Antilles Oil and Gas Investor Roadshow presentation September 2015

1. Growth through focused Oil & Gas exploration
and production
September Presentation – Symposium Investor Roadshow
ASX Code: AVD

2. IMPORTANT
THIS PRESENTATION HAS BEEN PREPARED BY ANTILLES OIL & GAS NL ("ANTILLES"). IT SHOULD NOT BE CONSIDERED AS AN OFFER OR INVITATION
TO SUBSCRIBE FOR OR PURCHASE ANY SHARES IN ANTILLES OR AS AN INDUCEMENT TO MAKE AN OFFER OR INVITATION WITH RESPECT TO THOSE
SECURITIES. NO AGREEMENT TO SUBSCRIBE FOR SHARES IN ANTILLES WILL BE ENTERED INTO ON THE BASIS OF THIS PRESENTATION.
THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS THAT ARE NOT BASED ON HISTORICAL FACT, INCLUDING THOSE IDENTIFIED BY
THE USE OF FORWARD-LOOKING TERMINOLOGY CONTAINING SUCH WORD AS 'BELIEVES', 'MAY', 'WILL', 'ESTIMATES', 'CONTINUE', 'ANTICIPATES',
'INTENDS', 'EXPECTS, 'SHOULD', 'SCHEDULE', 'PROGRAM', 'POTENTIAL' OR THE NEGATIVES THEREOF AND WORDS OF SIMILAR IMPORT.
ANTILLES CAUTIONS THAT THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL
EVENTS OR RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THE STATEMENTS. THE FORWARD LOOKING STATEMENTS
ARE EXPRESSLY SUBJECT TO THIS CAUTION. ANTILLES MAKES NO REPRESENTATION, WARRANTY (EXPRESS OR IMPLIED), OR ASSURANCE AS TO
THE COMPLETENESS OR ACCURACY OF THESE FORWARD-LOOKING STATEMENTS AND, ACCORDINGLY, EXPRESSES NO OPINION OR ANY OTHER
FORM OF ASSURANCE REGARDING THEM. ANTILLES WILL NOT NECESSARILY PUBLISH UPDATES OR REVISIONS OF THESE FORWARD-LOOKING
STATEMENTS TO REFLECT ANTILLES' CIRCUMSTANCES AFTER THE DATE HEREOF.
BY ITS VERY NATURE EXPLORATION AND DEVELOPMENT OF OIL AND GAS IS HIGH RISK AND IS NOT SUITABLE FOR CERTAIN INVESTORS. ANTILLES
SHARES ARE A SPECULATIVE INVESTMENT. THERE ARE A NUMBER OF RISKS, BOTH SPECIFIC TO ANTILLES AND OF A GENERAL NATURE WHICH MAY
AFFECT THE FUTURE OPERATING AND FINANCIAL PERFORMANCE OF ANTILLES AND THE VALUE OF AN INVESTMENT IN ANTILLES INCLUDING AND
NOT LIMITED TO ECONOMIC CONDITIONS, STOCK MARKET FLUCTUATIONS OIL AND GAS DEMAND AND PRICE MOVEMENTS, REGIONAL
INFRASTRUCTURE CONSTRAINTS, SECURING DRILLING RIGS, TIMING OF APPROVALS FROM RELEVANT AUTHORITIES, REGULATORY RISKS,
OPERATIONAL RISKS, RELIANCE ON KEY PERSONNEL, FOREIGN CURRENCY FLUCTUATIONS, AND REGIONAL GEOPOLITICAL RISKS.
THIS PRESENTATION DOES NOT PURPORT TO BE ALL INCLUSIVE OR TO CONTAIN ALL INFORMATION WHICH YOU MAY REQUIRE IN ORDER TO MAKE
AN INFORMED ASSESSMENT OF THE COMPANY'S PROSPECTS. YOU SHOULD CONDUCT YOUR OWN INVESTIGATION, PERFORM YOUR OWN
ANALYSIS, AND SEEK YOUR OWN ADVICE FROM YOUR PROFESSIONAL ADVISER BEFORE MAKING ANY INVESTMENT DECISION.
CAUTIONARY STATEMENT FOR PROSPECTIVE RESOURCE ESTIMATES - WITH RESPECT TO THE PROSPECTIVE RESOURCE ESTIMATES CONTAINED
WITHIN THIS REPORT, IT SHOULD BE NOTED THAT THE ESTIMATED QUANTITIES OF PETROLEUM THAT MAY POTENTIALLY BE RECOVERED BY THE
FUTURE APPLICATION OF A DEVELOPMENT PROJECT MAY RELATE TO UNDISCOVERED ACCUMULATIONS. THESE ESTIMATES HAVE AN ASSOCIATED
RISK OF DISCOVERY AND RISK OF DEVELOPMENT. FURTHER EXPLORATION AND APPRAISAL IS REQUIRED TO DETERMINE THE EXISTENCE OF A
SIGNIFICANT QUANTITY OF POTENTIALLY MOVEABLE HYDROCARBONS.
INFORMATION IN THIS REPORT RELATING TO HYDROCARBON RESOURCE ESTIMATES HAS BEEN COMPILED BY DAVID ORMEROD, THE ANTILLES
MANAGING DIRECTOR. DAVID ORMEROD HAS OVER 25 YEARS OF EXPERIENCE IN PETROLEUM GEOPHYSICS AND GEOLOGY AND IS MEMBER OF THE
AAPG. DAVID ORMEROD CONSENTS TO THE INCLUSION OF THE INFORMATION IN THIS REPORT RELATING TO HYDROCARBON PROSPECTIVE
RESOURCES IN THE FORM AND CONTEXT IN WHICH IT APPEARS. THE PROSPECTIVE RESOURCE ESTIMATES CONTAINED IN THIS REPORT ARE IN
ACCORDANCE WITH THE STANDARD DEFINITIONS SET OUT BY THE SOCIETY OF PETROLEUM ENGINEERS, PETROLEUM RESOURCE MANAGEMENT
SYSTEM.
2

