1. Dart Energy – the path to production
Robbert de Weijer, CEO Dart Australia
May 2012

2. Disclaimer
This presentation (Presentation) has been prepared by Dart Energy Limited (ABN 21 122 588 505) (Dart). This Presentation is not a prospectus or a product disclosure statement under the Corporations Act and
has not been, nor is it required to be, lodged with the Australian Securities and Investments Commission (ASIC). Nothing in this Presentation should be considered as a solicitation, offer or invitation in any place
where, or to any person to whom, it would not be lawful to make such an offer or invitation. By accepting, accessing or reviewing this Presentation, or attending any associated presentation or briefing, you agree
to be bound by the following conditions.
This Presentation may not be forwarded or otherwise be distributed in the United States of America.
Summary information
This Presentation contains summary information about the current activities of Dart and its subsidiaries. The information in this Presentation does not purport to be complete. It does not purport to contain all
the information that a prospective investor may require in evaluating a possible investment in Dart nor does it contain all the information which would be required in a prospectus prepared in accordance with
the requirements of the Corporations Act. This Presentation should be read in conjunction with Dart’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange,
which are available at www.asx.com.au. No member of Dart or any of its related bodies corporate and their respective directors, employees, officers and advisers (Dart Group) offer any warranties in relation to
the statements and information in this Presentation. Statements in this Presentation are made only as of the date of this Presentation unless otherwise stated and the information in this Presentation remains
subject to change without notice. Dart is not responsible for providing updated information to any prospective investors.
Not financial product advice
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legal, tax or other advice. This Presentation is not a recommendation to acquire shares and has been prepared without taking into account the investment objectives, financial situation or needs of individuals.
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Financial data
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Past performance
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Presentation is, or is based upon, information that has been released to the market. For further information, please see past announcements released to ASX.
Future performance
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The words “forecast”, “estimate”, “likely”, “anticipate”, “believe”, “expect‘’, “project”, “opinion”, “predict”, “outlook”, “guidance”, “intend”, “should”, “could”, “may”, “target”, “plan” and other similar
expressions are intended to identify forward‐looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward‐looking statements. You are
cautioned not to place undue reliance on forward looking statements as actual outcomes may differ materially from forward looking statements. Forward‐looking statements, opinions and estimates provided
in this Presentation necessarily involve uncertainties, assumptions, contingencies and other factors, and unknown risks may arise, many of which are outside the control of Dart. Similarly are statements about
market and industry trends, which are based on interpretations of current market conditions, should be treated with caution. Such statements may cause the actual results or performance of Dart to be
materially different from any future results or performance expressed or implied by such forward looking statements. Forward‐looking statements including projections, guidance on future earnings and
estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Such forward looking statements speak only as of the date of this
Presentation. Dart disclaims any intent or obligation to update publicly any forward‐looking statements, whether as a result of new information, future events or results or otherwise.
Reserves and resource estimates
The reserve and resource estimates used in this presentation were, where indicated, compiled by Dan Paul Smith and John Hattner of Netherland, Sewell & Associated, Inc., Dallas or by Mr Doug Barrenger of
MBA Petroleum Consultants and are consistent with the definitions of proved, probable, and possible hydrocarbon reserves and resources that appear in the Australian Stock Exchange (ASX) Listing Rules. Mr.
Smith, Mr Hattner and Mr Barrenger are each qualified in accordance with the requirements of ASX listing rule 5.11 and each consent to the use of the resource and reserve figures in the form and context in
which they appear in this presentation.

4. A simple model
RAPID COMMERCIALISATION WHERE GAS IS NEEDED FAST.
1 2 3
ACCESS APPRAISE MONETISE
High quality Diagnostic know- Commercialise
prospects how & “tool-kit” quickly
High demand Small volumes Accessible
markets required markets
Rapid certification Achieve high
margins
Quality assets in high price, high demand, highly accessible markets
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5. Australia

