a track record of finding, developing and monetising oil and gas assets

Seeded with attractive assets and prospectsOwns low risk Olmos oil playHas a 50% interest in Roundhouse oil projectHas begun leasing on East Texas oil resource playsWill continue to examine new opportunities identified through Wandoo PGA and internal Talon capabilities

Focused on low risk oil projects, in mature, well serviced areas, that arise through improvements in drilling and fracture stimulation techniques.

November 2012