$50mil raising at $1.02

? Fully underwritten Institutional Placement to raise approximately A$50 million,consisting of an unconditional placement of approximately A$25 million, and a conditional placement of approximately A$25 million subject to shareholder approval

? Proceeds raised under the Institutional Placement will be used to accelerate infield fairway development as well as the drilling of high impact targets identified through seismic

? Offer price of A$1.02 per New Share representing a 13.6% discount to last close


USE OF PROCEEDS
Combined with Maverick’s existing cash resources, the proceeds from the Institutional Placement will be used to fund Maverick’s development program over the next twelve months, which has been revised to incorporate the drilling of high impact targets identified through the results of the 2D and 3D seismic surveys announced on 11 July 2012.

Maverick’s revised development program for the next twelve months can be summarised as follows:

? In-field drilling of approximately 100 developmental wells to increase production from the existing reserve base;
? Drilling program focused on high impact prospective targets identified through recent 2D and 3D seismic work
o 56 well drilling campaign targeting oil prospects up to 10,000 feeto 10 well drilling campaign targeting oil prospects over 10,000 feet.

Maverick will also use part of the proceeds to finalise the completion of its seismic surveys, further equipment purchases, land acquisitions, general corporate purposes
and offer costs.


18 July 2012
Following the Institutional Placement, Maverick will be fully funded for the next twelve months for the accelerated in-field development drilling and high impact
drilling program.

FULLY UNDERWRITTEN INSTITUTIONAL PLACEMENT
Maverick will raise approximately A$50 million through a fully underwritten Institutional Placement at an offer price of A$1.02 per share (“Offer Price”).
Approximately 49 million shares will be issued under the Institutional Placement, with 24.5 million of those shares relating to the conditional placement and being subject to shareholder approval. An extraordinary general meeting is expected to be held on 30 August 2012 for shareholders to vote on the approval of the conditional placement.

The Offer Price represents:
? a 13.6% discount to the closing price on 17 July 2012; and
? a 14.0% discount to the five day volume weighted average price (“VWAP”)

Details of the Institutional Placement are also set out in an Investor Presentation which Maverick has provided to the ASX today. The Investor Presentation contains important information, including risk factors and foreign selling restrictions with respect to the Institutional Placement.