3. SNAPSHOT
Antilles represents an
entry for investors into
high value deep water
Atlantic Margin type
exploration
Antilles team possesses
business and technical
skills from the Atlantic
Margin applicable to the
Antilles Region in the
Caribbean
Targeting countries
where Antilles team has
experience
Antilles has a strategic
technical relationship
with geophysical
specialist contractor to
enable use of cutting
edge geophysical
technology
Established reputation
with small Australian
companies, Karoon Gas
and Pura Vida Energy, in
accessing high quality
Atlantic Margin acreage
of same style – currently
available in the Antilles
3

4. INVESTMENT
THEMES
• Proven board with
career success at
both junior company
and major level
extensive industry
networks, particularly
in Caribbean and
South America
• Strategic industry
partnerships including
seismic, HSE and
drilling which
mitigates funding risk
for Antilles
• Large prospective
acreage position
acquired onshore Peru
(100% Equity)
• 2D Seismic data
available for
reprocessing, low cost
drilling
• Desirable fiscal
regime/operational
setting
• Global economic
conditions and oil
price  exceptional
opportunity
4

5. * 16.6M Class A Performance Shares, 2.3M Class B Performance shares and 18M partly paid shares (1c
paid, 19c to be paid) on issue
CAPITAL STRUCTURE
Australian Listed Company ASX: AVD
Fully paid ordinary shares 42,489,063
Cash at Bank A$0.85M
Price A$0.035
Market Cap A$1.49M
Key Shareholders
Havoc Partners 6%
HSBC 3%
Management 12%
Top 20 Holders 48%
5
As of August 31, 2015

6. DIRECTORS & MANAGEMENT
6
PERSONNEL POSITION EXPERIENCE
Dr. Jack Hamilton Non-Executive Chairman Highly experienced executive and board director with
over 25 years experience, previous director NW Shelf
for WPL. Currently director of Duet Group, SXE.
David Ormerod Managing Director 25+ years oil and gas exploration experience
in capturing and operating new quality acreage.
Former Technical Director Pura Vida Energy.
Gary Grubitz Non-Executive Director 35+ years oil and gas deep water exploration
experience in operating high quality acreage.
Former Vice President Exploration, BHP.
Damian Black Non-Executive Director Extensive experience in corporate finance,
specializing in resources/oil and gas sector.
Ranko Matic Company Secretary/CFO Extensive experience in corporate governance.

