Body Copy font is Verdana set at 32 in white

A Focused Play on the

Caney & Woodford Shales

Oil & Gas Investment Symposium – Small CapsPalm Beach, Florida

8 February 2005

Body Copy font is Verdana set at 32 in white

• As a consequence of this success was one of Australia’s top performing stocks in 2004

OFF TO A FLYING START

• Newly formed to exploit conventional formations and unconventional Caney & Woodford Shales in Oklohoma

• IPO in Australia in July 2004 to take advantage of specific investor interest there

• First drilling program of 8 wells produced 100% success rate with surprisingly strong conventional discoveries

• Initial indications from testing Caney & Woodford Shales are highly encouraging – the next Barnett ?

Body Copy font is Verdana set at 32 in white

A STRONG & FOCUSED PLAY

• A new 20-25 well drilling program about to commence – Tomahawk 100% working interest owner

• Options to participate as 100% working interest owner on 5,000 acres

• Options to participate 50/50 on further 15,000 acres

• Option to buy local gas gathering system

• Well supported by Australian investors

Body Copy font is Verdana set at 32 in white

Snell-Heirs Project

Body Copy font is Verdana set at 32 in white

• Revenue already exceeds administration costs

SUCCESS TO DATE

Snell–Heirs project

• 2 producing wells acquired

• 8 wells drilled to date - all discoveries

• Next 6 wells coming into production over next 4 - 6 months

• First 4 wells producing already circa 1,700mcfg/day

Body Copy font is Verdana set at 32 in white

SNELL-HEIRS PROJECT

• Conventional gas play with multiple shallow formations

• Unconventional gas play - Caney Shale & Woodford Shale

• Oil potential in shallow formations

• 100% working interest

• Shallow (4,000 feet) relatively inexpensive wells

• 5 separate options, each to participate in 1,000 acres – potential for up to 125 wells in coming years

Body Copy font is Verdana set at 32 in white

AREA OF MUTUAL INTEREST

Body Copy font is Verdana set at 32 in white

UNCONVENTIONAL

WELL

CONVENTIONAL FORMATIONS STATUS

Feet Hydrocarbons

Formations Feet Hydrocarbons

Snell Heirs

6-1384 7 205

105

23

42

28

7

3

3

4

200

198

220

211

Caney Frac’d, producing 50-60 mcfg/day.Frac water returning, 2-3 months before flow rates determined.

Snell Heirs

7-13Snell Heirs

8-13Snell Heirs

2-19

Snell Heirs

3-19

Caney frac’d, producing 50-60 mcfg/day.Frac water returning, 2-3 months before flow rates determined.Woodford Shale to be perforated early February.

Caney frac’d, currently returning frac water, 2-3 months before flow rates determined.

To be dually completed in Woodford and Caney. Currently producing 400-500 mcfg/day from Woodford only.

Caney Frac’d, producing 200 mcfg/day.Frac water returning, 2-3 months before flow rates determined.

Body Copy font is Verdana set at 32 in white

UNCONVENTIONAL

WELL

CONVENTIONAL FORMATIONS STATUS

Feet Hydrocarbons

Formations Feet Hydrocarbons

Snell Heirs

4-1336 3 195

40

98

45

84

5

6

3

6

213

Caney, Woodford Frac’d, Frac water returning, 2-3 months before flow rates determined.

Snell Heirs

1-20Snell Heirs

4-19Snell Heirs

5-19

Snell Heirs

9-13

Caney frac’d, producing 450-750 mcfg/day.

Offset well to Snell Heirs 2-19 & producing 500 mcfg/day from Gilcrease.

Savannah Sandstone perforated and acidized,Production potential will be fully evaluated in coming weeks.

Offset well to Snell Heirs 3-19 & producing 300 mcfg/day from Red Fork.

