HYDROCARBON DYNAMICS LIMITED — Capital/Financing Update 2017

Aug 1, 2017

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Dear Optionholder

Entitlement Offer – Letter to Optionholders

Indago Energy Limited ( Indago ) announced on 31 July 2017 that it intends to raise approximately $3.05 million (before costs) through a 1 for 3 underwritten pro‐rata non‐renounceable entitlement offer of fully paid ordinary shares to existing eligible shareholders ( Entitlement Offer ).

Details of the Entitlement Offer are set out in the letter to shareholders in respect of the Entitlement Offer lodged with ASX.

Under the Entitlement Offer, every eligible shareholder who is registered as the holder of Indago shares at 7.00pm (Melbourne time) on 3 August 2017 ( Record Date ) will be entitled to participate in the Entitlement Offer in respect of the number of Indago shares for which that person is then registered as the holder.

Accordingly, to be eligible to participate in the Entitlement Offer in respect of the Indago shares to be issued on exercise of the Indago options you hold, you must exercise those Indago options and be registered as the holder of the underlying Indago shares before the Record Date.

The purpose of this letter is to advise you of the Entitlement Offer and to give you adequate opportunity to exercise some or all of your Indago options so that you may be registered as the holder of the underlying Indago shares before the Record Date so that you may participate in the Entitlement Offer.

To exercise some or all of your Indago options you will need to give notice in writing to Indago in accordance with the terms and conditions of issue of those Indago options together with payment of the exercise price for each Indago option exercised to enable your new shareholding to be recorded before the Record Date.

You are encouraged to read the documents relating to the Entitlement Offer before exercising any of your Indago options.

Yours faithfully

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Julie Edwards Company Secretary Indago Energy Limited

ABN: 75 117 387 354 Tel: +61 3 9642 2899 | Fax: +61 3 9642 5177 Level 6, 412 Collins Street, Melbourne VIC 3000 Australia