PACIFIC RESOURCES LIMITED — Investor Presentation 2012

Mar 5, 2012

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PROJECT UPDATE: BLACKALL/TAMBO PROJECT

MARCH 2012

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Coal Investment Summit 2012 - Sydney

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General Disclaimer

• This document has been prepared by COALBANK Limited (the Company) to provide existing and prospective investors in COALBANK Limited with an update on the Company and its operations.

• This presentation, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither the presentation, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does not take into account your individual investment objectives, financial situation or particular needs. You must not act on the basis of any matter contained in this presentation, but must make your own assessment of the Company.

• No representation, express or implied, is made as to the fairness, accuracy, completeness or correctness of information contained in this presentation, including the accuracy, likelihood of achievement or reasonableness of any forecast, prospects, returns or statements in relation to future matters contained in the presentation (“forward-looking statements”). Such forward-looking statements are by their nature subject to significant uncertainties and contingencies and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of COALBANK Limited and its directors) which may cause the actual results or performance of COALBANK Limited to be materially different from any future results or performance expressed or implied by such forward-looking statements.

• To the maximum extent permitted by law, none of COALBANK Limited, or their related corporations, directors, employees or agents, nor any other person, accepts any liability, including, without limitation, any liability arising from fault or negligence, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

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Executive Summary

COALBANK LIMITED (“COALBANK” or “the Company”) is an ASX-listed company (ASX: CBQ) with an extensive portfolio of early stage coal projects in Queensland. The Company holds the largest coal exploration permit footprint in Australia of any ASX-listed company.

SCALE Tenements exceeding 24,000sqkm in the Surat, Galilee, Eromanga and Bowen Basins

SELECTIVE

Initial tenements selected on the basis of historical waterbore drilling logs that displayed coal intersections

EARLY SUCCESS

Repeated, significant coal seam intersections over 26km of strike in drilling in Blackall Project

SUCCESSFUL TEAM

A proven team of explorers and developers of early stage coal projects

UPSIDE

Large upside potential from exploration and strategic acquisition targets

PROVEN AND All projects neighbour producing or proven coal assets SECURE REGION 96% of COALBANK’s coal exploration areas lie outside the Strategic Cropping Land Protection Areas

CORPORATE

Preparing for appointment of an intermediary to review strategic options and manage approaches received from strategic partners

FUNDING

Recently raised $5 million to continue drilling activities at the Blackall Project and achieve a maiden JORC coal resource by mid-2012

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Strategic Footprint in Queensland Coal Basins

Neighbours all the major players in Australia's recent international coal plays

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Note: 1 Mineral Resources and Ore Reserves as at 30 June 2010

• COALBANK: 100%-owned coal projects in several Queensland basins

• Large footprint: 24,000km[2 ]

• Multi-deposit potential in Surat/Eromanga portfolio

• Major infrastructure planned for the region

 At Blackall East Energy Resources Ltd (30% Noble Group) has declared a JORC compliant coal resource in the adjoining EPC 1149 (469Mt indicated and 280Mt inferred)[1] and an exploration target of 1.8 to 2.0 billion tonnes of thermal coal.[2]

2 East Energy Resources Limited Quarterly Activities Report, 3 Feb 2012

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Corporate Snapshot

Capital Structure(AUD)	Capital Structure(AUD)
Share Price	$0.06
Shares Outstanding	813 m
Market Capitalisation	$50 m
Cash and Receivables	~$5.5 m
Debt	Nil
Enterprise Value	$44m

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Exchange	 Australian Stock Exchange: (ASX: CBQ)  Total Shareholders: 1,200 (approximately)
Ownership	 Allegro Capital Nominees Pty Ltd (G. Baynton, Director) 49.4%  Affiliated Funds of Och-Ziff Capital Management LLC 11.9%  Square Resources Pty Limited (S. Ever, Director) 3.0%  Other 35.7%

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Key Personnel

Bruce Patrick Chief Executive , B.Sc, (Hons), Grad Dip Mgt, Cert. in Mining, MAusIMM

Project Manager for Anglo Coal’s $800m Lake Lindsay Project, managing the project from initial exploration, through feasibility and approvals, to construction. Open-cut mining project management roles in Anglo Coal’s Operations and Projects and Engineering Group. Early career as a geologist for Coal and Allied Industries and Thiess Mining Division where he assisted in further defining the stratigraphy of the Surat Basin. At Callide Mine in Central Queensland he moved to mining engineering and mine operational management roles.

Staffan Ever Director, MBA, M.Sc, (Civil Eng)

Former CEO of QCoal, former General Manager of AMCI Australia (12 years with AMCI). Strong experience in managing and financing coal projects from greenfields to production and marketing. Previously undertook and oversaw equity investments in Gunnedah, Glennies Creek, Coppabella and Moorvale mines.

Board of Directors	Board of Directors
Roger Clarke	Chairman
Greg Baynton	Deputy Chairman (Executive)
Lance Grimstone	Director
Staffan Ever	Director
William Stubbs	Director
Grahame Baker	Director

Dr Peter Jorgensen Senior Geologist , BSc (Hons), PhD, MAusIMM

Over 18 years experience in the Queensland coal industry, more than 20 years general geological experience. Previous roles in exploration, mine site geology and resource evaluation with Anglo Coal, Shell Coal and as a self-employed contract geologist.

Lance Grimstone Director , B.Sc. (Hons) Geol. Grad.Dipl. Mangt., F.AusIMM, CPGeo.M.MICA.

