HARTSHEAD RESOURCES NL — Investor Presentation 2012

May 16, 2012

Investor Presentation

• Upgrade to 2.4 billion barrels (net) of mean prospective recoverable resources

• N+1 Brewin releases updated research

• Mazagan exploration program progressing

Mazagan permit

Significant exploration potential…

► Total area of 10,900km[2 ] (2.7m acres)

► Operator and 75% interest holder

► Net 2.4 billion barrels of mean prospective recoverable resources (Source: RISC)

• 3,570km[2] of modern 3D seismic

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• Total mean prospective resources of 2.4bn bbl (net to Pura Vida)

• Independent play types defined on 2D & 3D data in the Miocene and Lower Cretaceous

• Essaouira basin - proven hydrocarbon system

• Shows in 80% of wells drilled offshore Morocco

• High impact drilling program targeting several hundred million barrels net to Pura Vida

• Huge Toubkal prospect 790 mmbbl (mean)

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

• Recent significant increase in transactional activity

• Kosmos has taken surrounding positions

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REPSOL GAS
DISCOVERY
ONSHORE OIL
AND GAS
FIELDS
ANADARKO
ACQUIRED OCT
2011
KOSMOS – 3
SURROUNDING
BLOCKS ALL
ACQUIRED 2H 2011
CAP JUBY
OIL FIELD AFRICA
OIL FIELD GAS FIELD
3
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‘Land grab’ along the central Atlantic margin

• Combined structural/stratigraphic traps supported by DHI’s on 3D seismic have been drilled with considerable success in along the West African transform margin

• This success has spurred a ‘land grab’ by major international oil companies along the central Atlantic margin in NW Africa

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VENUS
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KOSMOS (2007)
JUBILEE
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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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Major discoveries in the
West African Transform margin
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• Independent resource assessment completed by RISC

• Miocene plays are combined structural/stratigraphic traps

• Prospects exhibit strong amplitude support or DHI’s (Direct Hydrocarbon Indicators)

• Huge Toubkal prospect is ‘drill-ready’ with a mean resource potential of 790 mmbbl

GROSS UNRISKED PROSPECTIVE OIL RESOURCES (MMBBL - RECOVERABLE)

(MMBBL - RECOVERABLE)
PROSPECTS*	LOW	BEST	HIGH	MEAN
Toubkal	180	560	1,670	790
Zagora	13	35	95	47
Amchad	8	26	81	38
TOTAL – Mid Miocene PROSPECTS	-	-	-	875
NET TO PURA VIDA (75%)	-	-	-	656

Source: RISC Independent Resource Assessment – Sep 2011

* Independent resource estimates not available for Amtoudi and Tafraoute leads

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• Lower Cretaceous plays are conventional four-way dip closures

• Recognised major play fairway

GROSS UNRISKED PROSPECTIVE OIL RESOURCES (MMBBL - RECOVERABLE)

GROSS UNRISKED PROSPECTIVE OIL (MMBBL - RECOVERABLE)	RESOURCES
PROSPECTS	LOW	BEST	HIGH	MEAN
JBEL MUSA	32	121	452	202
JBEL AYACHI	32	127	501	222
JBEL LAKHDAR	14	56	216	97
TOTAL – Lower Cretaceous PROSPECTS	-	-	-	521
LEADS
JBEL TIFIDI	12	49	207	91
JBEL TADRART	94	364	1,400	622
JBEL AZAVZA	80	306	1,175	522
JBEL AROUDANE	37	143	556	247
JBEL TALMEST	41	162	632	280
TOTAL – Lower Cretaceous PROSPECTS & LEADS	-	-	-	2,283
NET TO PURA VIDA (75%)	-	-	-	1,712

