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1 Exploration and Production Equity Research July 30, 2013 Crikey! Aussie Microcap Exploring Unconventional Resources on 3 Continents The smallest of our coverage companies, with exploration assets in Uruguay, Spain, Canada and Texas, Petrel benefits not only from a large prospective acreage position but also a management team that has grown and successfully sold unconventional resource companies before. We stress that given the pre-revenue status, speculative nature of the portfolio and the micro-capitalization size, Petrel could experience significant stock volatility. However, the size of the potential, coupled with management experience and some shorter term potential cash flows from Alberta and the Barnett could serve to reduce some of the volatility, in our opinion. The summation of our valuation of the four regions is $0.17, equating, at current exchange rates, to 0.19 AUD. Rating Outperform Market-perform Underperform Petrel Energy Ltd Symbol Price Price Target PRL AU AUD0.09 AUD0.19 One year price history for PRL AU Volume (mil.) Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Market Data 52-wk Range AUD AUD0.12 Avg Daily Vol (000) 362,560 Market Cap (M) AUD37 Free Float 80% Mar-13 Apr-13 May-13 Jun-13 Price (AUD) 0.14 Jul Contacts Clarkson Capital Markets 597 Fifth Avenue, 8th Floor New York, NY 10017, USA Tel: +(1) Analyst: Brian W Foote, CFA Disclaimer This Investment Research is prepared by and/or disseminated by Clarkson Capital Markets ("CCM"). CCM is the trading name of Clarkson Capital Markets LLC a member of FINRA and SIPC and/or Clarkson Investment Services Limited authorized and regulated by the Financial Conduct Authority. Clarkson Capital Markets LLC ("CCM" or "the Firm") does and seeks to do business with companies covered in its research reports. As a result investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. PLEASE READ THE IMPORTANT DISCLOSURES AND ANALYST CERTIFICATION INFORMATION AT THE END OF THIS REPORT. 1/8

2 Source: Company Documents 2/8

3 Source: Company Documents 3/8

4 Source: Company Documents 4/8

5 Source: Company Documents 5/8

6 URUGUAY USGS assessment % on petrel acreage npv/bbl or MCF Probability of Success Total OIL (mm BBL) % % NGL (mm BBL) % % GAS(BCF) % % Petrel Share 60% SPAIN 000 acres $1000/acre BARNETT SHALE 000 acres $1000/acre sections wells/section locations NPV/location CARDIUM Cash Source: Company Documents, Bloomberg, Clarkson Capital Markets Estimates Source: Company Documents, Bloomberg, Clarkson Capital Markets Estimates TOTAL USD AUD AUD/USD /8

7 Analyst Certification Disclosures The analyst producing this Investment Research hereby certifies that the views expressed in this research report accurately reflect their personal views about any and all of the subject securities or issuers referred to in this document and the analyst acknowledges that the recommendation is fairly presented. The analysis and recommendations contained herein are the opinion of the research analyst writing the report (or the research department) and may not be reflective of the opinion of the CCM or any of its associated non-research personnel. Conflicts of Interest CCM has a conflicts of interest policy to ensure that all recipients of the investment research are treated fairly and not discriminated against. To this effect no part of the analyst s compensation was, is or will be, directly or indirectly, related to the specific recommendation or views expressed in this report. 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