VINTAGE ENERGY LTD — AGM Information 2021

Nov 28, 2021

29 NOVEMBER 2021

Annual General Meeting 2021

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Disclaimer

This presentation has been prepared by Vintage Energy Limited (“Vintage” or the “Company”), with the purpose of providing general information about the Company. This presentation contains certain statements which may constitute “forward-looking statements”. Such statements are only predictions and involve inherent risks and uncertainties. Actual results and performance are likely to differ materially from those expressed or implied in any forward-looking statements. To the maximum extent permitted by applicable laws, Vintage and its directors, agents, officers or employees make no representation and can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation. This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects and should not be considered specific advice or a recommendation to invest in securities. It should not be relied upon as a complete and accurate representation of any matters that a potential investor should consider in evaluating Vintage. The Company accepts no responsibility to update any person regarding the information contained in this presentation. This presentation may not be reproduced or redistributed to any other person. This is a private communication and was not intended for public circulation or publication or for the use of any third party without the approval of the Company.

All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

Competent Persons Statement

The hydrocarbon resource estimates in this report have been compiled by Neil Gibbins, Managing Director, Vintage Energy Limited. Mr. Gibbins has over 35 years of experience in petroleum geology and is a member of the Society of Petroleum Engineers. Mr. Gibbins consents to the inclusion of the information in this report relating to hydrocarbon Contingent and Prospective Resources in the form and context in which it appears. The Contingent and Prospective Resource estimates contained in this report are in accordance with the standard definitions set out by the Society of Petroleum Engineers, Petroleum Resource Management System.

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2 AGM | 29 November 2021

Reg Nelson – Chairman Welcome, quorum and opening of meeting

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Quality portfolio of permits Geographically diverse and gas focused portfolio; cash flow anticipated in mid-2022

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Cooper / Eromanga Basins

• Growing, multi-permit, footprint

• ATP 2021: Commercial gas field proven at Vali

• PRL 211: Odin-1 gas discovery

• PELA 679: Gazettal success

Otway Basin

• Nangwarry-1 CO2 discovery; interest from multiple parties

Perth Basin

• Cervantes oil prospect

• Located on trend with Hovea, Jingemia and Cliff Head oil fields

Galilee Basin

• Albany Field discovered with gas flow from Albany-1

• Numerous prospects & leads

Bonaparte Basin

• Multiple oil and gas play types in frontier region

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4 AGM | 29 November 2021

Key ingredients for success

Vintage technical team has delivered a 100% success rate from wells drilled to date

ASSET PORTFOLIO

Identified and accessed quality permits through industry contacts Technical due diligence work undertaken to filter out less prospective permits Negotiated attractive farm-in/gazettal terms

CAPABILITY

Ex-Beach Energy technical staff with a history of exploration discoveries in the Cooper Basin

Creating value in permits that other companies have worked over

CULTURE

CAPITAL

Non-equity options a priority to take Vali Field to production and cash flow

Inclusive team-based culture that shares ideas, works as a team and enjoys what they do!

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5 AGM | 29 November 2021

Operational excellence delivering catalysts Non-equity funding options for upcoming operational and infrastructure projects

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Vali Field gas discovery with
Completion of Odin well test
drilling of Vali-1 ST1 exploration
(stabilised flow of 6.5 MMscfd)
well, Vali-2 and Vali-3
Tripling of Vali 2P reserves to Gas sales agreement for the
101.0 PJ (Gross); 50.5 PJ (Net) Vali Field
DELIVERING
UPCOMING
Odin Field gas discovery with ON Non-equity funding for the
CATALYSTS
drilling of Odin-1 exploration well Vali Project
OPERATIONS
Independent booking of Odin
Odin Field Contingent Resources
Field 2C Contingent Resources of
converted to Reserves
36.4 Bcf (Gross); 16.0 Bcf (Net)
Nangwarry-1 CO2 well flow tested Nangwarry infrastructure funding
at more than commercial rates for food grade CO2 plant
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6 AGM | 29 November 2021

Southern gas production declining; demand stable; prices up Long-term domestic gas prices expected in the range of $8-$11/GJ; LNG pricing emerging as benchmark for ex-Wallumbilla gas price

