References to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

The information in this presentation is in summary form and should not be relied upon as a complete and accurate representation of New Guinea Energy Ltd and or its various business activities. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information purposes only. No representation or warranty, express or implied, is or will be made by New Guinea Energy or its officers, directors, employees or advisers as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in, or implied by, this presentation, or as to the reasonableness of any assumption, forecasts, prospects or returns contained in, or implied by, this presentation or any part of it. The presentation may include information derived from third party sources that has not been independently verified.

This presentation should be read in conjunction with the 2011 Annual Report of New Guinea Energy and other periodic and continuous disclosure announcements that have been lodged by New Guinea Energy with the Australian Securities Exchange.

This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of New Guinea Energy and certain plans and objectives of the management of New Guinea Energy. Forward-looking statements can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. Indications of, and guidance on, production targets, targeted output, development or timelines, exploration or expansion timelines, infrastructure alternatives and financial position and performance are also forward-looking statements. Any forecast or other forward-looking statement contained in this presentation involves known and unknown risks and uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of New Guinea Energy, and may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements.

The forward-looking statements included in this presentation involve subjective judgment and analysis and are subject to significant business, economic and competitive uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to New Guinea Energy. Given these uncertainties, you are cautioned not to place undue reliance on forward-looking statements. These forward-looking statements are based on information available to us as of the date of this presentation. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward-looking statements.

This presentation is provided for informational purposes only and is subject to change without notice. Subject to any obligations under applicable laws, regulations or securities exchange listing rules, New Guinea Energy disclaims any obligation or undertaking to release any updates or revisions to the presentation to reflect any change in

expectations or assumptions. Nothing in the presentation should be interpreted to mean that future earnings per share of New Guinea Energy will necessarily match or exceed its historical published earnings per share, or that there has been no change in the affairs of New Guinea Energy since the date of the presentation.

This presentation does not constitute investment, legal, taxation or other advice and the presentation does not take into account your investment objectives, financial situation nor particular needs. You are responsible for forming your own opinions and conclusions on such matters and should make your own independent assessment of the information contained in, or implied by, this presentation and seek independent professional advice in relation to such information and any action taken on the basis of the information.

References to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

The information in this presentation that relates to NGE’s resources is based on information compiled by Mr Dan Kendrick, an employee of NGE with over 15 years’ experience as a practising geologist. Mr Dan Kendrick consents to the inclusion of this information in this presentation in the form and context in which it appears.

Contents

1.

Investor Highlights

2.

PNG – World Class E&P Destination

3.

Capital Structure

4.

Senior Management and Board

5.

Strategy and Development Plan

6.

Licence Overview

7.

Licence Details

8.

Milestones Achieved/Planned

Attractive Exploration Portfolio – value backed by external transactions • 6 onshore licences 37,500km2_{(9.3M acres), 50-100% interest}

• Balanced portfolio of both oil and gas prospects with >8,500MMboe unrisked PIIP

• Aerogravity, magnetics surveys, and > 600km seismic

• 1Q2012 transactions value NGE’s equity in 3 licences at > $120m (with significant upside potential)

De-risking with Majors

• PPL 268 and PPL 269 farmed-in by Talisman and Mitsubishi

• PPL 277 Sale and Royalty to ExxonMobil and Oil Search

• Part of NGE growth now linked to the expansion of the $19bn PNG LNG project

• Retain upsides without the risks nor capital obligations

• Aim to replicate strategy on 100% owned PPL 265, PPL 266 and PPL 267

• Drill opportunities in PPL 265 and PPL 266 and seeking JV partners

Experienced Management, Low Cost Execution Capability • Extensive Oil and Gas experience with local focused team

• Asset specific strategies to realise value and maintain upside potential

• Opportunities to replicate strategy across Asia

• Potential to diversify portfolio with near-term operational assets

INVESTOR HIGHLIGHTS

PNG – WORLD CLASS E&P DESTINATION

Highly Prospective

• 25Tcf gas discoveries to date

• ExxonMobil consortium: US$19bn PNG LNG under construction

• TOTAL, Shell, Mitsubishi, and Pacific Rubiales arrived in last 12 months

Pro Development

• Global LNG demand growth of 6% p.a. for the rest of this decadeI

• Asia is 60% of global LNG tradeII _{with regional demand forecast to continue to outstrip}

supply

• Limited portfolio acreage available in Asia

• Excellent fiscal terms, ranked 8th _{in the world}

Close Historical Ties with Australia

• Australia is PNG’s largest aid donor; 2011-12 aid of $482m1II

• Major investment by Australian energy and mining sectors

LNG Exports from 2014

PNG OIL & GAS INDUSTRY PARTICIPANTS

6

OVERVIEW OF PNG PLAYS

4+Tcf

10+Tcf

9Tcf

1Tcf

WESTERN PROVINCE EXPORT ROUTES

8 1_{Talisman Energy “Western Province Exploration Update” 1 December, 2011. PNG Petroleum Seminar}

