Ann: Capital Raising to complete four well program in Uruguay, page-2

Eligible shareholders have the opportunity to subscribe for one (1) fully paid ordinary share in
Petrel (New Shares) for every three (3) shares held on the Record Date, at an issue price of
$0.011 per share. The Offer participants will also receive one (1) free listed attaching Option
for every New Share subscribed for, exercisable at 4¢ and expiring on 31 October 2018.
All New Shares will rank equally with existing shares of the Company from the date of issue.
The Directors have determined that the Record Date for the offer of New Shares is 7:00 pm
(Sydney time) on 6 October 2017 (Record Date). Accordingly, those persons who are
registered as a Shareholder on the Record Date and are otherwise considered to be an
eligible Shareholder will be eligible to participate in the Offer. Shareholders whose address
is outside Australia or New Zealand will not be eligible to participate in the Offer.
Any New Shares not taken up by eligible shareholders will form part of the shortfall and can
be applied for by other eligible Shareholders under the shortfall facility in addition to their
entitlements, or otherwise taken up by Patersons as the underwriter, up to the underwritten
amount.