INFORMATION PACK

Coal Seam Gas AssetsGunnedah Basin

Sydney BasinGippsland BasinOtway Basin

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The Leichhardt Strategy

Exploration Phase

Ramp up exploration

Focus on NSW assets

Maintain Victorian assets

Anticipated Investment $45M

Monetise the Assets

Review production options

Determine project specific plan

Micro LNG plantsAmmonium productionGas swapsDirect gas supply agreementsGas fired power station

Exploration Strategy

Stage 1 Prospectiveresource

Geologicalreview

Determine exploration

strategy

CompleteOct 2009

Stage 2 Contingentresource

• Seismic• Core holes• Review

AnticipatedCost

$5 millionper project

Complete in 12 months

Stage 3 3P, 2Preserves

• Core holes• Pilot wells

Produce initial

gas flowsComplete in 12 months

Stage 4 1Preserves

• Pilot wells• Dev. Wells• Field Dev.

Monetise Assets

Complete within

24 months

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Dear Recipient,

The coal seam gas market in Australia is becoming tightly held with a number of large corporations holding significant positions in seam gas projects. Royal Dutch Shell, Conoco Phillips, British Gas and Petronas have taken strategic holdings in Australia CSG and consolidation in the sector is regularly front page news. Underpinning this unprecedented demand in the CSG sector is the desire to generate cleaner power. The benefits of CSG power generation are obvious:

● Lower emissions,

● Able to meet base load power generation requirements,

● Located near major east coast population centres,

● Low extraction cost

It is estimated that by 2020 some 24% or some 1,700 PJ of Australia’s energy requirements will be derived from natural gas, up from 1,184.6 PJ in 2005/6. In addition, it is expected that exports of natural gas will rise to some 2,800 PJ taking the total production requirement from approximately 2,000 PJ today to 4,500 PJ in 2020. CSG is positioned to account for a significant proportion of this requirement. In 2006 and 2007, Liechhardt acquired a substantial acreage of almost 7,200km2 in New South Wales and Victoria. The applications for these tenements

were made after completing an extensive review of the public domain data provided by the respective Departments of Natural Resources from each State Liechhardt used some simple targeting criteria in it’s search for prospective blocks, primarily;

● Sufficient sedimentation thickness and burial history to support maturity level necessary for hydrocarbon generation,

● Favourable lithology and structural setting capable of developing trapping mechanisms,

● Extensive coal distribution,

● Proven gas intersections,

● Location close to existing or planned infrastructure Liechhardt applied for and was awarded 5 tenements, 3 in New South Wales and 2 in Victoria. Liechhardt management focused on these areas as;

● They are in the States with the highest population density and are known to contain significant coal resources that are considered attractive for gas exploration.

● The company’s Victorian interests include exploration rights over sub bituminous coal targets that are similar to the producing gas field of the Powder River Basin in the USA.

DIRECTOR’S MESSAGE

LICENCE PROJECT NAME RESOURCE BASIN LR EQUITY AREA (km2)

PEL 468 Bylong CGS/ Conv Gas Sydney/ Gunnedah 100% 1,736

PEL 469 Shoalhaven CGS/ Conv Gas Sydney 100% 3,173

PEL 470 Mooki CSG/ Conv Gas Gunnedah 100% 745

EL5081 Latrobe Fish Creek CSG Gippsland 100% 409

EL5082 Otway West CSG Otway 100% 1,130

TOTAL 7,193

• The NSW Permian coal targets are similar in age and rank to adjacent producing gas fields.

• In particular, the Permian coal of NSW exhibit excellent potential for early production and cash flow, due to their shallow target depth, accessi-bility and proximity to existing pipelines and the Sydney market.

• Drill delineated coal resources in the Bylong area exceed 50 billion tonnes.

The areas are prospective for coal bed methane of a commercially significant scale and appear amenable to cost effect exploration and ap-praisal using available technology. Over the past 18 months, the Leichhardt team and our consultants have been building a data-base of information on these tenements, devel-oping models and formulating plans for the ex-ploration and development of these resources. This work has been compiled into the accompa-nying CD for your evaluation. In summary the CD contains the following major pieces of infor-mation: • Licence conditions and minimum expendi-

ture commitments; • Project Reports:

• Literature search geological sum-mary reports and presentations;

• Independent expert consultant re-ports;

• Geological model reports. • Figures

• Figures on which Project Reports are based.

• Seismic Data • Borehole data

• Coal boreholes; • Petroleum/coal seam gas wells; • Gas and permeability; • Coal quality data; • Tabularised data.

• Miscellaneous third party reports Leichhardt remains one of the few privately owned coal seam gas companies operating in Eastern Australia. We believe that the land

package that we have established over the past two years represents an exceptional opportunity for en-try or consolidation of CSG assets within high growth areas of Australia.

Simon Tolhurst

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Simon Tolhurst

● In particular, the Permian coal of NSW exhibit excellent potential for early production and cash flow, due to their shallow target depth, accessibility and proximity to existing pipelines and the Sydney market.

● Drill delineated coal resources in the Bylong area exceed 50 billion tonnes.

The areas are prospective for coal bed methane of a commercially significant scale and appear amenable to cost effect exploration and appraisal using available technology. Over the past 18 months, the Leichhardt team and our consultants have been building a database of information on these tenements, developing models and formulating plans for the exploration and development of these resources. This work has been compiled into the accompanying CD for your evaluation. In summary the CD contains the following major pieces of information:

● Licence conditions and minimum expenditure commitments;

● Project Reports:

● Literature search geological summary reports and presentations;

● Independent expert consultant reports;

● Geological model reports.

● Figures

● Figures on which Project Reports are based.