CAPITAL STRUCTURE

ASX Code: NGE

# of Shares Listed: 846,541,193 (ASX:OTCQX = 50:1)

Market Cap: A$24 million

Latest Cash Position: A$3.38 million (as at 30 September 2012)

Fully funded for 2012 Options:

2,000,000 exercisable @ $0.25 before 28 December 2012 3,000,000 exercisable @ $0.25 before 27 December 2012 61,700,000 exercisable @ $0.45 before 1 October 2014

2,500,000 exercisable @ $0.45 before 27 July 2014 400,000 exercisable @ $0.45 before 7 February 2016 Rights:

15,000,000 exercisable on 1 July 2012 at nil consideration with an expiry of 1 October 2014 Convertible Bonds:

A$21,537,813 in Principal of Convertible Equity Bonds redeemable at $0.20 with a five year term – maturing 30 May 2016 Significant Shareholders:

BUTTONWOOD NOMINEES PTY LTD 13%

CREDIT SUISSE SECURITIES (EUROPE) LTD 6.5%

ASIA IMAGE LIMITED 5.5%

Trading Statistics 12 Months As at 30/11/12 $0.029 High $0.087 Low $0.027 Highest Daily Volume (20/04/12) 13,784,113

NGE CORPORATE DIRECTORY

BOARD

Michael Arnett - Chairman

A lawyer with over 20 years’ experience in capital raising and M&A in the mining, oil and gas sector. A director of NRW Holdings Limited and Queensland Energy Resources Limited.

Sir Michael Bromley KBE - Non-Executive Director

Over 40 years’ commercial experience in PNG rising to MD of Collins and Leahy (sold to Swire). Past board memberships in Air Niugini, Orogen Minerals, and Chemica Limited and current director of Heli Niugini Limited, Steamship Trading Company Ltd ,Maps Tuna Limited and Waratah Resources Limited.

Andrew Kent - Non-Executive Director

Over 40 years’ international equities and media experience.

Andrew Martin - Non-Executive Director

Extensive experience in the services and supplies sector of the resources industry in Australia and his previous directorships include, Sydney Gas Limited, Sunshine Gas Limited and Ord River Resources Limited.

Andrew Young - Non-Executive Director

Extensive oil and gas industry experience having held technical, management and board positions in major and small E&P and contract service companies. A Director of Cue Energy Resources Ltd, Real Energy Corporation Limited, Cliq Energy Berhad and NSCA Limited. Previously a director of Anzon Australia Limited, Anzon Energy Limited, Digitalcore Pty Ltd and Century Drilling Ltd.

10 STRONG ENERGY & PNG EXPERIENCE

MANAGEMENT

Grant Worner - Chief Executive Officer

A chemical engineer who spent 22 years with BP in E&P, Trading, Refining, and Marketing, including 12 years international

experience in Belgium, the United Kingdom and the United States of America.

Dan Kendrick - General Manager, Technical and Operations

A structural geologist with over 15 years’ experience including extensive experience in both Papua New Guinea and Irian Jaya.

John-Paul McDonald - Project Manager

Prior to joining New Guinea Energy Ltd, John–Paul had 8 years’ experience working for a number of trading companies in PNG including Collins & Leahy in the Highlands and Island regions and Steamships Trading in Port Moresby. His role is operational, primarily managing company assets, employees, logistics and budgets.

Achievements to Date

• Acquired significant asset base in Papua New Guinea – 6 blocks covering 37,500Km2_{(9.3M acres)}

• De-risk exploration acreage through aerogravity, magnetics surveys, and > 600km seismic

• 340km of seismic under NGE Operatorship at a cost < $35k/km, compared to benchmark costs of $90k/km

• Panakawa-1 Exploration well in PPL 267 – non commercial gas

• Farm-out PPL 268 and 269 to Talisman/Mitsubishi – significantly de-risking the exploration activities

• Siphon-1 Exploration well in PPL 269 – tight sands

• Sale of PPL 277 to ExxonMobil and Oil Search: $15m up front, another $20m upon a Petroleum Development Licence, and ongoing royalty. Sale subject to Ministerial approval.

