HYDROCARBON DYNAMICS LIMITED — Share Issue/Capital Change 2018

Apr 3, 2018

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4 April 2018

Share Capital Update

Indago Energy announces that the 30 million Performance Milestone Tranche 1 Rights issued in conjunction with the acquisition of HCDI Holding Limited (HCD) have lapsed due to the minimum milestone not being met.

In addition, 21,265,731 INK shares issued at completion of the acquisition of HCD that were subject to a 12 month voluntary escrow will have the escrow restrictions removed on 18 April 2018.

Otherwise, the capital structure of Indago remains unchanged.

Yours faithfully,

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Stephen Mitchell Chairman

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