HYDROCARBON DYNAMICS LIMITED — Capital/Financing Update 2020

Oct 20, 2020

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21 October 2020

Entitlement Offer

Hydrocarbon Dynamics Limited (HCD) recently announced that it would undertake a pro-rata, nonrenounceable entitlement offer of 1 new fully paid ordinary share (New Shares) in HCD for every 5 Shares held by you on the Record Date (7.00pm Melbourne time) on 26 October 2020 at an issue price of 2 cents per New Share to raise up to approximately $1,387,535 if fully subscribed. In addition, for every 2 New Shares you are issued you will receive 1 free accompanying New Option with an exercise price of 3 cents and an expiry date of 31 October 2022.

Timetable

The indicative timetable for the Rights Issue offer is set out below:

Key Dates

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----- Start of picture text ----- Event DateProspectus lodged with ASIC and ASX Wednesday, 21 October 2020Shares traded on an “ex” entitlement basis Friday, 23 October 2020Record Date for eligibility to participate in the Entitlement Offer Monday, 26 October 2020Despatch of Entitlement Offer and Entitlement and AcceptanceTuesday, 27 October 2020Form to Eligible ShareholdersEntitlement Offer opens Tuesday, 27 October 2020Entitlement Offer closes Tuesday, 17 November 2020Securities quoted on a deferred settlement basis Wednesday, 18 November 2020Results and shortfall (if any) announced to ASX Friday, 20 November 2020Allotment and issue of New Shares and unlisted New options andMonday, 23 November 2020end of deferred settlement tradingDespatch of holding statements and commence trading on aTuesday, 24 November 2020normal settlement basis----- End of picture text -----

Note: The above timetable is indicative only. The Directors of the Company reserve the right to amend the record date and timetable for the issue of the shares, subject to the requirements of the Corporations Act 2001 and ASX Listing Rules.

For further information please contact:

Stephen Mitchell Julie Edwards Chairman Company Secretary

Telephone: +61 3 9642 2899 Website: www.indagoenergy.com

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