HARTSHEAD RESOURCES NL — Investor Presentation 2012

Nov 7, 2012

Investor Presentation

• Proximate farmout activities imply high values

• ► Encouraging results from drop core program

• Positive results from inversion modelling

• Farmout data room now open

Mazagan permit

• Total area of 10,900 km[2 ] (2.7 million acres)

• Operator and 75% interest holder

• 3,570 km[2] of modern 3D seismic

• Net 5.3 billion barrels of mean prospective recoverable resources (Source: DeGolyer & MacNaughton)

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ASX Code PVD

Issued Capital
Ordinary shares	57.2m
20c partly paids (paid to 1c)	22.9m
Incentive options (35c)	3.0m

Management Incentives
Incentive options (40c)	5.2m
Performance rights	5.0m

Market Capitalisation(at $0.72/share)
- Issued & paid up capital	$40.9m
- Fully diluted	$65.4m

Cash $4.5m Unpaid Capital $7.5m Debt* Nil

• Including US$3 million in bank guarantees

Net Prospective Resources (mean) 5.3bn bbl

Strategy

• Progress activities on the Mazagan permit and enhance value. Next key milestones:

• Farmout

• High-impact drilling program

• Build a diversified portfolio of assets through acquisition ► African focused

• Early entry opportunities/high equity positions

• Strong technical & commercial team

Directors

Damon Neaves, Managing Director David Ormerod, Technical Director Bevan Tarratt, Non-Executive Chairman

Head Office

Melbourne Office

• Level 1, 89 St Georges Tce Perth WA 6000

Suite 207, 480 Collins St Melbourne VIC 3000 t: +61 3 8610 6680 f: +61 3 8610 6334

• t: +61 8 9226 2011 f: +61 8 9226 2099

• e: info@puravidaenergy.com.au

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Damon Neaves
Managing Director
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• Formerly BDM for Tap Oil

• Led Business Development, Commercial and Legal teams during 8 year tenure at Tap

• Several major acquisitions, many involving entry into new countries: Thailand, Ghana, Indonesia, Brunei, Philippines, Australia & New Zealand

• Established highly profitable domestic gas business

• Upstream project management experience

• Legal/corporate advisory background

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David Ormerod Technical Director

• Over 25 years industry experience

• Participated in several major discoveries over his career: Mad Dog, Atlantis and Neptune (deep water Gulf of Mexico (GoM) ) and Stybarrow (NW Shelf)

• Responsible for Karoon Gas’ entry into Brazil which saw a period of dramatic growth in shareholder value

• Experience with BHPBP, Woodside, Stirling and Tap in areas as diverse as the GoM, West Africa, SE Asia and NW Shelf

• Leads a strong technical team at Pura Vida

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Bevan Tarratt Chairman

• Accounting industry background focused on small/mid caps

• Founding partner of Hemisphere Corporate

• Equity markets experience with Patersons Securities

• Managed IPOs, secondary raisings and re-structuring of numerous listed companies

• Director of a number of Australian public companies

• Pura Vida has assembled a management team with extensive commercial, technical and A&D expertise with a track record of exploration success and value accretive acquisitions

• Seeking early entry opportunities with exceptional potential for growth in value

Unprecedented level of transactional activity in Morocco…

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CHARIOT
ACQUIRED 3
BLOCKS OCT
2012
BLOCKS
SUBJECT TO
AWARD
KOSMOS - 3
SURROUNDING BLOCKS
ACQUIRED 2H 2011
CAIRN FARMIN
SEP 2012
FASTNET ACQUIRED
JUL 2012
OIL FIELD
GAS FIELD
GENEL FARMIN
ANARDARKO
SEP 2012
ACQUIRED OCT 2011
5
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Major discoveries in the West African transform margin have spurred a ‘land grab’ along the North African coast…

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KOSMOS (2007)
JUBILEE
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ANADARKO (2010)
MERCURY
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CNR (2001)
BAOBAB
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KOSMOS (2008-10)
ODUM, TEAK
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VANCO (2009)
DZATA
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Continental drift theory…

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SCOTIAN SHELF
SEVERAL BILLION BBLS
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ZAEDYUS DISCOVERY
1.2 BILLION BBLS
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JUBILEE DISCOVERY
1.0 BILLION BBLS
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200 million years ago…