7. Pura Vida
– Founder of the company and responsible for entry to Morocco
– Entry to deep water Morocco ahead of the industry
– Subsequently farmed out to FreePort McMoran for two wells, total value $230M
– Drilling to start in Jan 2015
– Entry to Gabon and Madagascar deep water blocks
Karoon
– Responsible for entry into Santos Basin Brazil where Karoon successfully farmed out to
Pacific Rubiales and subsequently drilled three wells two of which were significant
discoveries.
– Responsible for entry to Peru where Karoon has offshore and onshore acreage with drilling
commencing soon
BHP
– Worked a variety of regions including GoM, West Africa, SE Asia, Brazil,
– Multiple deep water wells drilled in variety of settings including same styles to target countries
– Partnered with oil majors in number of JV’s including Exxon, Shell, BP
DAVID ORMEROD
– A PROVEN TRACK RECORD
7

8. BHP - Team leader Atwater fold belt, 1995–2000
– Worked large Gulf of Mexico AMI with BP
– Opened Middle and Lower Miocene play in Green Canyon – the most significant new play in the
period
– Made multi-hundred million barrel deepwater Miocene discoveries at Neptune, Atlantis, and Mad
Dog
BHP - Exploration Manager Gulf of Mexico, 2001–2006
– Made multi-hundred million barrel deepwater discoveries at Cascade (operated), Puma, Chinook
(operated), Shenzi (operated), and Knotty Head
– Opened Paleocene-Eocene play in Walker Ridge – the most significant new play in the period
– Additional commercial discoveries: Boris, Vortex, Boris South, Tiger, Starlifter, Mustang, and Little
Burn
– BHP added the highest value per exploration dollar spent over 10-year period from 1995 to 2005
BHP - VP Global Exploration, 2006–2013
– Delivered multi-Tcf discoveries in Australia
– Expanded deepwater portfolio in SE Asia, Latin America, and West Australia
– Successful field extensions in Malaysia-Brunei
GARY GRUBITZ
– EXCEPTIONAL EXPLORATION SUCCESS
8

9. PERUVIAN
ACTIVITY
Cepsa
Gran Tierra
Repsol
Karoon
Peru has
resources 15.4
TCF / 663
MMBO
Perupetro
Repsol
9
• Major producing areas
in the onshore
Maranon Basin and to
the south in the Ucalyi
Basin
• Numerous smaller to
mid cap companies
• Bid round 2014/15

10. Block 105:
– Antilles delivers on the first stage of their strategy acquiring large, prospective acreage
position onshore Peru in Block 105 Southern Peru
– Working hydrocarbon system present with historic oil production on the block
– Recent 2D seismic data available for reprocessing/interpretation using modern
technology
– High equity (100%) places Antilles in strong position with regards to potential future
farm-out
– Low cost exploration and attractive fiscal terms
Sechura Basin TEA:
– Antilles acquires rights to technical evaluation agreement in Peru
– Working hydrocarbon system
10
ANTILLES DEVELOPS POSITION IN PERUVIAN PROJECTS

11. With the major road, rail link and new pipeline project, block 105 is in an ideal area for
development and export of resources
11
LOCATION OF BLOCK 105
LOCAL INFRASTRUCTURE AND DRILLING
B
BB
jjjjjjjjjjj Pirin J
Pirin HPirin G
Coata 2X
Coata 1X
Ayabacas 1X
GRUPO PETROLERO 156
SIBOIL DEL PERU 105
SIBOIL DEL PERU 105
Legend
Pipelines
Field
0 25 50 75 10012.5
Kilometers
Sources: Esri, HERE, DeLorme, TomTom, Intermap, increment P Corp., GEBCO,
USGS, FAO, NPS, NRCAN, GeoBase, IGN, Kadaster NL, Ordnance Survey, Esri
Japan, METI, Esri China (Hong Kong), swisstopo, MapmyIndia, © OpenStreetMap
contributors, and the GIS User Community