Source: RISC Independent Resource Assessment – April 2012

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Pura Vida Energy				2012	2012	2012	2012	2013	2013	2013	2013
Timeline	Nov		Dec	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Admission to ASX							IM	PROVE RISKI	NG & RECOG	NISE
Drop core program			~~ESTING FOR~~ OIL SEEPS				A	DDITIONAL R	ESOURCES
Seismic reprocessing
Potential acquisition of new project							~~DIV~~ POR	~~ERSIFY~~ TFOLIO	SECURE FOR DR	FUNDING ILLING
Farmout									PROGR	AM
Exploration well(s)
Review of prospects & forward program							D SE	RILLING WILL VERAL HUND	TARGET RED
Second exploration period commences							~~M~~	~~MBBL (NET)~~

KEY OBJECTIVES FOR 2012…

1. Complete seismic reprocessing – improve risking and recognise additional resources

2. Secure funding for drilling program targeting Mazagan’s huge potential resources

3. Achieve market recognition of the value of the Mazagan permit

4. Build a diversified portfolio of energy assets through acquisition

RATINGS COMPARISON (RISKED EV/BOE)

• N+1 Brewin is a leading UK corporate and institutional stockbroker with a highly regarded oil & gas research team

• N+1 Brewin rated Pura Vida against its peers on ASX, AIM and TSX with an African exploration focus

• Pura Vida trades on a Risked EV/Prospective Resources basis of $0.15/boe wheareas the adjusted average of the peer group is $1.00/boe

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$1.00
$0.15
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Source: N+1 Brewin
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N+1 Brewin’s research report can be downloaded at www.puravidaenergy.com.au

Notes: Those with frontier exploration at an earlier stage have all been risked at 10%. Cove is risked at 50% and its actual rating is beyond the scale at $12/boe and Pancontinental’s rating is higher due to it having an existing carry (again off the scale at $15/boe). The average in the chart excludes: Cove (discovery already made & subject to takeover), Dominion (takeover), Pancontinental (has an existing carry) and Pura Vida.

Damon Neaves

Managing Director

David Ormerod Technical Director

Bevan Tarratt

Chairman

• 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 & NZ

• Established highly profitable domestic gas business

• Upstream project management experience

• Legal/corporate advisory background

• Over 25 years experience in the oil and gas sector

• Participated in several major discoveries over his career: Maddog, Atlantis and Neptune (deep water GoM ) and Stybarrow (NWS)

• 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 Gulf of Mexico (GoM), West Africa, SE Asia and the NW Shelf

• 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

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Seismic amplitudes on Toubkal
WATER
AMPLITUDE SCALE
LOW
OIL SALT (WATER)
MODERATE
(OIL)
HIGH
(GAS)
GAS
SEISMIC AMPLITUDE MAP
RESERVOIR
OIL/WATER CONTACT
SEISMIC SECTION
10
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3D view of seismic amplitudes on Toubkal looking toward the coast

SALT STRUCTURES

TOUBKAL

AMTOUDI

11

Simple four way structural closures…

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Jbel Musa
Jbel Ayachi
Jbel Lakhdar
Jbel Musa
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Reservoir
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12
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Simple four way structural closures…

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Jbel Tadrart Jbel Aroudane Jbel Talmest
26 km
Reservoir
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Jbel Talmest
Jbel Aroudane
Jbel Tadrart
Jbel Azavza
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13
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Mature acreage

Modern, high quality 3D seismic data over Mazagan has revealed Direct Hydrocarbon Indicators (DHI’s) on drilling prospects

Significant upside

Independently certified mean potential resources of 2.4 billion barrels (net)

Value

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

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

• Risked value of our prosepcts is considerable

• Asymmetric risk-reward opportunity

Leverage

Tight capital structure (41.4m shares on issue) provides investors with significant leverage in success case

Growth

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

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.

Head Office

Level 8 225 St Georges Terrace Perth WA 6000

t: +61 8 9486 4036 f: +61 8 9486 4799 e: info@puravidaenergy.com.au

Melbourne Office

Suite 305 480 Collins Street, Melbourne VIC 3000

t: +61 3 8610 6680 f: +61 3 8610 6334

Directors

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

Issued Capital

41.4m shares on issue (diluted)

$15m market capitalisation (as at 7/5/12)

Net Cash

$4.9m (as at 30/3/12) $4.4m unpaid capital

Exchange

ASX Code: PVD