Maverick Drilling & Exploration Limited

Capital raising presentation

September 2016

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Important notice and disclaimerThis presentation has been prepared by Maverick Drilling & Exploration Limited (Maverick or the Company). The information in this presentation is information of a generalnature and is subject to change without notice. The information in this presentation does not purport to be complete, nor does it contain all of the information which wouldbe required in a prospectus prepared in accordance with the requirements of the Corporations Act 2001 (Cth). It contains information in a summary form only and should beread in conjunction with Maverick’s other periodic disclosure announcements to the ASX available at: www.asx.com.au.

An investment in Maverick shares is subject to known and unknown risks, many of which are beyond the ability of Maverick to control or predict. These risks may include,for example, movements in oil and gas prices, a failure to acquire some or all of the targeted acreage, risks associated with the development and operation of the acreage,exchange rate fluctuations, an inability to obtain funding on acceptable terms or at all, loss of key personnel, an inability to obtain appropriate licences, permits and/or otherapprovals, inaccuracies in resource estimates, share market risks and changes in general economic conditions. Such risks may affect actual and future results of Maverick andits shares.

This presentation contains statements, opinions, projections, forecasts and other material (forward looking statements). These statements can be identified by the use ofwords like ‘anticipate’, believe’, ‘intend’, ‘estimate’, ‘expect’, ‘may’, ‘plan’, project’, ‘forecast’, ‘will’, ‘should’, could’, ‘seek’ and other similar expressions. Forward lookingstatements may be based on assumptions which may or may not prove to be correct. None of Maverick, its respective officers, employees, agents, advisers or any otherperson named in this presentation makes any representation as to the accuracy or likelihood of fulfilment of the forward looking statements or any of the assumptions uponwhich they are based and disclaim any obligation or undertaking to revise any forward looking statement, whether as a result of new information, future event or otherwise.

Maps and diagrams contained in this presentation are provided to assist with the identification and description of Maverick’s lease holdings and Maverick’s intended targetsand potential exploration areas within those leases. The maps and diagrams may not be drawn to scale and Maverick’s intended targets and exploration areas may change inthe future.

All share price information is in Australian dollars (AU$) and all other dollars values are in United States dollars (US$) unless stated otherwise.

The information contained in this presentation does not take into account the investment objectives, financial situation or particular needs of any recipient and is notfinancial product advice. Before making an investment decision, recipients of this presentation should consider their own needs and situation and, if necessary, seekindependent professional advice.

To the maximum extent permitted by law, Maverick and its respective officers, employees, agents and advisers give no warranty, representation or guarantee as to theaccuracy, completeness or reliability of the information contained in this presentation. Further, none of Maverick nor its respective officers, employees, agents oradvisers accept, to the extent permitted by law, responsibility for any loss, claim, damages, costs or expenses arising out of, or in connection with, the informationcontained in this presentation. Any recipient of this presentation should independently satisfy themselves as to the accuracy of all information contained herein.

This presentation has been prepared for investors who are sophisticated or professional investors. It is a condition of receiving this presentation that you fall within, and youwarrant and undertake to the Maverick that you are either, an ‘accredited investor’ (as defined in the U.S. Securities Act of 1933, as amended (Securities Act) or that you arelocated outside of the United States (as defined in Regulation S promulgated under the Securities Act). This presentation does not in any way constitute an offer of securitiesin any place in which , or to any person to whom, it would not be lawful to make such an offer.

PETROLEUM STATEMENTS

This presentation contains information about the estimated ultimate recovery (EUR) of wells in the Eagle Ford play. EUR is not a reserve or resource category. The term maybe applied to any accumulation to define those quantities of petroleum estimated to be potentially recoverable under defined technical and commercial conditions. EURfigures in this presentation are based on data from offset wells (wells adjacent to Maverick’s own acreage) for the purpose of illustration only.

The EUR statements in this presentation are based on, and fairly represent, information and supporting documentation prepared by, or under supervision of, a qualifiedpetroleum reserves and resources evaluator, Stephen Mullican, who holds a Bachelor of Science (Petroleum Engineering). Mr Mullican is a member of the Society ofPetroleum Engineers and is employed by Maverick on a full-time basis.

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Capital raising overview

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Placement structure

Private placement of 250 million shares to sophisticated and professional investors to raise approximately AU$15 million

To be settled and allotted in two tranches:

o Tranche 1: unconditional placement of 81,750,017 shares (15% of current share capital)

o Tranche 2: placement of 168,249,983 shares (30.1% of current share capital), conditional upon shareholder approval

Offer price Fixed offer price of $0.06 per share issued – represents a

o Discount of 17.8% to Maverick’s closing share price on Tuesday, 20 September 2016 of $0.07300

o Discount of 20.0% to Maverick’s 10 day VWAP of $0.07501

Timing 2 day trading halt from Wednesday, 21 September 2016

Book opens at 10:00am on Wednesday, 21 September 2016

Book closes at 12:00pm on Thursday, 22 September 2016

Shares to be issued

Fully paid ordinary shares in Maverick

New shares will rank equally with Maverick’s existing issued shares

Placementmanagement

The placement is being managed by Morgans Corporate Limited

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Use of placement proceeds

Acquisition of additional acreage

Maverick currently has leases over 6,000 net contiguous acres in the Eagle Ford and 7,000 more net acres in progress of which 2,500 acres are expected to close within the next 30 – 45 days and the remainder to be acquired by year end

