XSTATE RESOURCES LIMITED — AGM Information 2010

Jun 9, 2010

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XState Resources Limited ABN 96 009 217 154

Registered office Level 2 45 Stirling Highway Nedlands WA 6009 Tel: +61 8 9423 3200 Fax: +61 8 9389 8327

Postal address PO Box 985 Nedlands WA 6909

Website www.xstate.com.au

10 June 2010

ASX Limited

Dear Sirs,

General Meeting of Shareholders- Presentation.

Attached is a copy of a presentation that will be made at the general meeting of shareholders to be held at 10.00 am today.

Yours faithfully,

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David McArthur Director

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Presentation o t XState esources R Limite : d (ASX XST) General Meeting of Shareholders

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10 June 2010

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• -

• Assets Onshore and Offshore Oil and Gas roP ects with j

• existing discoveries, and follow-up prospects

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• Contingent and Prospective Resources near infrastructure

• Normal Oil and Gas Industry Risks

• • Leveraged Exposure to Value Creation

• • Experienced Team

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- Oil and Gas Assets Location Map Tunisia and Italy

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----- Start of picture text -----

Italy
Tunisia
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- - Offshore Permits u it Interests after Farm in Eq y

Interests in the remainder of the Kerkouane Permit (outside of the Lambouka Prospect), the Kerkouane production sharing contract and the Pantelleria Licence :

• •Audax (AOG) 60% (operator) •Gulfsands 30% • Bombora 10% (with an option to acquire a further 10% from AOG)

Interests in the “Lambouka Prospect” ^ being the limited area over the Lambouka prospect within both the Kerkouane Permit and the Pantelleria Licence:

• •Audax AOG

• •Audax AOG 30% (operator) •Gulfsands 30% • Bombora (XST) 10%

• •Carnavale 20% •PharmAust 10%

• ^ R e er o u f t A DAX (ASX : ADX) re ease o l f 7 J une 2010

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PGS Atlantic Explorer 3D Seismic Acquisition Vessel

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Schematic showing a selection of mapped Prospects and Leads

Kerkouane Permit 3D Se sm c i i Area L D Italy Tunisia Pantelleria Permit

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Offshore Oil and Gas u rces* Contingent Reso

Dougga Discovery Contingent Resources:

• One Appraisal Target- Abiod Formation

• Chance of Geological Success: 68 %

• Mean Unrisked Contingent Resource:

405 Bcf gas and 28 million barrels of condensate and (equivalent to 96 mmboe)

Note: Com p arative o p erator ( AuDAX Resources Limited ) estimate is 99 mmboe

*** Refer to Section 10 of XST Prospectus -Independent Expert’s Report Exploration Assets prepared by ISIS Petroleum Consultants**

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Offshore Oil and Gas v e Reso u rces* Prospecti (1)

• Lambouka Prospect Prospective Resources:

• Planned to be drilled in July 2010

• Three Targets- Birsa, Abiod and Ain Grab Formations

• Chance of Geological Success: 30 %

• Mean Unrisked Prospective Resource:

256 million barrels of oil and 353 Bcf gas (equivalent to 315 mmboe)

Note: Comparative operator (AuDAX Resources Limited) estimates are 270 mmboe;

*** Refer to Section 10 of XST Prospectus -Independent Expert’s Report Exploration Assets prepared by ISIS Petroleum Consultants**

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Offshore Oil and Gas v e Reso u rces* Prospecti (2)

• Dougga North Prospect Prospective Resources: • Two Targets- Birsa, and Abiod Formations

• Chance of Geological Success: 20 %

• Mean Unrisked Prospective Resource:

• 24 million barrels of oil and 342 Bcf gas (equivalent to 81 mmboe)

Note:

• 1 . Comparative operator (AuDAX Resources Limited) estimates are 70 mmboe;

• AuDAX have also mapped a number of other prospects and leads in the offshore permits which are reported * to have cumulative Prospective Resources in excess of 520 mmboe.

