what value now?, page-9

both OXX (up 6.72% last couple of days) and CUE on the move up *increasing fully franked divvy coming up late March

*** 20-01-2012 Ann ***
The Directors of the Company have today resolved that the Cue Shares and the Petrel Energy Shares
(or the equivalent value of those shares as referred to below) will be distributed to members by way of a special dividend (“the Dividend”).

The underlying reasons for paying the Dividend are to provide members with the benefit of the
franking credits arising from the Company’s previous payment of income tax, to enable
members to participate directly, rather than indirectly, in the Company’s shareholding in Cue (in particular) and to distribute what the Company perceives as non-core assets for the benefit of
members.

The Company remains in a sound financial position, amplified by the receipt of in excess of
$7,000,000 in payment of the recent call of 10 cents on each partly paid share (“the Call”).

The Dividend will entitle members to receive:

(a) one (1) Cue Share (or the equivalent value thereof) for every five (5) Octanex shares;
and
(b) one (1) Petrel Energy Share (or the equivalent value thereof) for every twenty (20) Octanex
shares; held by them on the record date.

It is intended that the Dividend will be payable to all members on the Company’s Register of
Members (“Register”) at 7.00 pm (Melbourne time) on Wednesday, 28 March 2012, which is the date the Company intends will be the record date to determine entitlement to the Dividend.

In accordance with section 254W(4) of the Corporations Act 2001 (“the Act”), the Dividend will be paid to all members regardless of the amount paid up on their shares.

It is anticipated that the Dividend will be fully franked for Australian Income Tax purposes. This
will be subject to confirmation from the Company at the time the Dividend is paid.

As at the date of this announcement, the indicative value of the Dividend would be
approximately 5.025 cents for each Octanex share held (whether fully paid or partly paid)
based on the present market value of the Cue Shares (24 cents) and the Petrel Energy Shares (4.5cents). However, members are reminded that the value of the Cue Shares and the Petrel Energy Shares will inevitably change between the date of this announcement and the dates on which
the Dividend is declared or paid.

Any change in value will affect the value of the Dividend.