Southern gas production and demand (PJ)

BASE CASE GAS PRICE FORECASTS (REAL $2021, $/GJ)

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500
Actual Forecast
11.05 11.05
450 10.54
10.04
400 9.54 9.54 9.54 9.54 9.54
8.84
8.67 8.67 8.67 8.67 8.67 8.67 8.67
8.52
350 8.16 8.11 8.22
7.61
300
250
5.11
4.89
200
150
100
50
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Victoria Cooper NSW-Narrabri Demand Melbourne Wallumbilla-Qld
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Source: Production forecasts: EnergyQuest; Demand forecasts: Central scenario, AEMO Gas Statement of Opportunities 2021 adjusted for Queensland

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Source: EnergyQuest, 2021
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7 AGM | 29 November 2021

Neil Gibbins - Managing Director Operational overview

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Growth projects

Three growth projects expected to deliver shareholder return outperformance

Three Growth Projects

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VALI/ODIN
CERVANTES
Cooper /
Eromanga basins Perth Basin
NANGWARRY
Otway Basin
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Vali-1 ST1 Flare
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Odin-1 Flare
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9 AGM | 29 November 2021

Building a sizeable footprint in the Cooper Basin Acquiring permits with familiar geology for best chance of success

• Total acreage position of 862.8 km[2]

ATP 2021

• Farm-in for 50% and operatorship (July 2019)

• Three successful wells (Vali-1 ST1, Vali-2 and Vali-3)

• Vali-1 ST1 fracture stimulated and flow tested

• Independently certified Reserves booked

• Highly prospective permit with numerous gas and oil targets remaining

PRL 211

• Farm-in for 42.5% and operatorship (January 2020)

• Odin-1 gas discovery cased for production; flow test nearing completion

PELA 679 (CO2019-E)

• Successful gazettal application

• Geology similar to Western Flank (oil)

• Four oil prospects (three Jurassic and one Patchawarra)

• 3D seismic required to refine existing targets and identify new ones

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• 1 Moomba-Wallumbilla-Brisbane trunkline

• 2 Moomba-Sydney trunkline

• 3 Moomba-Adelaide trunkline

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10 AGM | 29 November 2021

PRL 211 and ATP 2021 (Cooper Basin) Cooper Basin new field discoveries close to Moomba connected infrastructure, with exciting follow-up prospects, such as Kinta, still to be drilled

ODIN FIELD: 2C of 16.0 Bcf (net)

Odin-1 exploration well

• New field gas discovery, with interpreted gas pay in Toolachee, Epsilon and Patchawarra formations

• Significantly larger Contingent Resources certified by ERCE vs predrill Prospective Resources

• Flow test delivered stabilised gas flow rate of 6.5 MMscfd (WHP of 1823 psi through 28/64” choke)

• Flow from Epsilon and Toolachee; Patchawarra yet to be tested

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GAS AND OIL PROSPECTIVITY

• Kinta an exciting prospect with gas shows in the Kinta well, drilled in 2003

• Similar structure to Vali and Odin; 3D seismic required

• ATP 2021 and PRL 211 have numerous gas and oil prospects and leads

VALI FIELD: 2P of 50.5 PJ (net)

Vali-1 ST1 exploration well

• Fracture stimulated with extended production test flowing gas at 4.3 MMscfd (WHP of 942 psi through 36/64” choke)

Vali-2 appraisal well

• Gas pay in Toolachee and Patchawarra

• Vali-3 appraisal well

• Gas pay in Toolachee, Epsilon and Patchawarra

• Oil shows in the shallower Jurassic

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11 AGM | 29 November 2021

Nangwarry Field (Otway Basin)

Nangwarry-1 CO2 discovery potentially capable of commercial production over 30+ years

PRL 249 (exPEL 155)

• Successful well test flowed CO 2 at stabilised rate of 10.5-10.8 MMscfd

• Potential for reliable, and highly profitable, source of food grade CO2 over a 30+ years (facility expected to cost $25-30 million)