• eR fer o ect S tion 10 of XST Prospectus - nI dependent Expert’s eporR t Exploration Assets prepared by ISIS Petroleum Consultants

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- - Onshore Permit u it Interests after Farm in Eq y

Interests in the Chorbane Permit :

• •Audax (AOG) 60% (operator) •Gulfsands 30% • Bombora 10%

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----- Start of picture text -----

Map Legend
Chorbane Prospects and Leads
Sidi Da h er Sidi Behara
Permit
Prospect
Sidi El Itayem Gas Fields
Sfax
Oil Fields
Drilled Well Location
Chaal
Mahares
Chorbane Permit
Scale:
Onshore Approximately 30 Km
Offshore
Chorbane Permit Schematic Location Map
----- End of picture text -----

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----- Start of picture text -----

Most likely
closure
Flat spot on
seismic
Geochem
Anomaly
----- End of picture text -----

Schematic Map of Coincident “Indicators” (Source: Bombora Review )

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Portion of dip-oriented seismic line across Sidi Daher Prospect

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*** Onshore Oil and Gas v e Reso u rces Prospecti**

Sidi Daher Prospect Prospective Resources:

• Planned for drilling in late 2010

• Two Primary Targets- Eocene Limestones and Abiod Formation

• Chance of Geological Success: 29 to 32 %

• Mean Unrisked Prospective Resource:

310 million barrels of oil and 42 Bcf gas (Equivalent to 317 mmboe)

Note: 1. Comparative operator (AuDAX Resources Limited) estimates are 120 mmboe;

1. A deeper secondary target in the Nara Formation is unlikely to be drilled in the first exploration well;

2. Refer to Section 10 of XST Prospectus -Independent Expert’s Report Exploration Assets prepared by ISIS Petroleum Consultants

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Ke Risks* : y

• Normal oil and gas industry risks including oil and gas price risks and hydrocarbon reserves and resources estimates

• Need for more capital to test and appraise success

• Country risks- Tunisia and Italy

• Exchange rate risks

• Title risks

• Non hydrocarbon gas content

• Environmental risks

• *For a more comprehensive risk list refer to XST Prospectus released 26 May 2010

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Evaluation: 2010 drillin ro ram rovides g p g p significant value creation opportunities in Tunisia and Italy

Two wells this year:

• Offshore (Bombora 10%)

• 3D seismic April (completed on budget)

• Drill in June-July

• 270 mmboe* Lambouka Prospect

• Onshore (Bombora 10%)

• Drill late 2010

• 120 mmboe* Sidi Daher Prospect

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Photo of Southern Cross Rig Courtesy of Atwood Oceanics

*** Operator (AuDAX) Resource estimates**

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E x perienced Oil and Gas Team proposed to lead XState / Bombora

• Chairman- John Begg BSc

• 30 years Oil and Gas experience

• Managing Director- Gary Jeffery BSc GAICD

• 37 years Oil an d G as, nergy, E and Mineral Resources experience

• Director- Ross Kestel CA CPA

• Director – Brett Mitchell BEc MAICD

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Working with experienced Operating and Joint VentureTeams in Project Areas

O p erator and Government ( ETAP ) Meeting Tunis March 2010

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Summary (1): XState Capital structure after Bombora Transaction*

Ordinary Shares (post consolidation): Options (post consolidation):

37.52 million 28.33 million

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Summar y ( 2 ) : Bombora Net Oil and Gas Resources targeted for 2010 drilling program*

Lambouka Prospect (10%) : Mean Unrisked Prospective Resource:

26 million barrels of oil and 35 Bcf gas (equivalent to 31 mmboe)

Sidi Daher Prospect (10%) : Mean Unrisked Prospective Resource:

31 million barrels of oil and 4.2 Bcf gas (equivalent to 32 mmboe)

• Refer to Section 10 of XST Prospectus -Independent Expert’s Report

• Exploration Assets prepared by ISIS Petroleum Consultants

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• -

• Assets Onshore and Offshore Oil and Gas roP ects with j

• existing discoveries, and follow-up prospects

• Contingent and Prospective Resources near infrastructure

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Pantelleria
Tunisia
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• Normal Oil and Gas Industry Risks

• • Leveraged Exposure to Value Creation

• • Experienced Team

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Disclaimer and risks

This resentation contains forward lookin statements that are sub ect to risk p g j factors associated with the oil and It is believed that the gas industry. expectations reflected in these statements are reasonable, but they may be effected by a variety of variables which could cause actual results or trends to differ materially, includin g but not limited to: p rice fluctuations , actual demand , currenc y fluctuations, drilling and production results, commercialisation, development progress, operating results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory develo p ments , economic and financial markets conditions in various countries , approvals and cost estimates. Refer to XST Prospectus for more detail on risks, resources and projects.

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Lambouka Fish
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Additional Information Slides:

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Tunisia
Pantelleria
Tunisia
Oil Pi eline
p
Gas Pipeline
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DOUGGA- 2 up dip appraisal location has potential for a significantly l arger gas co l umn, mprove i d poros i ty an d resu l tant resource ups id e

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