ENEGEX LIMITED — AGM Information 2015

Nov 25, 2015

Level 21 500 Collins Street Melbourne Victoria 3000 Australia Tel: (+61 3) 8610 4700 Fax: (+61 3) 8610 4799 Email: admin@enegex.com.au

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Chairman’s Address to Shareholders AGM - 26th November 2015

Welcome to this Annual General Meeting of Shareholders of Enegex NL.

Members will be aware of the difficulties facing junior explorers, such as Enegex, given stock market conditions following the collapse of the oil price to its present levels. Such adverse market conditions emphasise the need for junior explorers to conserve funds where possible and, in that context, the Directors have resolved that no directors’ fees will be paid to any of the directors in the 2015-2016 financial year.

The recent appointment of each of Mr Geoff Albers and Mrs Rae Clark to the Board will provide a deeper level of commercial expertise to the Board.

Mr Albers is the Chairman of each of Octanex NL and Peak Oil & Gas Limited (“Peak”) while Mrs Clark is Chief Operating Officer of Octanex, a Director of Octanex and a Director of Peak.

Cornea Retention Lease WA-54-R

The most substantial prospect of an increase in shareholder value for Enegex members relates to enhancement of the Cornea Project. Enegex continues to focus on its interest in the Cornea Retention Lease WA-54R, in which it holds a 14.875% participating Interest. While the programme has worked towards resolving the technical barriers to development and production, we are now faced with the further hurdle of significantly lower oil prices.

Vic/P47

During the year Enegex participated in further work programmes within the Vic/P47 Permit designed to re-assess the prospectivity of the Moby gas accumulation and assess the prospect of economic recovery of oil or gas from the Flathead or Whale structures. Those studies indicated that there was no viable prospect for economic recovery of either oil or gas with a detailed technical evaluation leading to the conclusion that there were insufficient gas volumes to enable commercialisation of the Moby gas accumulation.

Enegex participated in an application to NOPTA for the Vic/P47 Year 5 work programme to be varied so as to not include an exploration well but to include reprocessing of existing 3D seismic over the Judith gas accumulation and further inversion studies to help obtain a better understanding of the Judith accumulation, with a view to delineation of a future drilling target on the basis that no well commitment would be included in the initial term of any renewal of the Permit.

As at the expiry date of Permit Year 4 of the Vic/P47 Permit, that application had not been granted by NOPTA and, to avoid the risk off entering into a Permit Year containing a well commitment and, in view of the Boards’ somewhat negative assessment of the remaining prospectivity of Vic/P47 and the unlikely prospect of any farmout of Vic/P47 being achieved, Enegex transferred its interest in Vic/P47 to its joint venture partners Oil Basins Limited (“OBL”) and OBL’s wholly owned subsidiary Shelf Oil Pty Ltd.

WA-409-P

In WA-409-P, Enegex withdrew from the Permit in December 2014 following Apache’s withdrawal from the Permit on the basis that, as Apache was not prepared to continue in the Permit for a renewed term and fund a commitment well in the guaranteed term of the renewed term of the Permit, Enegex was not prepared to continue as a participant in WA-409-P..

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Going Forward

Enegex remains open to acquisitions in the oil and gas sector which, with associated capital raising, might have the capacity to enlarge Enegex’s activities.

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G.A. Menzies

Director

26[th] November 2015

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