• Independent resource estimates prepared by recognised industry leader, DeGolyer & MacNaughton

• Three independent play types

• Drilling inventory consists of multiple prospects with a chance of success ranging from 19% to 34%

• Giant Toubkal prospect 1.5bn bbl (mean) - 1 in 3 chance of success

• Toubkal is a ‘look-a-like’ of the billion barrel Jubilee field discovered by Kosmos offshore Ghana – the largest oil discovery in West Africa in the past decade

PROSPECTIVE OIL RESOURCES (RECOVERABLE)

	TRENDS	MEAN (mmbbl)	Pg*
	Miocene trend - 5 prospects (including Toubkal)	3,724	31-34%
	Lower Cretaceous toe thrust trend - 3 prospects	691	19%
	Lower Cretaceous inversion anticline trend - 4 prospects	2,600	19%
	TOTAL	7,017	Avg. 26%
	NET TO PURA VIDA (75%)	5,263	Avg. 26%

* Pg means probability of geologic success

Source: DeGolyer & MacNaughton Independent Resource Assessment – Sept 12

• Drilling program will test the multi-billion barrel potential of the Mazagan permit

Inventory of Prospects

DATA SOURCE: DEGOLYER & MACNAUGHTON

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45%
Zagora
40% Amchad
Tafraoute
35%
Amtoudi East
Toubkal
30% Amtoudi West
Toubkal
25%
Jbel Ayachi
20%
Jbel Musa
Jbel Lakhdar
15%
Jbel Talmest
10%
Jbel Aroudane
5% Jbel Tadrart
Jbel Azavza
0%
0 200 400 600 800 1000 1200 1400 1600 1800
Net Prospective Resource (Mean)
Chance of Success
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Pura Vida Energy	2011	2012	2012	2012	2012	2013	2013	2013	2013	SCORECARD
Timeline	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Review of prospectivity Second exploration period commences Seismic reprocessing Farmout process - EZDataRoom Drop core program Award of Mazagan Potential acquisition of new project Drilling program IPO TEST MULTI-BILLION BARREL POTENTIAL » « SECURE FARMOUT FOR DRILLING « DIVERSIFY PORTFOLIO « IMPROVE RISKING & ADDITIONAL RESOURCES « TESTING FOR OIL SEEPS « UPGRADE TO 5.3 BILLION BARRELS (NET PURA VIDA)										
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• Pura Vida has successfully achieved all of its strategic objectives to date

• Management has demonstrated its ability to meet and exceed targets

• Farmout and acquisitions will lead to a significant re-rating

• Independent resource assessment completed by D&M

• Chance of success around 1 in 3

• Prospects exhibit Direct Hydrocarbon Indicators (DHI’s)

• Huge Toubkal prospect is ‘drill-ready’ with a gross resource potential of 1.5bn bbl (mean)

PROSPECTIVE OIL RESOURCES (MMBBL - RECOVERABLE)

MIOCENE PROSPECTS*	LOW	BEST	HIGH	MEAN	Pg*
TOUBKAL	436	1,168	3,074	1,507	31%
AMTOUDI EAST	167	478	1,137	590	32%
AMTOUDI WEST	122	342	869	435	32%
ZAGORA	20	51	132	65	34%
AMCHAD	22	62	161	80	34%

KEY:

Permit boundary

3D Survey area Prospect

* Pg means probability of geologic success Source: DeGolyer & MacNaughton Independent Resource Assessment – Sept 12

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Seismic amplitudes on Toubkal
WATER
AMPLITUDE SCALE
LOW
OIL SALT (WATER)
MODERATE
(OIL)
HIGH
(GAS)
GAS
SEISMIC AMPLITUDE MAP
RESERVOIR
150 metre gross column
OIL/WATER CONTACT
► High quality 3D seismic
► Direct Hydrocarbon Indicators (DHIs)
► Amplitude response conforms to structural closure SEISMIC SECTION
12
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LIMIT OF
RESERVOIR
OIL WATER
CONTACT
JUBILEE STATS
JUBILEE WATER DEPTH (m) 1,250
2P RESERVES (mmbbl) 850
NO AMPLITUDE RESPONSE (NO RESERVOIR)
AREA OF BRIGHT SEISMIC AMPLITUDES (RESERVOIR)
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OIL WATER
CONTACT
LIMIT OF
RESERVOIR
TOUBKAL STATS
TOUBKAL WATER DEPTH (m) 1,400
MEAN POTENTIAL RESOURCES (mmbbl) 1,507
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• Seismic definition of Toubkal is a ‘mirror image’ of Jubilee