Body Copy font is Verdana set at 32 in white

EXPLORATION DRILLING BLOW OUT

Body Copy font is Verdana set at 32 in white

Body Copy font is Verdana set at 32 in white

DRILLING ON SNELL-HEIRS PROJECT

Body Copy font is Verdana set at 32 in white

THE BUSINESS CASE

• Caney & Woodford Shale similarities to successful Barnett Shale

• Based on stable gas prices not linked to oil price

• Snell-Heirs gas attracts a premium up to 25%, high BTU

• Rapid return on investment

Body Copy font is Verdana set at 32 in white

Parameter Barnett Shale

Geologic Age Mississippian

Thickness 200-300 feet

Depth 7,000-8,000 feet

Reservoir rock Organically-rich shale bituminous, calcareous

Total Organic Carbon 4.5% average

Vitrinite Reflectance Ro% = 1.00 to 2.00

Gas Shows on mud logs

Strong

Average Porosity Neutron/Density 15%

Resistivity Moderate to High

Gamma Ray Hot, highly Radioactive

Treatment Very large slick water and sand fracture treatments

Gas in Place SCF/ton 50-60 plus SCF/Ton

Production History Well Established

Caney Shale

Mississippian

130-150 feet

3300-3600 feet

Organically-rich shale bituminous, calcareous

4.95% in Snell #4-13

Ro%=1.44 Snell #4-13

Strong to Very Strong

Neutron/Density 15%

Moderate to High

Hot, highly Radioactive

Testing and evaluating acid treatments and slick water & sand fracture treatments

50-250 SCF/Ton

Very Early Stages

Body Copy font is Verdana set at 32 in white

PRODUCTION AT SNELL-HEIRS PROJECT

Body Copy font is Verdana set at 32 in white

ROBUST PROJECT ECONOMICS

• Successful well drilled, completed and bought into production for <$US.450m

• Offset wells accelerate production

• Completion to production in 120 days

• A 500mcfg/day well @ $US6/mcfg = circa $US.750m annual revenue

• Minimal capex with payback circa 7 months

• Minimal General & Administration costs < $US.400k p.a.

Body Copy font is Verdana set at 32 in white

THE NEXT 12 MONTHS

• Continued production from 5 Snell-Heirs wells in production

• Progressively bring the other 5 completed wells into production

• Drill 20 to 25 wells during calendar 2005

• Potential to drill horizontal wells

• Production flow rates will be established on portfolio of up to 30 wells within 12 months

Body Copy font is Verdana set at 32 in white

Well Analysis

Production – 500mcfg/day

Gas Price - $US6 + 20% premiumGross Daily Revenue $US3,600 Operating costs ($US300) Taxes ($US500) Royalties ($US900)Net daily back $US1,900

Annual net return per well $US700,000Cost of completed well $US450,000

Payback 235 days

Body Copy font is Verdana set at 32 in white

CAPITAL STRUCTURE

Shares Options

On Issue 49.250 19.482

Escrowed to 2006 (15.841) (16.982)Tradable 33.409 2.500

• Average weekly volume since listing of .750m shares

• $US50m market capitalization at current share price of $US1.05

• Number of shareholders doubled to +820 since listing

• Top 20 shareholders control +50%

Body Copy font is Verdana set at 32 in white

WHAT MAKES TOMAHAWK DIFFERENT?

• Multiple target formations = reduced exploration risk

• Experienced operator = reduced completion risk

• Access to extensive infrastructure = rapid path to revenue

• Tight capital structure = drilling results go straight to share price

• Acreage to allow drilling 2 wells a month for 5 years

• Enormous revenue potential, every successful well = $US.750m revenue p.a. = no shareholder dilution

Body Copy font is Verdana set at 32 in white

INVESTING IN TOMAHAWK

• Listed on main board of Australian Stock Exchange (ASX)

• Accounting Standards and Corporate Governance requirements on ASX in line with major western exchanges

• Most major US brokerages have access to ASX

• Recent independent research from major Australian brokerage (with office in New York) available today

• Office in Australia is more than happy to assist with enquiries

Body Copy font is Verdana set at 32 in white

FOR FURTHER DETAILS

Investor Relations OperationsAustralian Office US OfficeTony Brennan Rick HolcombChairman Executive DirectorE: tony@deltacapital.com.au

E:chiefoilman@myway.comT: +61 8 9267 4210 T:318 673 8285F:+61 8 92674210 F:318 673 8288

Body Copy font is Verdana set at 32 in whiteA Focused play on the

Caney & Woodford Shales