12. The Pirin field and surface seeps being proximal to the existing seismic
database potentially provides Antilles with low risk drilling opportunities
as a result of the planned seismic reprocessing.
12
EXISTING SEISMIC AND WELLS
PIRIN OIL FIELD
B
B
B
jjjjjjjjjjj
Pirin J
Pirin I
Pirin H
Pirin 1
Coata 2X
Coata 1X
Ayabacas 1X
105
156
105
Legend
Railways
Pipelines Peru
Existing seismic 105
New Seismic Survey
Pirin field produced around 300,000 barrels of 37 API oil Perupetro 2008

13. – Extensive salt basin with prospective levels both above and below the salt.
– The prospective targets above salt have produced at Pirin and the Maranon Basin while
those below the salt produce at the Hunt operated LNG project to the north.
13
TOP SALT STRUCTURE MAP
B
B
B
jj
j
jjjjj jjj Pirin I
Pirin HPirin G
Pirin C
Pirin B
Coata 2X
Coata 1X
Ayabacas 1X
105
Legend
Top Salt
Railways
Pipelines Peru
Existing seismic 105
Top Salt.bil
RGB
Red: Band_1
Green: Band_2
Blue: Band_3
0 5 10 15 202.5
Kilometers
Contour interval is 20 ms or ~40
m in vertical relief

14. At Antilles we see an extensive salt basin with simple traps both above and below the salt. The prospective targets
above salt are compressional anticlines while those below the salt simple tilted fault blocks as seen in many oil
producing basins worldwide where the Antilles team has worked.
14
SEISMIC LINE
Simple compressional fold
Salt
Salt
Trap
Trap
2 km
200m

15. The block is currently in force majeure at the previous operators election
while engaging with local communities as required in Peru
– Work program is to shoot 200 km of new 2d seismic at an expected cost of US$2 million
in the twelve months post lifting force majeure (2nd term of the permit)
– Option exists to drill earlier if the reprocessing of the existing seismic better defines
the current leads
– Expected cost of drilling US$2.5 million
– This would meet the commitment for the 3rd term of the permit of 18 months
15
WORK PROGRAM

16. The permit is a royalty tax regime
– Royalty is 5% below 5,000 bopd and between 5% and 20% up to 100,000 bopd
– 5% over riding royalty to previous operator
– Tax rate of 32%
– Additional profit tax based on R factor approximately 5%
– NPV per barrel around US$10-15 for US$50 oil.
IN SUMMARY, A SIMPLE PROGRESSIVE FISCAL SYSTEM WHERE
THE INVESTORS ARE REWARDED IN THE SUCCESS CASE
16
ECONOMIC TERMS
Royalty &
Costs to Develop
Company
Tax