6. Australia gas market and strategy
We will maximise value
through:
1. Maturation of existing assets
2. Diversification:
• Geographically
Source 1: 2010 Gas Statement of Opportunities, AEMO
Source 2: Dart Energy research (publicly available information)
• Other unconventional gas
East Coast gas price forecasts
3. Innovative commercialisation
and monetisation of our assets
4. Respect for our communities,
environment and people
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7. Significant portfolio with future upside through diversification
3 Key NSW Tenements (7 in total):
Newcastle PEL 458
4 exploration wells drilled to date
Approval imminent to commence prod’n pilot
Hunter Valley PEL 456
5 exploration wells drilled to date
Santos to drill pilot in 1H 2012
Cumberland PEL 463
 Land use study to define small footprint,
industrial site developments
Area OGIP Prospective 3C 2C
(km2) (Tcf) (Tcf) (Tcf) (Tcf)
23,598 32.5 12.3 1.5 0.5
NSW resource position (net to Dart)
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8. Fullerton Cove, NSW – PEL 458
Project with MFV
Initial ~16 Ha glasshouse & 4,000m2 propagation
facility
$7.50 per GJ; $5.2m investment (20% equity)
Up to 6.3PJ over 10 years for ~8MW combined
heat/power; potential expansion to 32 MW
Revenue of ~ $4.5m/year upon completion of
stage 2
Benefits
Similar integrated projects can be
15x food productivity, no pesticides
replicated across Dart’s portfolio to
Near zero CO2 emissions achieve early monetisation and
demonstrate CSG can co-exist with
Beneficial re-use of CSG water
other land uses.
125+ new jobs, excess power to grid
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9. International

10. PEDL 133 - Scotland
Work to date
─ Developing and executing exploration program
─ Installation of gas-to-power facilities
─ Full field development planning
Monetisation
─ First gas sales from pilot-to-power in 2012
─ GSA with SSE Energy Supply Limited
Future work program
─ Drill additional 2 core wells and production wells
─ Installation of production facilities + pipeline to
grid
OGIP/Resource/Reserve
─ 1093 BCF OGIP
─ 597 BCF 2C Resource, 1247 BCF 3C Resource
─ 38 BCF 2P Reserves, 72 BCF 3P Reserves

11. Liulin - China
Work to date
─ Production testing from 4 pilot wells and
currently drilling 2 additional wells
─ Pre development engineering for Overall
Development Plan (ODP)
Monetisation
─ Third party GSA in place for sales from Luilin
Future work program
─ Development of surface infrastructure facilities
by H1 2013 to allow delivery into GSA
OGIP/Resource/Reserve
─ 143 BCF OGIP
─ 20 BCF Prospective Resource
─ 22 BCF 2C Resource, 33 BCF 3C Resource
─ 7 BCF 2P Reserves, 12 BCF 3P Reserves

12. Sangatta West - Indonesia
Work to date
─ Long term production from 4 wells
Monetisation
─ First gas sales from pilot-to-power in 2012/2013
Future work program
─ Delivery of commercial gas flow
─ Installation of power generation facilities
OGIP/Resource/Reserve
─ 250 BCF OGIP
─ 44 BCF Prospective Resource
─ 62 BCF 2C Resource, 100 BCF 3C Resource
─ 9 BCF 3P Reserves

13. Tanjung Enim - Indonesia
Work to date
─ 2 core wells completed
─ 3 well pilot drilling underway
Monetisation
─ First gas sales from pilot-to-power in 2012/2013
Future work program
─ Additional pilot to power planning
OGIP/Resource/Reserve
─ 393 BCF OGIP
─ 88 BCF Prospective Resource
─ 109 BCF 2C Resource, 154 BCF 3C Resource

14. Electrosteel CMM - India
Work to date
─ 2 core wells completed
─ Assessing CMM degassing potential
Monetisation
─ Potential off-take by domestic CNG operators
in 2013
Future work program
─ Drill 3 CMM degassing wells 2012/13
OGIP/Resource/Reserve
─ 53 BCF OGIP
─ 26 BCF 2C Resource
─ 48 BCF 3C Resource

15. Value drivers
Milestones Timing
• IPO Dart International
• Results from 5 existing production pilots
• Drill out exploration programme Underway
• Commencement of production pilot at Fullerton Cove
• Initial revenue from PEDL-133 gas to power
• Completion of project debt facility
• Additional CBM pilots plus 1-2 shale exploration wells
• Reserves additions and commercial gas flow rates 2012-13
• Partnership(s) and new off-take arrangements
• Extended portfolio of shale and other unconventional assets
• Revenue from 6 projects
2013
• Commence shale exploration and assessment
Additional power generation, domestic supply and/or pipeline sales 2013 and beyond
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16. Thank You

17. Development fundamentals - How we envisage a CSG development in NSW
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18. Small footprint, large reach
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19. CSG development
CSG Then
Lauren field in the Surat Basin was developed the way it was, during the drought
years, in a manner that fitted both the landholder and the CSG company at the time
CSG Now
The Berwyndale field in the Surat Basin has been developed more recently, and
demonstrates how CSG proponents work closely with landholders to optimise
the layout infrastructure to minimise the impact on their farm productivity
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