HARTSHEAD RESOURCES NL — Investor Presentation 2012

Apr 29, 2012

Briefing to analysts & brokers

• RISC has revised resource estimates for Mazagan permit

• ► Upgraded Lower Cretaceous prospects and recognised new leads ► Net 2.4 billion barrels of mean prospective resources (recoverable)

Significant resource potential…

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

• Operator and 75% interest holder

• 3,570km[2] of modern 3D seismic

• Several prospects supported by Direct Hydrocarbon Indicators (DHI’s)

• 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

• Very attractive fiscal terms and tax free status for 10 years

• 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
2
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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	T O		ESTING FOR IL SEEPS				AD	DITIONAL RE	SOURCES
Seismic reprocessing
Potential acquisition of new project							DIVE POR	RSIFY TFOLIO	SECURE ~~FOR DRIL~~	FUNDING ~~LING~~
Farmout									PROGRA	M
Exploration well(s)
Review of prospects & forward program						DRILLING WIL SEVERAL HUN	L TARGET DRED
Second exploration period commences						~~MMBBL (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

‘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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KOSMOS (2008-10)
ANADARKO (2009) ODUM, TEAK
VENUS KOSMOS (2007)
JUBILEE
ANADARKO (2010)
MERCURY
VANCO (2009)
CNR (2001) TULLOW (2009-10)
DZATA
BAOBAB TWINEBOA, OWO
Major discoveries in the
West African Transform margin
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• Independent resource assessment completed by RISC in 2011

• Focus on Miocene prospectivity

• Toubkal mean resource of 790 mmbbl

• Independent resource estimates not available for Amtoudi and Tafraoute leads

GROSS UNRISKED PROSPECTIVE OIL RESOURCES (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

Source: RISC Independent Resource Assessment – Sep 2011

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PROSPECTS & LEADS MIOCENE 3D SURVEY AREA

• RISC revised resource estimates for Lower Cretaceous prospects and leads in April 2012

• Resource estimates for prospects upgraded and new leads recognised

GROSS UNRISKED PROSPECTIVE OIL RESOURCES (MMBBL - RECOVERABLE)

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

Source: RISC Independent Resource Assessment – April 2012

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PROSPECTS & LEADS

LOWER CRETACEOUS 3D SURVEY AREA

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A ’ A ’
FIT TO
STRUCTURE
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3D SEISMIC LINE
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Water
A’
Salt
Oil
A
Gas
AMPLITUDE SCALE
LOW
(WATER)
MODERATE
(OIL)
HIGH
(GAS) SEISMIC AMPLITUDE MAP
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Amplitude cut-off at common depth…

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RESERVOIR
OIL ON WATER
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Jubilee
LIMIT OF
RESERVOIR
OIL WATER
CONTACT
JUBILEE STATS.
WATER DEPTH (m) 1,250
RESERVES (mmbbl) P90 500
P50 1,000
P10 1,800
NO AMPLITUDE RESPONSE (NO RESERVOIR)
AREA OF BRIGHT SEISMIC AMPLITUDES (RESERVOIR)
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Toubkal
OIL WATER
CONTACT
LIMIT OF
RESERVOIR
TOUBKAL STATS.
WATER DEPTH (m) 1,200
POTENTIAL P90 180
RESOURCES (mmbbl) P50 560
P10 1,670
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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

Strong conformance of high amplitudes and structural closure…

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AMCHAD mmbbl
BLUE POLYGON (P90) 8
RED POLYGON (P10) 81
MEAN 38
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ZAGORA mmbbl
BLUE POLYGON (P90) 13
RED POLYGON (P10) 95
MEAN 47
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Simple four way structural closures…
Jbel Musa
Jbel Ayachi
Reservoir Jbel Lakhdar
Jbel Musa
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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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“…a strong buy case exists on a peer comparison basis” – N+1 BREWIN

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

• 12-month price target of $0.80 – scope for upgrades

• Risked NAV of $232m (assuming Pura Vida sells down half of its interest to fund drilling)

• 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 $0.09/boe. On the same basis:

• The adjusted average is $0.74/boe, suggesting an upside of 8x

RATINGS COMPARISON (RISKED EV/BOE)

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Source: N+1 Brewin

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 $13/boe and Pancontinental’s rating is higher due to it having an existing carry (again off the scale at $12/boe). The average in the chart excludes: Cove (discovery already made & subject to takeover), Dominion (takeover), Pancontinental (has an existing carry) and Pura Vida.

• Our closest peer, Tangiers, trades at $1.51/boe, suggesting an upside of 15x

Mature acreage

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

Significant upside

Independently certified potential resources of 3.2 billion barrels of oil

Value

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

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

• Risked NAV of Mazagan project is considerable

• Asymmetric risk-reward opportunity

Leverage

Tight capital structure (41m 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: dneaves@puravidaenergy.com.au

Melbourne Office

Suite 305 480 Collins Street, Melbourne VIC 3000

t: +61 3 8610 6680 f: +61 3 8610 6334 e: dormerod@puravidaenergy.com.au

Media

Directors

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

Issued Capital

41.4m shares on issue (diluted) $13m market capitalisation

Net Cash

$4.9m $4.4m unpaid capital

Exchange

ASX Code: PVD

Thomas Murrell 8M Media & Communications m: +61 417 984 996 e: tom@8mmedia.com