An expert geologist with over 40 years’ experience in the exploration, mining and civil engineering industries. For the last 25 years, has consulted to eastern Australian coal operations. He was a key geological consultant to Macarthur Coal Limited prior and post its IPO.

Greg Baynton Deputy Chairman (Executive) , M.Econ St., MBA, B.Bus (Accounting), Grad.Dip. Finance and Investment, FFINSIA.

Founder of Tambo Coal & Gas, Moreton Energy and Coalbank. Expertise in new project generation, capital raisings, corporate structuring, tenure application and administration, government relations and Joint Ventures. Founder and Director of Orbit Capital, former Director of PIPE Networks Limited, current Director of NEXTDC Limited and Tissue Therapies Limited.

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Blackall Project – Cross Section Location Plan Neighbours all the major players in Australia's recent international coal plays

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• Drilling commenced late August 2011

• Repeated, significant coal seam intersections over 26 km strike length

• Extent and thickness of coal intersections to date suggest potential for very large tonnages at shallow depths (from 16 metres)

• Total coal >10 metres confirmed in a number of CBQ holes at shallow depths

• Blackall Coal Project is located on an existing rail corridor , outside of strategic cropping land areas

• The Blackall Project represents a very small portion (<5%) of COALBANK’s total exploration footprint in Queensland

• Targeting northward extensions of large known coal deposits immediately to south

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Cross Section A: South - North Seam Correlations Coal seams were intersected at shallow depths over a distance of 26km with 34 holes

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SAMPLE CROSS SECTION
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Cross Section C: West - East Seam Correlations

Total coal thicknesses exceeding 10 metres were intersected in a number of holes

SAMPLE CROSS SECTION

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Project Areas & New Targets

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Walloon Coal
Measure
Discoveries
East Energy
Resources Carlow
coal resource [2 ] Xstrata Wandoan
coal resources [1]
469MT Indicated
1,254MT
280MT Inferred
Measured
Exploration Target
729MT Indicated
of 1.8 to 2.0BT
CSG Fields Permian 2,494MT Inferred
Note: 1 Mineral Resources and Ore Reserves as at 30 June 2010 Lacerta/Don CSG Fields
2 East Energy Resources Limited Quarterly Activities Report, 3 Feb 2012 Juan
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Note: 1 Mineral Resources and Ore Reserves as at 30 June 2010 2 East Energy Resources Limited Quarterly Activities Report, 3 Feb 2012

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East Surat and Bowen Basin Projects

Three Eastern Queensland projects all Close to major coal deposits, rail infrastructure and ports

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EPC 2241 - Biloela South

• 20km south of Callide Mine

• 40km west of proposed Monto Mine

EPCA 2239 - Coal Creek

• 45km south east of Meandu Mine

• 55km north of Jeebropilly Mine

• EPC 2240 & EPCA 2359 - Coalbank South

• 15km east of New Acland Mine

• All have coal intersections at shallow depths reported in the waterbore logs eg. 24.4 metres of coal in EPCA2239

• Geographical diversity should mitigate the impact of adverse weather within the combined portfolio

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Coal Exploration and Development Plans

2011 2012 2013 2014 2015 Task Q3 Q4 Q1 Q2 Q3 Q4 First-pass drilling on selected targets Drill follow-up targets to JORC Resource level First-pass drilling on next targets Drill next-round targets to JORC Resource level MINE 1 Concept Study Pre-feasibility Study Feasibility Study Mine Development MINE 2 Concept Study Pre-feasibility Study Feasibility Study

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Metals Projects (100% owned) Harvest Metals Pty Limited (100% subsidiary)

Chillagoe (EPM11980 and EPM18325 application)

• “Leane’s” copper discovery in breccias in shallow (circa 50m) drilling

• High potential for similar porphyry breccia model to Mungana and Red Dome copper deposits

• Deeper drilling required to test for the total Mungana/Red Dome style porphyry orebody model

Mt Morgan (EPM17850)

• Surrounds the historic gold mining town of Mt Morgan (265 sq kms)

• Targets include significant Cu in soil anomalies (> 500ppm Cu)

• 6 main targets identified in VMS province including Au, Cu & Zn skarns

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Surat Gas Pty Ltd (100%-owned)

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More than 20,000 sq km of ATPs close to pipeline infrastructure



Favourable settings for unconventional shale gas and CSG plays + conventional oil and gas



Breakthrough in seismic reprocessing has brought to light the geometry of very large, unexplored down-faulted basins

Favourable sedimentary history with abundance of source rocks from Devonian to Jurassic

Favourable structural /sedimentary traps and host rocks

Favourable maturation conditions to generate conventional oil & gas plays

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Summary

COALBANK is an explorer and developer of early stage coal assets

Commencement of growth phase following recent exploration successes

A significant landholding in an emerging coal basin

In excess of 21,000 km[2] of overall holdings are across the Surat/Eromanga Basins west of Roma in Queensland

Additional projects in other coal basins close to operating coal mines with potential for multiple deposits and very large tonnages

Historical water bore records indicate significant coal intersections across all tenement holdings

Evidence of a major coal discovery over 26 km in strike length south of Blackall, with total coal intersections >10 metres from shallow depths (all at open-cut depths)

2012 drilling program to achieve maiden JORC-standard resource at Blackall to commence in March

A strategic process to manage recent partnering approaches is currently being considered

Planning for farm-out/de-merger of non-core metals and petroleum subsidiaries

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