CHALLENGER GOLD LIMITED — Share Issue/Capital Change 2014

Dec 8, 2014

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9 December 2014

CHALLENGER ENERGY LTD

(ASX: CEL)

To : Australian Securities Exchange Limited

Notice Pursuant to Section 708A(5)(e) of the Corporations Act

Challenger Energy Ltd (the Company ) gives notice pursuant to section 708A(5)(e) of the Corporations Act 2001 (Cth) as follows:

• (a) On 9 December 2014 the Company issued 294,447 fully paid ordinary shares in the Company.

• (b) The shares were issued without disclosure to investors under Part 6D.2of the Corporations Act.

• (c) As at the date of this notice the Company has complied with:

  • The provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

  • Section 674 of the Corporation Act.

• (d) As at the date of this notice there is no excluded information required to be disclosed under 708A(6)(e) of the Corporations Act.

For and behalf of Challenger Energy Ltd

Adrien Wing

CHALLENGER ENERGY LTD

Company Secretary

INVESTOR CONTACT MEDIA CONTACT ROBERT WILLES LUKE FORRESTAL MANAGING DIRECTOR ACCOUNT MANAGER CHALLENGER ENERGY CANNINGS PURPLE +61 410 479 032 +61 411 479 144

CHALLENGER ENERGY (ASX code: CEL, CELO) is focused on the fast-emerging, world-scale shale gas province in South Africa’s Karoo Basin. The Karoo is strategic, and central to the South African Government’s agenda, given the country’s power crisis and need for economic growth, jobs and infrastructure development. Through its South African subsidiary, Bundu Gas and Oil Exploration Pty Ltd, Challenger was first to recognise this opportunity and to apply for exploration rights in the Karoo - and has since been followed by Shell and Falcon Oil and Gas, which has brought Chevron in as a joint venture partner.

CHALLENGER ENERGY LIMITED ACN 123 591 382

Level 17, 500 Collins Street P +61(0)3 9614 0600 Melbourne VIC 3000 Australia F +61(0)3 9614 05550

www.challengerenergy.com.au