(total nominal value dependent on size of recoveries:100Bcf ~ $48m, 1Tcf ~ $174m, 2Tcf ~ $312m)

Future Strategy

• Replicate strategy on 100% owned PPL 265, PPL 266 and PPL 267 to identify drillable targets and de-risk exploration activities with others

• Fund activities with Talisman/Mitsubishi on PPL 268 and PPL 269 in 2013

• Replicate success of acquisition, mapping and partnering with majors into Asia (ex-PNG)

• Diversify portfolio with acquisition of near-term operational assets

EXPLORATION PORTFOLIO

12

•

6 onshore licences, 37,500km

, 50-100% interest

•

Balanced portfolio of both oil and gas prospects

•

> 8500MMboe unrisked PIIP

Licence Unrisked PIIP  (MMboe) Prospects / Leads NGE Value  (US $m) NGE Equity PPL265 >2000 13 100% PPL267 1700 9 100% PPL277 2200 13 15 + 20 +  Royalty Will be 0%

Licence Unrisked PIIP  (Tcf) Prospects / Leads NGE Value (US $m) NGE  Equity PPL266 2 7 100% PPL268II _{1 5 19 50%} PPL269II _{12 32 64 50%}

Predominantly Oil Plays

Predominantly Gas Plays

1_{Undiscovered Petroleum Initially in Place} 1I_{Mitsubishi Farm-in and remaining Talisman Farm-in carry}

1Q 2012 transactions value NGE’s

equity in just 3 licences at more than

NGE NEAR-TERM ACTIVITY

PPL 277

Sale and Royalty to ExxonMobil and Oil Search

Seismic acquired in 2012; and

PPL 277 – SALE AND ROYALTY

PPL 277 Context

• Licence covering 8,022km2 _{in the mountainous PNG Highlands parallel to PNG LNG}

infrastructure

• Highly prospective with potentially 10,000Bcf PIIP1 _{but very expensive, even for PNG}

standards

• Exploration involves high technical and social risks

Sale and Royalty Rationale

• Link part of NGE’s growth to the expansion of the ExxonMobil led PNG LNG project

• Without taking the risks and no capital obligations

• Retain exploration upsides and potential source of ongoing revenue

• Early cash to finance other exploration activities

NGE ValueII

• $15m initial sale + $20m on grant of Petroleum Development Licence + Royalty

• Nominal value to NGE for recovered petroleum from PPL 277 in table below:

14 1_{Undiscovered Petroleum Initially in Place}

PPL 277 2012 ACTIVITY

• Seismic acquisition

• PRL11 Trapia-1 exploration well by ExxonMobil and Oil Search

• Gain government approvals for work obligation variation and licence extension

NGE NEAR-TERM ACTIVITY

16 1_{Assuming economic targets are identified from earlier seismic acquisition}

PPL 268 / PPL 269 (Talisman Operated)

Seismic in 2011;

Seismic and reprocessing in 2012;

Mitsubishi farm-in in 2012;

Significant discoveries in neighbouring licences in 2012

PPL 268 / PPL 269 (Talisman Operated)

Seismic in 2011;

Seismic and reprocessing in 2012;

Mitsubishi farm-in in 2012;

PPL 269 LICENCE

• 32 prospects and leads

• Predominantly a gas play

NGE Activity (Talisman Operated)

• Regional seismic acquired in 2011

• Siphon-1 Exploration well drilled as technical success but not

commercial

• Seismic reprocessing to identify drill location

Regional Activity

• PRL3 P’nyang (1-2Tcf) Appraisal well 1H12

• PRL21 Elevala and Ketu Appraisal wells 1H12

• PRL4 Stanley Liquid Stripping Plant FID

• Mitsubishi farm-in 1H12

April 2012 – potential 650m gas column

PPL 268 LICENCE

• 5 prospects and leads

• Southern margin of Cecilia Trough gas kitchen

• Predominantly a gas play

NGE Activity (Talisman Operated)

