XENITRA LIMITED — Earnings Release 2013

Jan 21, 2013

MEDIA/ASX RELEASE

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22 January 2013

Titan Energy Services Exceeds First Half Guidance and Upgrades Full Year Target

www.titanenergyservices.com.au

ASX ticker: TTN

Highlights

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6 months to December 2012 result above guidance

• First half EBIT (unaudited) expected to be $4.3million. Unaudited result is more than 15% higher than previous guidance ($3.5m-$4.0m)

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Diversity a strength

• Key business units all performing solidly

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Atlas Drilling (Atlas)

• Strong rig utilisation – 98% for H1 FY13 (73% in H1 FY12)

• Acquisition of fourth Rig, long term contract with APLNG

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Resources Camp Hire (RCH)

• RCH room capacity up approximately 110% since last June to 496 at 31 December 2012

• 78% RCH room utilisation, demand remains strong

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Catering Business Established

• Nektar Remote Hospitality (Nektar) growth from start-up to six contracts

• Approximately 16,000 man days catered

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Outlook – strong growth prospects

• Full year guidance upgraded to $9m - $10m EBIT, c130% - 150% increase on FY12 EBIT

• Previous EBIT guidance was $8m-$9m (following November upgrade), with TTN initially targeting $7m-$8m for the year

Results overview

TITAN Energy Services (TTN) has started 2012/13 strongly, with first half earnings exceeding targets and prompting the company to deliver its second earnings upgrade.

Based on unaudited trading results for the six months to 31 December 2012, Titan has achieved unaudited earnings before interest and tax of $4.3million for the first half.

The result is a c500% increase over the $0.7million EBIT during the previous corresponding period and is above the $3.5million-$4million EBIT previously expected for the first half of 2012/13.

Managing director Jim Sturgess said TTN’s business units – Atlas Drilling, Resources Camp Hire (RCH) and Nektar Remote Hospitality had all performed well during the period with:

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• Atlas recording strong utilisation;

• RCH expanding and experiencing strong utilisation rates;

• Nektar growing rapidly; and

• Adverse weather conditions having limited impact on operations year-to-date.

“With six months of trading results to come, Titan has already well surpassed its 2011/12 EBIT,” Mr Sturgess said.

“Pleasingly, Atlas, RCH and Nektar all built on their successes of earlier in the financial year by exceeding expectations in the lead-up to and during the Christmas holiday period.

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“As a result, we expect to record EBIT in the order of 15% above our previous first half guidance.

“For the full year, we now expect an EBIT result of $9m-10m, up from previous full year guidance released at the AGM of $8m-9m and up 25% on initial guidance for the full year of $7m-8m.”

Mr Sturgess said key drivers so far had included:

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• Strong demand for services in all divisions

• A strong finish to the first half with limited down time due to wet weather

• The Atlas business expanding with a fourth Drill rig now contracted. Three rigs are subject to long-term contracts, while negotiations are underway to secure a new contract for the fourth rig; and

• Nektar winning profitable contracts

“Despite still being within the historical wet season for Queensland, strong trading and favourable weather conditions during November and December has lead to an improved result for the half year and allowed us to be confident about achieving a higher than previously expected full year result”.

TTN expects to release half year accounts on 7 February 2013.

Further details on the performance of Titan’s key divisions are included below.

Atlas Drilling

Atlas Drilling has been operating for five years as a specialist provider of drilling services to the CSG industry and currently operates three drilling rigs, with another Rig under construction to service an operating contract starting March / April this year. The rigs are currently contracted to three ‘blue chip’ CSG developers in Queensland.

Atlas recorded a strong first half of the 2012/13 financial year with utilisation being 98% across the three Rigs. This is up significantly on the previous corresponding period’s 73% utilisation rate (one rig did not operate for most of the previous corresponding period).

The second half of the year is expected to remain strong with a fourth Rig expected to become operational in March / April and discussions currently underway to recontract Rig 2 which comes off contract with Arrow Energy later this month.

Resources Camp Hire (RCH)

RCH provides fully serviced portable accommodation solutions predominantly to the CSG industry. The business currently services clients throughout Queensland and north eastern South Australia, specifically in the Bowen, Surat and Cooper Basins. RCH also provides transport and maintenance services, catering and mobilisation for its clients.

The RCH business has continued to grow strongly, in line with demand. At 31December 2012, RCH had 496 rooms available, more than doubling the 236 rooms available at the start of the financial year. This is significant growth and places RCH in a very strong position for the second half of 2012/13.

Utilisation has also remained strong, at 78%, for the half year. Given the level of growth we have seen in RCH, it is pleasing that the utilisation has also remained high.

Titan purchased the RCH business in September 2011 with a total capacity of 110 rooms.

RCH is expected to continue to expand as demand remains strong for the product.

Nektar Remote Hospitality

Nektar was launched in April 2012, in line with Titan’s strategy of expanding and diversifying its service offerings. It is also a logical fit with the Atlas and RCH businesses, as it offers necessary services to existing clients.

Nektar has grown at a rate greater than expected when the business was established. The business won its first contract in June 2012 and has since secured five additional contracts. At 31 December 2012, Nektar had catered approximately 16,000 man days.

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With the launch of this new business division, Atlas, RCH and Nektar can now pitch jointly for accommodation, drilling and catering contracts.

Nektar will also contract directly with third parties.

Safety

Titan places its people first and continues to focus on safety. Two lost time injuries (LTI) occurred during the half year which, when combined with other recordable incidents, resulted in a rolling 12 month total recordable incident frequency rate per million hours worked (TRIFR) of 13.7 (FY12 TRIFR 17.9).

Dividend

A half year dividend will be considered prior to release of results on 7 February 2013.

Outlook

Mr Sturgess said: “The outlook for Titan is strong and, as we move through the historic wet season in Queensland, we are becoming more confident about our full year result.

“First half results were better than expected and we are now expecting a stronger result for the second half of the year.

“It is pleasing that we have delivered a result above expectations and built the foundations for the second half of FY13.

“We have a significantly increased RCH room capacity, grown the Nektar business from start-up to currently operating under six contracts and are in the process of building a fourth Rig for Atlas.

“This lays a solid foundation for full year results and underpins our decision to raise the full year EBIT guidance to $9m-10m.

“If we achieve the top end of our full year range, EBIT will have grown slightly more than 150% over FY12.

“Delivery of this result is dependent on a robust demand and a continued benign wet season throughout Queensland.

“We expect to grow all business segments within Titan and continue to look for additional businesses to diversify and grow.”

ENDS

For investor or media inquiries:

Mr Jim Sturgess Managing Director Tel: 0402 890 654

About Titan

Titan Energy Services Limited (ASX: TTN) is a diversified oil and gas services business with a focus on the rapidly growing CSG-LNG industry in eastern Australia.

Titan was established in 2007, through its wholly owned subsidiary Atlas Drilling. In September 2011, Titan acquired the Resources Camp Hire (RCH) business, a provider of flexible, innovative temporary accommodation solutions to the oil and gas sector, and the remote infrastructure construction sector. It operates its own catering company, Nektar Remote Hospitality.

Titan currently manages 496 remote accommodation rooms, operates three drilling rigs (with a fourth Rig under construction), owns and hires equipment (including pumps and ancillary drilling tools) and owns and deploys transport assets including trucks, trailers and loaders.

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