• Current shortage of food grade CO2 across the UK

• Marketing and commercial discussions underway

• Capacity of up to 150 tonnes per day, with facility positioned next to well

• Many industrial uses for food grade CO2 including: Carbonation of soft drinks, fruit juices and beer, winemaking, medical devices, cold storage / refrigeration, growth of farm produce as an atmosphere additive, production of paints, varnishes and manufacture of foam rubber

Nangwarry CO2 discovery (net to Vintage)1	Nangwarry CO2 discovery (net to Vintage)1	Nangwarry CO2 discovery (net to Vintage)1
	CO2Sales Gas (Bcf)	Unrisked hydrocarbon Contingent Resources (Bcf)
	Low Best High	1C 2C 3C
Pretty Hill Sandstone	4.5 12.9 32.2	0.3 0.8 2.0

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• 1 Refer to ASX release dated 31 August 2020

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12 AGM | 29 November 2021

Cervantes oil prospect (Perth Basin) Adjacent to the 12 MMbbl oil in place Jingemia oil field (over 4.6 MMbbl produced to date)

• L14, located within the Perth Basin, is a 39.8 km[2] production licence granted over the Jingemia oilfield and surrounds

• Binding farm-in agreement executed for 30% of the Cervantes prospect (Metgasco 30%, RCMA Australia 40% and free carried on well[1] )

• Licence due to expire in June 2025

• Vintage to fund 50% of well cost (~$3.9 million to drill first well)[2]

• Option to drill second well on similar terms to first well

• Cervantes along the oil discovery trend of the Hovea, Jingemia and Cliff Head oil fields

• High-side fault trap of multiple reservoir units (similar structural setting to existing fields)

Gross Cervantes structure prospective resource (MMbbl)[3]

		1U low estimate	2U best estimate	3U high estimate
Total		6.0	15.3	41.9
Vintage	30%	1.8	4.6	12.6

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• 1 Free carried to a well cost cap of $8 million above which costs revert to equity share

• 2 Subject to rig availability and regulatory approvals

• 3 Refer ASX release dated 15 November 2019

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AGM | 29 November 2021

13

In summary Three key growth projects: Near-term production and cash flow expected from Vali/Odin, commercial discussions underway for Nangwarry CO2, with Cervantes likely to be drilled in H1 2022

Australian east coast energy market

Gas focused with oil potential

Market accessibility

Quality team

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Gas and energy shortage on east coast placing upward pressure on pricing

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Focused on onshore permits with gas and oil potential

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New discoveries and permits close to infrastructure

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Lean and innovative team thinking outside the box and delivering results

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14 AGM | 29 November 2021

Glossary

$	Australian dollars	GJ	Gigajoule (1 GJ is equivalent to 1x109 joules)
1C	Contingent resource low estimate1	JV	Joint Venture
2C	Contingent resource medium estimate1	km2	square kilometres
3C	Contingent resource high estimate1	km	kilometre
2D	Two dimensional	LNG	Liquefied Natural Gas
3D	Three dimensional	MD	Measured Depth
1P	Proved reserve estimate1	MMbbl	Million barrels
2P	Proved and probable reserve estimate1	MMscfd	Million standard cubic feet per day
3P	Proved, probable and possible reserve estimate1	PACE	South Australian Plan for Accelerating Exploration gas grant scheme
ATP	Authority to Prospect (QLD)	PEL	Petroleum Exploration Licence (SA)
bbl	barrels	PJ	Petajoule (1 PJ is equivalent to 1x106 GJ)
Bcf	Billion cubic feet	SPE-PRMS	See footnote 2
FY	Financial Year	TD	Total Depth
GG&E	Geological, Geophysical and Engineering studies	TJ	Terajoules (1 TJ is equivalent to 1x103GJ)

1 Refer to “Guidelines for Application of the Petroleum Resources Management System” November 2011 (SPE PRMS) for complete definitions of Reserves and Contingent Resources.

1. Petroleum Resources Management System document, including its Appendix Sponsored by: Society of Petroleum Engineers (SPE) American Association of Petroleum Geologists (AAPG) World Petroleum Council (WPC)Society of Petroleum Evaluation Engineers (SPEE)

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15 AGM | 29 November 2021