Amity Oil Limited Level 2, 18 Richardson Street West Perth WA 6005

PO Box 690 West Perth WA 6872 Telephone: (08) 9324 2177 Facsimile: (08) 9324 1224 Email: mail@amityoil.com.au Website: www.amityoil.com.au

AAMMIITTYY OOIILL LLIIMMIITTEEDD

Our Ref: 2004-11-23ASXSYD7570DR AGM PRESENTATIONS

23 November 2004

The Manager Companies Announcements Office Australian Stock Exchange Ltd 10th Floor, 20 Bond Street SYDNEY NSW 2000 Dear Madam,

ANNUAL GENERAL MEETING PRESENTATIONS

Please find attached the Chairman's Speech delivered by Mr. Richard Elliott and the slide presentation given by Amity's Managing Director, Mr. Howard McLaughlin at the Company's Annual General Meeting on Tuesday, 23 November 2004. A full size version of the slide presentation is available on Amity's website at www.amityoil.com.au. Yours faithfully, AMITY OIL LIMITED

DAVID RICH Company Secretary

A.C.N. 009 230 835

AMITY OIL LIMITED ANNUAL GENERAL MEETING

23 NOVEMBER 2004

CHAIRMAN’S ADDRESS Last year your directors outlined the year ahead. There were four main goals for Amity which were:

1. Bring the Adatepe and Cayirdere discoveries into production – at that point only Gocerler was producing;

2. Continue exploring in the Thrace basin in Turkey;

3. Determine if the Whicher Range gas field could be commercialised using the latest technology and be ready in time for the identified market opportunity; and,

4. Investigate new areas for exploration outside Turkey and establish an additional source of production & cash flow.

Although it seems like the last year has been a flat one for Amity, upon reflection a lot has been achieved in a short time. A review of the four strategic aims of a year ago is as follows:

1. Bring all Turkish discoveries into production.

Since the last AGM we have:

a) brought both the Adatepe and Cayirdere fields into production in record time;

b) drilled seven out of seven successful appraisal wells in the Thrace Joint Venture area;

c) completed a 12.5km pipeline from Adatepe to Cerkezkoy;

d) installed a 10 MMcf/d compressor at Gocerler to arrest the drop in production due to pressure decline.

This effort has resulted in increasing and stabilising production for the year and hence created strong cashflows from the Turkish production assets.

2. Continue exploring in the Thrace basin in Turkey.

Following the unsuccessful exploration drilling in Southern Turkey, the exploration strategy was focussed on the Thrace area in European Turkey where Amity held eight licences. Alpullu 1 and 2 exploration wells were drilled and although gas was present, these were not deemed commercial. Amity has since exited two of its Thrace licences and now holds six. Amity withdrew from all Turkish acreage outside Thrace.

Over the past few months permit wide 3D seismic has been acquired over the joint venture area in Thrace and this is currently being processed and interpreted. At this time Amity envisions limiting its drilling in Turkey to the Joint Venture Area.

3. Determine the commerciality of the Whicher Range gas field

As has been highly publicised, Amity and partners proceeded to test the Whicher Range gas field, south of Perth. The Whicher Range-5 well was drilled, using air drilling technology through the Sue Group formation to eliminate the possibility of formation damage due to water. The unusual rock stresses caused difficulty in achieving the well objectives, but persistence finally resulted in the well being completed, albeit the bottom 300 metres were drilled with low water-loss fluid rather than air.

The air drilling did not generate the gas flows that had been hoped for and after researching similar fields in the US, Amity and partners decided to try the latest in

fracturing technology to see if a commercial flow could be generated from the field. Again the high rock stresses caused difficulties in effectively completing the fracture stimulation operations. The five-zone programme was only partly completed. This was disappointing, however Amity and partners feel that enough information was gathered from the completed fracs to determine that current fracture stimulation technology will not produce a commercial gas flow.

Operations are being wrapped up and Amity is contemplating its strategy for exiting the field.

4. Investigate new areas and establish an additional source of production & cash flow.

The announcement of the reserve reduction at Gocerler late last year, coupled with the exploration disappointment in the Adana and Iskenderun basins, convinced Amity’s Board and management that the Company needed to look further than Turkey in order to grow. Management made a global assessment, which identified the U.S.A. as presenting the appropriate mix of available opportunities and relatively low risk.