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"Buho 1X
Piura 1
Paita 4
Paita 3
Paita 2
Paita 1
Lobo 1X
Colan 1X
Diucon 1X
Peoco 7-1
Nuto 5510
Nuto 5365
Nuto 5085
Nuto 4760
Nuto 4270
La Brea D
Boca 3575
Becara 1X
Abejas 1X
CISNE - 1X
La Isla 1x
Zorro 4095
Zorro 3560
Zorro 3495
Zorro 1721
Viru 5-X-1
Viru 4-X-2
Viru 4-X-1
Mochica 1X
Lucia 3995
La Huaca 1
Hilda 4520
Golf Pq 7a
Cas P75 2X
Viru 69-X-1
Viru 45-X-1
Tamarindo 3
Tamarindo 2
P.G. 39-X-1
Golf P25 X2
Cuesta 4870
Btal L1 X15
Zapata PhX O
Zapata PhX N
Zapata PhX E
Zapata PhX A
Zapata NhX 7
Zapata NhX 6
Zapata NhX 4
Tamarindo 1X
Mirador 4750
Mirador 4510
La Brea 3685
La Brea 3555
Chir EX4 15X
Chira RC1-6XD
Mirador SX-38
Mirador NX-14
EXpecta 1-X-1
San Alberto 2X
San Alberto 1X
Paita NpXb-24X
Lagunitos 5565
Lagunitos 4400
Epf-Belco 8 X2
Malacas Bp 5015
Epf-Belco 8a X3
Silla XXIV-07-1X
Providencia A4 1X
Aguila-XXIV-07-1xd
Mochica XIII-30-2X
Alvarez-Oveja 4505
Silla XXIV-07-1X ST
Pelusa 1 -1X (Litoral)
Portachuelo Oeste 4425
Sur Balcones Lit65 P34 3X
Lobitos Offshore MlX9 15X
XXII
XXI
XIII
Z-34
Z-2B
III
XXIV
Z-6
Z-45
XIII
IV
Z-6
XXVIII
VII
0 10 20 30 405
Kilometers
Wells
<all other values>
ContStatus
"
B Dry
Æ Gas
#! Gas & cond
! Gas shows
= Not available
)= Oil
1 Oil & gas
0 Oil & gas shows
j Oil shows
AVD AOI
Fields
Magnetic Field RTP
RGB
Red: Band_1
Green: Band_2
Blue: Band_3
SECHURA BASIN TEA
– Sechura Basin has a proven source rock the
Muerto Formation which has sourced the billion
barrels recovered from the oil fields to the west of
the license area
– Good oil shows in the two wells proving the extent
and presence of the source rock
– Large scale reservoirs
– The inversion structures seen in the area generate
large scale structures which have substantial
resource potential.
– The map of magnetic response indicates a major
high running through the centre of the block
associated with an inversion tectonic trend
Antilles

18. CARIBBEAN/
SOUTH AMERICA:
“ANTILLES REGION”
• Stable democracies
• Sovereign risk amongst
lowest in South America
• Significant production
• Good terms for oil
• Same system as seen in
Venezuela where
resource is 135 BBO
• Antilles will chase
Venezuelan system
through the Caribbean
18

19. STRATEGIC
INDUSTRY
PARTNERSHIP
Strategic Seismic
Partnership:
established agreements
with key seismic
groups, exchanging
equity position in the
block for seismic survey
Drilling: partnered with
a large offshore drilling
company for drilling,
HSE management.
Facilitates participation
in deep water bid
rounds
Deepens technical and
corporate capability
Significantly reduces
financial risk for
investors
19

20. 20
3D SEISMIC PARTNER: Polarcus Ltd.

21. ANTILLES DRILLING PARTNER: AGR
21
• Antilles entered into an MOU with AGR, an Oslo-listed oil and gas service company, to work together to assist in well planning, design
and execution for the company and provide drilling capability to the company which is unique in the small cap sector.

22. • Surrounding blocks
taken by BP, BHP
and Anadarko
• BHP has committed
to more than
$US1 billion in
exploration efforts
(Trinidad Express)
• Antilles qualified to bid
in Barbados
EASTERN
CARIBBEAN
ACTIVITY
BHP
BHP
BHP
BP
BHP
BHP
Anadarko
BP
Venezuela
has around
135 BBO
Trinidad has
around 13
TCF / 1 BBO
Exxon
22

23. Acreage acquisition in Peru – a proven play
– Reprocessing of existing 2D illustrating the salt
play may lead to rapid partnering
– Potential to farm out to attract a operator via
established relationships from Antilles team to
lower risk and exposure
– Rig selected and Rig contractor identified
– Drilling event will aim to deliver significant value
Deep Water Bidding Process Underway
– Initial bids in place in proven productive fairways
23
KEY VALUE DRIVERS

24. ASX: AVD
CONTACT DETAILS:
ANTILLES OIL AND GAS NL
SUITE 2316, LEVEL 23, HWT TOWERS,
SOUTHBANK, MELBOURNE, VIC 3006
T: +61 8 9226 4500
EMAIL: DORMEROD@ANTILLESOILANDGAS.COM.AU
24