Investor PresentationNovember 2016ASX: OXX

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DisclaimerThis presentation may contain forward looking statements, not based on historical fact, that are subject to risk factors associated with oil and gas businesses.

While it is believed the expectations reflected in these statements are reasonable, they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially.

Octanex makes no representation, warranty (express or implied) or assurance as to the completeness or accuracy of any projections and, accordingly, expresses no opinion or any other form of assurance regarding them. Octanex does not intend to publish updates or revisions of any forward looking statements included in this document to reflect the circumstances of Octanex NL after the date of this presentation or to reflect subsequent market analysis

The views expressed within this document are solely those of Octanex and do not necessarily reflect the opinions of its jointventure participants.

Investors should undertake their own analysis and obtain independent advice before investing in Octanex securities. All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

Qualified petroleum reserves and resources evaluatorThis presentation contains information on petroleum resources which is based on and fairly represents information and supporting documentation compiled by Mr Tim Morison, a director and principal technician of Abraxas Petroleum Pty Ltd, which provides consultancy services to Octanex. Mr Morison holds a Bachelor of Science, and is a member of the American Association of Petroleum Geologists, Formation Evaluation Society of Australia (ex President), Petroleum Exploration Society of Great Britain (PESGB) and European Association of Geoscientists and Engineers (EAGE) and is qualified in accordance with ASX listing rule 5.41 and has consented to the inclusion of this information in the form and context in which it appears.

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Octanex

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Octanex is seeking to increase its exposure to production & development

Octanex’s portfolio includes interests in the Ophir oil development, 2 appraisal assets and 5 exploration permits.

Shares on issue(assuming partly paid shares are consolidated into fully paid shares at AGM)

273m

Share price $0.045

Market capitalisation A$12m

Convertible note facility (undrawn)

US$12m

Cash (end Sept 2016) A$2.6m

Octanex share price performance since 1 Jan 2016

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Experienced Board

Geoff AlbersExecutive Chairman

35+ years experience & track record of developing significant oil & gas assets.Exploration activities led to Yolla gas/condensate, Evans Shoal gas and Maari oildiscoveries.

Rae ClarkExecutive Director

Upstream oil & gas commercial specialist; managerial, business development,financial modelling experience. Commenced career with Deloitte, working inupstream petroleum industry since 2005.

Tino GuglielmoNon-Executive Director

Petroleum engineer, 30+ years technical, managerial & senior executiveexperience including Stuart Petroleum, Ambassador Oil & Gas, Santos, DelhiPetroleum, Schlumberger Corp.

James WillisNon-Executive Director

Wide petroleum exploration industry experience. Previously director of MEO &Southern Petroleum NL. Partner at NZ legal firm Bell Gully for 25 years withupstream oil & gas practice specialty.

Suhnylla KlerNon-Executive Director

Financial services expertise including asset and portfolio management andgrowth. Director & CEO of Sabah Development Bank Asset Management andDirector of M3Energy Berhad

Kevin How KowNon-Executive Director

Former EY Malaysia partner, Director of Sabah Development Bank & M3EnergyBerhad, extensive Malaysian corporate experience

David CoombesNon-Executive Director

Broad experience as a tax and corporate lawyer across numerous industry clients.Experienced independent director.

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Development: Ophir Oil Field

• Transformative development asset• Production next year• Fully funded

– 75% project finance (banking consortium)

– US$17M (Sabah International Petroleum placement/facility)

• Economic at today’s oil prices• Significant cost savings locked in

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Ophir Small Field Risk Service Contract (SFRSC) Overview

Block : PM315

230 km offshore East Coast Malaysia. 73m water depth.

SFRSC Effective Date : 11th June 2014

Revised FDP Effective Date : 25th August 2015

Term of Contract : 7 years from the SFRSC Effective Date

First Oil : 2H 2017

Development CAPEX : USD90m

KPIs :

• Capital Costs (Development CAPEX)

• Production Performance/Targets

OPSB Shareholders : Octanex (50%) Scomi (30%) Vestigo (20%)

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Wellhead Platform (WHP)• 4 well slots, plan to drill 3 wells

• Solar powered

• Unmanned & Remote operated from FPSO

Floating Production Storage & Offloading Vessel (FPSO)• Converted Oil storage tanker, capable of storing up to 350k barrels of crude

• Small process facility module built separate and install on topdeck

• Moored permanently to the seabed on location

FACILITIES OVERVIEW

PIPELINE• Approximately 350m distance between WHP and FPSO

• Flexible 8” flowline

True North

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Executive Summary & Milestones

• No Reportable Incidents or Accidents to date

• First Oil target second half 2017

• Costs below budget

• Government approvals on track

• Wellhead platform contract awarded, onshore

fabrication now ~95% complete

• Drilling contract awarded November

• Well design complete

Event Fcast/Act

ual

Effective Date 25/8/15

Award WHP 9/11/15

Commence WHP Construction 15/2/16

Install WHP (Ready for Rig) Q2 2017

Commence Drilling Q2 2017

Install & HUC FPSO (RFSU) 2H 2017

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Platform: Topsides

• ~100m Tall

• 1523 MT

• 320MT topsides

• 1203 MT jacket• 4 Well Slots

(3 used + 1 spare)

• Production and Test

Manifold

• Wellhead Control Panel

• Solar Panel + UPS

• 5 MT Crane

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Platform: Jacket

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Production DrillingNaga 2 rig

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Final Well Basis of Design HighlightsMaximum Reserves Through Subsurface Risk Mitigation & Drilling Cost Optimization

A3

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A2

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Project economics improved by reduced CAPEX

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CAPEX US$ Million

Original RSC 2014 135

Revised Field Development Plan 90

Target 75

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Pre-development: Cornea & Ascalon

Contingent Gas Resources tcf

P90 P50 P10Octanex 100% interest 1.04 3.01 8.74

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Pre-development projects

• Greater Cornea Fields– Held via Retention Licence– Commerciality dependent on oil price

• Ascalon– Retention Licence sought– Commerciality dependent on gas prices

and market access

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Exploration: Carnarvon Basin

WA-323-P & WA-330-P (25% interest)- Free carried by Santos as Operator- Gas with condensate discovery at Winchester-1/ST1 2013

WA-362-P & WA-363-P (33.33% interest)- Free carried by Eni as Operator

WA-387-P (100% interest)- Area of renewed exploration interest from majors (Statoil in WA-506-P, Shell in WA-386-P, BP in WA-525-P)

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New Ventures

• New venture opportunities• Opportunities must be:

– Value accretive– Synergetic with corporate strategy

(production/near-production), experience and portfolio

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