We have developed a new ventures team centred in Dallas, and while they are currently working on new US ventures, it is our intention they will seek additional international opportunities once there is a sustainable business created in the USA.

The decision to invest in this new ventures programme is extremely important to your Company. It marks a substantial departure with the past. We have chosen to recognise this change by rebadging the Company. We will keep the Amity name in Turkey where it is well recognised, but we have asked the shareholders to consider changing the name of the parent to Antares Energy Limited. We are already operating in the U.S.A. under the Antares name, and we want the investing community to recognise that we have changed direction and are focussed on the future.

AMITY OIL LIMITEDAMITY OIL LIMITED

Annual General MeetingAnnual General Meeting23 November 200423 November 2004

Managing Director ReviewManaging Director Review

Presented by: Howard McLaughlinManaging Director

Year at a glanceYear at a glanceAppraised, developed and began production at Adatepe Appraised, developed and began production at Adatepe and Cayirdere and Cayirdere Drilled 12 wells, 8 appraisal and 4 exploration (fin. Year)Drilled 12 wells, 8 appraisal and 4 exploration (fin. Year)Installed and commissioned a compressor unit at GocerlerInstalled and commissioned a compressor unit at GocerlerMajor 3D seismic survey acquired in TurkeyMajor 3D seismic survey acquired in TurkeyDrilled and fractured Whicher Range determining a Drilled and fractured Whicher Range determining a definitive outcomedefinitive outcomeDeveloped an international new ventures programDeveloped an international new ventures programDrilled our two first wells in the USA Drilled our two first wells in the USA

Gross Gas Production - Turkey

0

100

200

300

400

500

600

700

800

31-Jan-0231-M

ar-0231-M

ay-0231-Jul-0230-Sep-0230-N

ov-0231-Jan-0331-M

ar-0331-M

ay-0331-Jul-0330-Sep-0330-N

ov-0331-Jan-0431-M

ar-0431-M

ay-0431-Jul-0431 Sept 04

MM

cf/M

onth

0

2000

4000

6000

8000

10000

12000

14000

MM

cf

Gas Production Cummulative

Gas Production

Adatepe Gas PlantAdatepe Gas Plant

Cayirdere Cayirdere Gas PlantGas Plant

FY 2004 OperationsFY 2004 Operations

June July Aug Sept Oct Nov Dec Jan Feb Mar April May June July Aug Sept Oct Nov

TurkeyDrilling

Seismic

A4

2003/2004 Financial Year

2D/3D

C2

Processing Interpret

Al2

DA2

Milestones

G6

C3

2D/3D Processing Interpret

USADrilling

El-1 El-2

AustraliaWhicher Range

GocerlerCompressionCommissioned

Frac WR5

Area “A”

Area “B”

Area “A”

Area “B”

Whicher Range 5

Cayirdere inproduction

Adatepe inproduction

Al1A3A2

YukYesiltepe

DA1

Land AcquisitionBegins in Oklahoma

Ellis-1Spuds

Whicher-5Spuds

76.19%76.19%5516162121OverallOverall

92.31%92.31%1112121313Appraisal wellsAppraisal wells

50.00%50.00%444488Exploration wellsExploration wells

% success% successFailedFailedSuccessfulSuccessfulAttemptedAttempted

Turkey Drilling Results

57%

19%24%

DiscoveryAppraisalDry

84.21%84.21%3316161919OverallOverall

92.30%92.30%1112121313Appraisal wellsAppraisal wells

66.67%66.67%224466Exploration wellsExploration wells

% success% successFailedFailedSuccessfulSuccessfulAttemptedAttempted

Thrace BasinDrilling Results

63%

21%

16%

DiscoveryAppraisalDry

3648

3792

3589

Gocerler 3D Acquired 2002

332 sqkms

Gocerler West 3D Acquired 2004 152sqkms

Completed June 04

Cerkezkoy 3D Acquired Aug 04

300 sqkms

Cayirdere 3D In Progress 170 sqkms

Gocerler 3D Seismic ProgramApprox. 450 Sq kms acquired in 2004

Gocerler

Adatepe

Cayirdere

Combination2D & 3D

Why a name change?Why a name change?Amity Oil becomes Antares EnergyAmity Oil becomes Antares Energy

Amity Oil Ltd is now a very different company than it was 12 months ago:

•New strategy and disciplined operating philosophy

•New management structure

•Changes to the Board and major share holders

•Aggressive entry into the USA gas business

ANTARES

ENERGY

ANTARES

ENERGY

Global Activities

OngoingExploration

Three fields in Production

Head OfficePerth

Oklahoma & TexasOnshore Gas Exploration

Dallas Office

- Active areas

USA Exploration & ProductionUSA Exploration & Production

What the USA offers Amity Oil:What the USA offers Amity Oil:–– High gas prices & net backs to producersHigh gas prices & net backs to producers–– Low political & commercial riskLow political & commercial risk–– Abundant Infrastructure Abundant Infrastructure –– Quick revenue potentialQuick revenue potential–– Low cost environmentLow cost environment–– Multiple independent opportunitiesMultiple independent opportunities–– Attractive fiscal regimeAttractive fiscal regime–– Material reserve additions possibleMaterial reserve additions possible

►Gas Demand is Growing particularly for electricity

►Gas storage capacity is static – declining withdrawal efficiency

►US nationwide gas production capacity is declining

►US gas reserve base is declining

►Drilling and completions have not replaced production

►Average well/field productivity is declining

►Depletion rates for new wells are steadily increasing (< 24 months)

►Import capacity from Canada is near plateau and not likely to increase

►LNG is the only long term solution

Fundamental Properties of the US gas Industry

Gas Prices – Driven by Supply shortageHenry Hub Gas PricesHenry Hub Gas Prices

Oklahoma State Gas Production

0

500000

1000000

1500000

2000000

2500000

1905

1911

1917

1923

1929

1935

1941

1947

1953

1959

1965

1971

1977

1983

1989

1995

2001

MM

cf/y

ear

State Gas Production

OklahomaAnnual Production down

to 1967 levels of 1.67 TCF/year

31% drop from 1991

17% 17% 16% 18% 19% 19% 20% 21% 23% 23% 25% 24% 27% 28% 29%

0

10

20

30

40

50

60

Production Decline Rate of Base:

Bcf

/d

1990

2004E2003E2002E2001E20001999199819971996199519941993199219911990Pre-1990

Drilling Year:

U.S. Natural Gas Production HistoryIndicates 29% 2004 Decline Rate

Utilizes Data Supplied by IHS Energy; Copyright 1990-2004 IHS EnergyChart Prepared by and Property of EOG Resources, Inc.; Copyright 2002-2004

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001E 2002E 2003E 2004E

15

16

17

18

19

20

21

22

23

24

1990 1992 1994 1996 1998 2000 2002 2004

Trill

ion

Cub

ic F

eet

Natural Gas Consumption

Pipe & Lease

7%

Resid.21%

Elec.24%

Comm.14%

Ind.34%

Demand Shares

Proj.History

Growth in USA gas demand expected in 2004.Growth in USA gas demand expected in 2004.Still below preStill below pre--recession 2000 peak.recession 2000 peak.

0500

1000150020002500300035004000

19701972

19741976

19781980

19821984

19861988

19901992

19941996

19982000

20022004

Historical Drilling Rig Count

US Rig Count

400

600

800

1000

1200

1400

1 11 21 31 41 51

Num

ber o

f act

ive

rigs

2001 2002 2003 2004

J F M A M J J A S O N D

1997 – 2004 Range

Source: Baker Hughes

Gas Transportation

Areas of Interest

Why hasn’t this gas been found already?Why hasn’t this gas been found already?

Many wells intersected gas zones during the 50’s Many wells intersected gas zones during the 50’s –– early 90’s early 90’s that were ignored due to very weak gas pricesthat were ignored due to very weak gas prices

Many of these wells indicating byMany of these wells indicating by--passed gas pay are not passed gas pay are not being rebeing re--drilled because the leases are held by “stripper wells” drilled because the leases are held by “stripper wells” (very low productive wells from other zones)(very low productive wells from other zones)

Detailed regional geoDetailed regional geo--technical work is generally not being technical work is generally not being pursued and new plays are not being recognised. Focus is on pursued and new plays are not being recognised. Focus is on down spacing and infill drilling of producing fields.down spacing and infill drilling of producing fields.