• Regional seismic acquired in 2011

Regional Activity

• PRL21 Elevala and Ketu Appraisal Wells

• Reservoir potential upgraded by

recent Puk Puk-1 and Douglas-1 gas discoveries on trend

• Talisman gas aggregation strategy • Mitsubishi farm-in

• Proximity to LNG route

18 1_{Undiscovered Petroleum Initially in Place}

NGE NEAR-TERM ACTIVITY

PPL 265 / PPL 266 / PPL 267 (NGE Operated)

Seismic in PPL 265 / 266 in 2012;

Licence extension approval;

Farm-out;

PPL 266 LICENCE

Highlights

• 360MMboe unrisked PIIP1

• 1 drillable prospect and 6 leads

• Predominantly a gas play

NGE Activity

• Regional aerogravity data, seismic in 1H12

• Licence extension approval • Looking to Farm-out

• Further de-risk if needed, and • Contingent on above, drill

Regional Activity

• Reservoir potential upgraded by

recent Puk Puk-1 and Douglas-1 gas discoveries on trend

• PPL 235 Weimang-1 Exploration Well 1H12

• PPL 235 Puk-Puk-2 Appraisal Well 2H12

• Proximity to potential LNG route

PPL 235

20 1_{Undiscovered Petroleum Initially in Place} 1I _{Assuming economic targets are identified from earlier seismic acquisition}

‘Macadamia’ circa 36km2

PPL 265 LICENCE

Highlights

• >2000MMboe unrisked PIIP1

• 13 leads

• Predominantly an oil play

NGE Activity

• 2009 aerogravity and magnetics survey

• 94km seismic in 1H12

• Licence extension approval • Looking to Farm-out

• Further de-risk if needed, and • Contingent on above, drill

‘Jerai North’ circa 21km2

PPL 267 LICENCE

• 1700MMboe unrisked PIIP1

• 9 leads

• 35 API oil from seep identifies oil play in foreland

• Predominantly an oil play

NGE Activity

• 2006 and 2008 seismic acquired over Panakawa Prospect with surface seep flowing at 5 bbls/day

• Well spudded in June 2010 and was plugged and abandoned

• Residual gas shows over 150m, significant C6+

Regional Activity

• 100km trend of oil seeps identified • Proximity to LNG route

22 1_{Undiscovered Petroleum Initially in Place}

Drilling Rig Context

• Unprecedented level of drilling activity - 8 wells in 2011 in the Western Province alone

• Few suitable, available drilling rigs in the region

• Constrained drilling activity and high costs

Mitigation

• NGE a 50% JV partner owning a fit-for-purpose drilling rig optimised to move with a medium-lift helicopter in loads of less than four tons

• Further strengthens NGE’s strategic low cost operations advantage

Revenue Source

• Becomes an additional source of revenue when used by the broader PNG oil and gas

Context

• 7 million people

• 80% rural population

• About 30 rural doctors

NGE, QRME, and Hope4Health helping PNG with

• Rural health education

• Teaching literature

INVESTING IN THE COMMUNITY

24

• Clinical placements

• Clinical equipment

MILESTONES ACHIEVED / PLANNED

Summary

Well positioned in PNG

• 37,500km2 _{of land, surrounded by significant discoveries and Oil and Gas majors}

Potential Upside

• Multiple drill targets and leads

• 8500MMboe prospective resources

• PPL 277 sale to ExxonMobil and Oil Search provides validation of valuation, further near-term upside and de-risks Highlands drilling programme. Royalty offers exposure to upside potential.

• Drilling rig revenue

Strong Management Team and Focussed Strategy

• Extensive experience in PNG and Oil and Gas Exploration and Development

• Control over drilling through JV ownership of drill rig

• Considering further acquisitions to diversify portfolio across Asia

NEW GUINEA ENERGY CONTACT DETAILS

Sydney

New Guinea Energy Ltd

Suite 401 Level 4 2-10 Loftus St Sydney NSW 2000 T: +61 (0) 2 9252 0010 F: +61 (0) 2 9252 0039 W: www.ngenergy.com.au E: [email protected] Port Moresby

New Guinea Energy Ltd

Level 5

Pacific MMI Building Champion Parade Port Moresby PNG T: +675 321 1785 F: +675 321 1782

USA

Cooper Global Communications

245 Park Ave., 39th Fl. New York, New York 10167 P: (212) 209-7360

F: (212) 792-4001