• Similar in scale, volume and structure

• 3D seismic on both structures show bright amplitudes conforming to structural closure

• Two separate trends containing several large-scale prospects

• Chance of success around 1 in 5

• Lower Cretaceous reservoir encountered in wells offshore Morocco

• Recognised major play fairway in Morocco

PROSPECTIVE OIL RESOURCES (MMBBL - RECOVERABLE)

	LOWER CRETACEOUS TOE THRUST TREND	LOW	BEST	HIGH	MEAN	Pg*
JBEL MUSA		78	217	570	281	19%
JBEL AYACHI		55	157	414	202	19%
JBEL LAKHDAR		58	167	400	208	19%
	LOWER CRETACEOUS INVERSION ANTICLINE	TREND
JBEL TADRART		237	689	1,780	879	19%
JBEL AZAVZA		229	640	1,687	829	19%
JBEL AROUDANE		121	322	851	417	19%
JBEL TALMEST		130	370	953	475	19%

* Pg means probability of geologic success

Source: DeGolyer & MacNaughton Independent Resource Assessment – Sept 12

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KEY:
Permit boundary
3D Survey area
Toe thrust
prospect
Inversion
anticline prospect
Well
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Simple four way structural closures…

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JBEL AYACHI
222 mmbbl (mean) JBEL MUSA
202 mmbbl (mean)
JBEL LAKHDAR
97 mmbbl (mean)
RESERVOIR
JBEL MUSA
15
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Numerous large deep water targets…

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Jbel Tadrart Jbel Aroudane Jbel Talmest
JBEL TALMEST
280 mmbbl (mean)
JBEL AROUDANE
247 mmbbl (mean)
26 km
JBEL TADRART
622 mmbbl (mean)
RESERVOIR JBEL AZAVZA
522 mmbbl (mean)
16
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Mature ‘drill-ready’ prospects

Modern, high quality 3D seismic data over Mazagan has revealed Direct Hydrocarbon Indicators (DHI’s) on drilling prospects. Validated by the inversion modelling

Value

Pura Vida provides a compelling investment proposition at current market prices:

• Value compares favourably to peers on ASX, TSX & AIM

• Proximate farmout activity provides value benchmarks

• Asymmetric risk-reward opportunity

Leverage & Upside

• Tight capital structure (approximately 57 million shares on issue) provides investors with significant leverage in success case

• Independently certified mean prospective resources of 5.3 billion barrels (net)

Growth

• Industry experienced board and management team with a demonstrable track record of growth in shareholder value through exploration success and value accretive acquisitions

• Focused on building a diversified portfolio through acquisition

Certain statements contained in this presentation, including information as to the future financial or operating performance of Pura Vida Energy NL (Pura Vida) and its projects, are forward-looking statements. Such forward looking statements:

• are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Pura Vida, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies;

• involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements; and

• may include, among other things, statements regarding targets, estimates and assumptions in respect of production, prices, operating costs, results, capital expenditures, reserves and resources and anticipated flow rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.

Pura Vida disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to rely on forward-looking statements due to the inherent uncertainty therein.

Persons compiling information about hydrocarbons

The information in the presentation has been prepared using the internationally recognised Petroleum Resources Management System to define resource classification and volumes by Mr David Ormerod BSc. Geology (Hons) a Geologist who has over 25 years experience in petroleum geology, geophysics, prospect generation and evaluations, prospect and project level resource and risk estimations. Mr Ormerod is a full time employee of the Company and has consented to inclusion of the resource estimates in this report in the form and context in which it is included. The resource estimates above are in accordance with the standard definitions set out by the Society of Petroleum Engineers, further information on which is available at www.spe.org