Poor drilling technology in the past damaged many productive Poor drilling technology in the past damaged many productive zones that can be produced using modern mud systems and zones that can be produced using modern mud systems and better technologybetter technology

Ellis County OklahomaEllis County OklahomaHave completed two wells and more planned.Have completed two wells and more planned.Initial encouraging results seen in multiple zones.Initial encouraging results seen in multiple zones.Fracture stimulation programme ongoing.Fracture stimulation programme ongoing.

Ellis-1 & Ellis-2

9.8 BCF 3.2 BCF

3.6 BCF

4.1 BCF

3.1 BCF

35 36

31

6

1315

2 1

34

3

1.1 MMcf/dNot produced

4

9

14

10 11 12 7 8

16

33

2422 2321

2527 2628

5

1718

2019

1.6 BCF

2.4 MMcf/dNot produced

Ellis-1

Ellis-2

30

Texa

s

Ellis Area Ellis Area –– Oklahoma Oklahoma Cumulative production data to 2000Cumulative production data to 2000

Antares held acreage

Currently being captured

6 miles

6 miles

Township

Possible future locations

LocallyProductiveGasZonesin Western Oklahoma

Horizontal Wells

ConventionalWells

Advantages of Horizontal Drilling•Higher production rate•Larger recovery per well•Low cost

Horizontal Wells

Technology to Increase Productivity& Reduce costs

•Under balance drilling•Synthetic (oil based) mud & KCL gels•Deviated & Horizontal wells•Multiple completions•Coiled tubing•Wireless monitoring telemetry•N2/Co2 multi zone foam fracs•Multi lateral extensions

700 metres

Ellis-1 Fracture Stimulation - ongoing

Strategic IntentStrategic Intent

To grow Amity Oil’s market capitalisation to A$ 500 million on To grow Amity Oil’s market capitalisation to A$ 500 million on or before the end of CY 2007or before the end of CY 2007

Diversify revenue streams, capturing or developing at least Diversify revenue streams, capturing or developing at least two new independent revenue generating core areas.two new independent revenue generating core areas.

Develop a proactive, well balanced, diversified international Develop a proactive, well balanced, diversified international exploration program that delivers predictable results over the exploration program that delivers predictable results over the longer term.longer term.Continue to build a highly competent skill base and operating Continue to build a highly competent skill base and operating capability.capability.Ensure annual reserves replacement of >150%Ensure annual reserves replacement of >150%

Strategy for USA ExplorationStrategy for USA ExplorationLow risk Low risk –– proven gas playsproven gas playsRegional play developmentRegional play developmentStrategic partneringStrategic partneringBest technologyBest technologyProactive and aggressiveProactive and aggressiveMaterial reserve additionsMaterial reserve additions

Entry StrategyEntry Strategy

Low Risk/low costestablish cash flowbuild reserves and

production

Targeted asset & land acquisition

High productionlarge reservesacquisitions

Moderate riskmoderate cost

higher reserve and production impact

High impact plays

Higher riskpromoted

to reduce costs

Stage one Stage two Stage three

More wellsLarger targetsHigher reward

Increasing impact over time

•Conservative start to build cashflow•Introduce high impact wells over time

Growth curve

Oct Nov Dec Jan Feb Mar April May June July Aug Sept Oct Nov Dec

TurkeyDrilling

Seismic

2005 Calender Year

E1

Processing InterpretA5

Milestones

Processing Interpret

USADrilling Ell-1 Ell-2

PC1 W1

Y1 Y2 Y3 Y4 k1 K2 K3

Ell-3

Area “A”

Area “B”

Area “A”

Area “B”

USA prod starts

Ell-4 Ell-5 Ell-6 Ell-7 Ell-8

Operational ScheduleIndicative

k4 K5 K6

Our Strategy is ClearOur Strategy is Clear

Create Value for our ShareholdersCreate Value for our Shareholders–– Increase high margin productionIncrease high margin production–– Build reserve base through exploration/acquisitionBuild reserve base through exploration/acquisition–– Low opex & capex environmentsLow opex & capex environments

Stay Focused & DisciplinedStay Focused & Disciplined–– Small number of core areasSmall number of core areas–– Market demand drives gas explorationMarket demand drives gas exploration–– Opportunistic acquisitions (maintain readiness) Opportunistic acquisitions (maintain readiness)

The new Website

www.antaresenergy.com

AMITY OIL LTDAMITY OIL LTD

www.amityoil.com.au

ANTARES

ENERGY

ANTARES

ENERGY

www.antaresenergy.com

Future ASX Code: AZZ