XSTATE RESOURCES LIMITED — Investor Presentation 2011

Sep 5, 2011

1 September 2011

XSTATE RESOURCES LIMITED

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Company Information:

ASX Codes: Shares/Options XST / XSTO Market Cap $A 7.8 million Share Price: $0.10 Shares: 77.5m Option Price: $0.033 Options: 48.4m ($0.24, expire June 2013)

Directors: Non-Executive Chairman David Whitby Non-Executive Director Ross Kestel Managing Director Gary Jeffery Non-Executive Director James Brown

Highlights:

• Drilling 300+ million barrel Sidi Dhaher Prospect

• Evaluation of offshore gas and condensate discoveries

for development

• Pelagian Basin is a very prospective basin with multiple

• stacked reservoir, oil and gas exploration targets

• Seeking new projects

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PROJECT LOCATION MAP

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Why Invest in XST?

Quality assets in a proven hydrocarbon basin

Access to the high priced, gas hungry European Markets

International Oil and Gas Industry Veterans on Board of Directors

On-going underlying value in Multiple Prospects and Leads Portfolio, with multiple reservoir targets in onshore and offshore acreage

Leverage to Success

208 Bagot Road, Subiaco WA 6008 Tel + 61 8 9381 4215 Fax +61 8 9381 9386 www.xstate.com.au

Xstate Resources Limited

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Chaal Gas
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KEY FACTS: CHORBANE Xstate Interest: 10%

• JV Participants:

ADX Energy (Operator) Gulfsands Verus Investments

• Area: 2,428 sq km

• Onshore, 2D seismic

Close to major infrastructure

Sidi Dhaher oil prospect:

• Now Drilling

• Prospective Recoverable Resource: ~310 million oil and 42 Bcf gas (gross)

Chaal Gas Field Extension mapped into

Chorbane Acreage

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Drilling
Now
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KEY FACTS: SIDI DHAHER PROSPECT Xstate Interest: 10%

• Location: Onshore Chorbane acreage

• Description: Oil prospect with gas cap

• Covered by 2D seismic

High chance of success (~1 in 3)

Over 300 million barrels of

Recoverable Prospective Oil

Resource

One well – 6 potential producing zones

All reservoir zones have been tested and produced in the local area Status: Currently drilling

Xstate Resources Limited

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KEY FACTS: KERKOUANE & PANTELLERIA Xstate Interest: 10%[(1) ]

• JV Participants: ADX Energy (Operator), Gulfsands, PharmAust (Lambouka Only)

• Area: Approx. 3,725 sq km

• Offshore; 50-1,000m water depth; covered by 2D and 3D seismic

• 3 year extension granted in January 2011

Gas-condensate discoveries:

Dougga: conceptual development planning underway; appraisal opportunity; 3D seismic

Evaluate and follow up Kerkouane (3D) and Lambouka (3D) discoveries

Numerous multiple reservoir oil and gas prospects; and no dry holes in the acreage

(1) Xstate has option to increase interest to 20% outside the 150 sq km Lambouka Area

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KEY FACTS: DOUGGA DISCOVERY Xstate Interest: 10%[(1) ]

• Location: Offshore, Kerkouane Acreage

• Description: Gas-condensate discovery

• Covered by 3D seismic

Water Depth: 320 metres

Conceptual development studies underway

Appraisal well can be located ~ 300 metres up dip of Dougga 1 with 200+ metre column of gas; potential for 500+ metre column of gas and condensate

(1) Xstate has option to double its interest to 20%

“Xstate has multiple opportunities to find large volumes of hydrocarbons in Tunisia and Italy. It is not a single prospect or single reservoir investment!”

Gary Jeffery, Managing Director

Xstate Resources Limited

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KEY FACTS: KERKOUANE Xstate Interest: 10%[(1) ]

• Location: Offshore Kerkouane acreage

Gas discovery (interpreted 600m gas column) with potential oil rim New (Aug 2011) 2D seismic coverage Water Depth - 110 metres

2 Discovery Intervals at less than 1,000m

Undrilled Abiod Limestone potential at 1,500m

Pliocene clastic stratigraphic trap potential (cf. Offshore Sicily)

(1) Xstate has option to increase interest to 20%

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Mobilisation of Drilling Rig at Sidi Dhaher

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Sidi Dhaher

For further information please contact:

Gary Jeffery Managing Director Xstate Resources Limited Ph:(08) 9381 4215

Email: gary.jeffery@xstate.com.au Web: www.xstate.com.au

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Tunis