● Seismic Data

● Borehole data

● Coal boreholes;

● Petroleum/coal seam gas wells;

● Gas and permeability;

● Coal quality data;

● Tabularised data.

● Miscellaneous third party reports

Leichhardt remains one of the few privately owned coal seam gas companies operating in Eastern Australia. We believe that the land package that we have established over the past two years represents an exceptional opportunity for entry or consolidation of CSG assets within high growth areas of Australia.

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MOOKI PROJECT(PEL 470)Leichhardt Resources 100%

Mooki covers approximately 670km2 and is located between the regional centres of Moree and Narrabri and less than 100km from the Wilga Park Gas Fired Power Station. The proposed Wullumbilla - Newcastle pipeline development from Roma Gas Fields (The Undulla Nose - Surat Basin) to Newcastle runs through the area, providing numerous options for future gas offtake.

The project is located in the Northern Gunnedah Basin. The eastern boundary of the prospect is adjacent to the Hunter-Mooki Fault, a regional structure active throughout deposition of the coal measures and a depo-centre for thick accumulations of coal bearing sediments. Drilling in the area has intersected net coal thicknesses of between 15–22m from the early-mid Permian Black Jack and Maules Creek Formations. Neighbouring tenements have reported gas data indicating up to 17m3/tonne.

PEL470

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BYLONG PROJECT(PEL 468)Leichhardt Resources 100%

Bylong is 1,736km2, located on the geological boundary of the Gunnedah Basin and Sydney (Hunter Coalfield) Basins and 300km NW of Sydney and approximately equidistance to the regional centers of Dubbo, Tamworth and Newcastle.

To date, some 48 drillholes, mostly NSW Government commissioned for open pit and shallow underground mining studies in the west of the lease, have been identified in the public domain. These holes intersected the Late Permian Black Jack Formation/ Wittingham Coal Measures at depths ranging from subcrop to +900 metres. The lower Maules Creek Formation/ Greta Coal Measures from 750m deeper are the targets for the Bylong Project.

Coal drillhole data is supported by wide spaced seismic data and a number of nearby CSG holes with recorded gas data indicating up to 10m3/tonne. Coal reflectance data for seams intersected in the prospect range from 0.6—1.2. Over 40 Seams, with 9 seams greater than 3.5m and cumulative net coal in seams >1m totaling >65m.

PEL468

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SHOALHAVEN PROJECT(PEL 469)Leichhardt Resources 100%

Shoalhaven covers 3,173km2 in the Southern Coalfield of the Sydney Basin. The project is approximately 80 km south of Sydney and adjacent to the operating AGL tenement PEL2. A major regional gas pipeline linking Sydney to Canberra and Victoria passes through the prospect and the proposed 40TJ/ Day Rosalind Park Gas Plant is less than 40km from the prospect. The recently completed Tullawarra (TRUenergy) gas fired power stations sits on the northern tenement boundary with the Camden gas fired power station also in close proximity.

The project area encompasses two major episodes of coal deposition and preservation, the Early Permian Clyde Coal Measures and the late Permian Illawarra Coal Measures. Net coal thickness within these formations range up to 15 m for the Clyde Measures and more than 25 for the Illawarra Measures. The Illawarra Measures contain 11 named coal seams including four main prospective target seams, Bulli, Balgownie, Wongawilli and Tongarra Seam. Coal reflectance for these seams average 1.2 and historical mine gas data indicates gas contents of 10—16m3/tonne.

A public domain data search has located 56 drillholes and 2 seismic lines in the north west of the project.

PEL469

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LATROBE FISH CREEK PROJECT(EL5081)Leichhardt Resources 100%

The Latrobe Fish Creek Project is located in the Gippsland Basin of South-Eastern Victoria. The exploration target for the 409km2 prospect is the Wonthaggi coal seams of the Mid-Early Cretaceous Strzelecki Group. Previous Investigations have intersected black coal seams up to 4.5m thick in historical underground mines and at depths between 50 and 125m near the eastern boundary of the prospect.

Latrobe Fish Creek is centered on axis and the south east limb of broad faulted anticline. Coal seams are sub-cropping NW and SE at Korumburra and Stockyard Creek (abandoned) Mines. Holes drilled just east of the lease Toora 1 and Toora 78, have intersected 1.2m to 4.9m thick coal seams at depths less than 120m. Gas shows attributable to the Wonthaggi Coal Measures are recorded in well reports from deep hydrocarbon wells including Tarwin Meadow drillhole (southern tenement boundary) which Intersected Wonthaggi Coals at 445 to 610m, with recorded Gas shows at 487, 786, 945, 1202m; and recent drilling by Karoon Gas in 2006, through the Wonthaggi beds (Megascolidies No.1) reported a net coal intersection of 15m.

The Otway West project covers 1,130 km of the Otway Basin in Western Victoria. South East Australia Gas’ pipeline PL239 passes directly through the prospect. The primary exploration target is the Merino High, a structural feature which promotes the Early Cretaceous sub-bituminous coals of the Otway Group to economically extractable depths.

Previous geological investigations for coal have been carried out in the area since the 1890’s, with coal and conventional hydrocarbon exploration being carried out since the 1960’s. More recent exploration in the area has recorded the presence of gas in the coal seams, with minimal specific testing.

Within the project, net coal seam thicknesses up to +14m in the Eumeralla Formation at depths between 30 and 750m, and +10m in the 18-24m coal event in the Crayfish formation have been drill intersected. Individual coals seams have been intersected in shallow drilling completed by Western Mining in 1982. At these locations

the seam thicknesses vary from up to 1.9m. The thickest coal seam intersections shallower than 300m are 2.13m at 173m deep in Moccaborro1 & 2.0m at 193m deep in VPR06.

NOTES

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OTWAY WEST PROJECT (EL5082)Leichhardt Resources 100%

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