The total expected cost of the 7,000 net acres is US$7.0 million

Sale of the Blue Ridge field is in progress. Negotiations are being conducted with expectation of a sale for approximately US$10 million being completed within the next 30 – 60 days

Initial drilling program

Expected that US$40 million program is required to access the reserve-based lending facility making the remaining drilling fully financeable

o This is comprised of the initial 6 wells at US$30 million, remaining leasing at US$7 million and an additional US$3 million for preparation costs

Equity raise in conjunction with the Blue Ridge sale will be used to acquire targeted acreage and commence initial drilling

2 wells to be drilled starting in 4Q16 at an estimate of US$5 million each which includes testing and initial facilities. A 3rd optional well is possible depending on costs, schedule and minimal early draw down of the reserve based lending facility

Full drilling program

Results from the 2 initial wells are expected to decrease the risk in the assets and enhance the options for funding the next 4 wells

Opportunities for earlier bank debt, partner capital contribution or further equity raising would be greatly enhanced after these first 2 wells, in order to finance the remaining 4 wells and access the reserve-based lending facility

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Timetable

Key dates for placement:

Company enters trading halt (prior to market open) 9:00am, Wednesday 21 September

Bookbuild opens 10:00am, Wednesday 21 September

Bookbuild closes 12:00pm, Thursday 22 September

Company’s shares recommence trading 10:00am, Friday 23 September

Settlement of Tranche 1 shares Tuesday 27 September

Tranche 1 shares allotted and commence trading Wednesday 28 September

Meeting of shareholders to approve issue of Tranche 2 shares 9:00am, Monday 7 November

Settlement of Tranche 2 shares (conditional on shareholder approval) Tuesday 8 November

Tranche 2 shares allotted and commence trading Wednesday 9 November

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Eagle Ford Acreage - Overview

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API Gravity Map

MAVERICK

Current Acreage

o 6,000 net acres (across 60 leases)

o Primary term – three years

o Unique reservoir thickness offers three stratigraphic intervals for development

Acreage leased at below market pricing

o Bonus of $600 to $1,000 per acre

o Royalty 22.5% to 25%

o Offset production has allowed proved undeveloped reserves (1P) to be booked prior to drilling a well#

All data independently verified

o Industry expert in reserve engineering endorsed all type curves and EURs based on offset data

o Offset operator expenses and transportation costs utilized

o Drilling and completion costs based on the average of offset operators

# As disclosed in Maverick’s annual report for the financial year ended 31 December 2015.

Contiguous Acreage

o Currently leased 6,000 net acres

o Targeting up to 13,000 net acres

o Adjacent to excellent proven productivity

o Long laterals; less infrastructure

Lower Breakeven Costs

o Strong revenue – 70-80 percent liquids

o Lower drilling costs – well depths are 5,500’ to 6,000’

o Recent technology changes have very large positive

impacts on value

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Acreage located in Dimmit County

Acreage released from offset operators due to cash constraints

Major acquisition: adjacent to acreage position

o Protégé acquired Newfield Eagle Ford Asset directly to the south

o Acquisition cost of approximately $5,000/net acre for undeveloped acreage

Sanchez has leased significant acreage and permitted wells to drill directly to the north and east

Recent offset operator leasing and drilling activity reinforces strong value of acreage

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Image shows position of Maverick’s 13,000 targeted net acres in relation to neighbouring operators in Dimmit County.

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Thickest part of entire Eagle Ford trend

Dimmit County acreage has the thickest Eagle Ford formation in the play, up to 370 feet thick

3 levels of Eagle Ford formation for development#

Initially 60 acre spacing

30 acre spacing already tested and producing in the area

Austin Chalk formation is above Eagle Ford and prospective

# Lower Eagle Ford A (LEF A), Lower Eagle Ford B (LEF B) and Upper Eagle Ford (UEF)

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Lower Eagle Ford A and B, and Upper Eagle Ford are the three intervals planned for development. Additional potential in the Austin Chalk.

DIMMIT

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Light oil/condensate window

Proven oil gravities of 45 – 48° API

Allows for optimum crude pricing

Gas oil ratio will be 2,000 – 3,000 so good reservoir energy

Revenue stream will be 70 – 80 percent liquids

Available pipeline capacity adjacent to the acreage

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DIMMIT

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Offset operator type curve analysis

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Over 300 offsetting wells producing in area

All three Eagle Ford stratigraphic levels productive

Productivity consistent across levels

Type curves developed from offset data

Independently verified by industry expert

Dimmit County (60 ac / 8K lateral length)

Reservoir OilMBO

GasMMCF

EURMBOE

Lower Eagle Ford 379 1,865 690

Upper Eagle Ford 417 1,665 695

Offset Operator Type Curve EURs

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“A”

“B”

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Low

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60 acre/ 500ft

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60 acre/ 500ft

60 acre/ 500ft

Lower Eagle Ford B

Lower Eagle Ford A

Drill plan

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Drilling spacing and pattern:Wells will be drilled at each stratigraphic interval on a 500’ lateral spacing

Upper Eagle Ford

Interference consideration:No evidence of interference has been observed in this region, but EURs in the Upper Eagle Ford and Lower Eagle Ford A have been reduced by 20% to account for potential interference in the future

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Actual offset operator drill & completion costs

Company 1 Company 2

5.44.8 4.7

3.6

2012 2013 2014 2015

Average well cost (US$m)

8.87.4

4.4 4.13.5 3.0

2Q14 3Q14 2Q15 3Q15 4Q15 1Q16

Average well cost (US$m)

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2.6

Completion costs

Drill costs

8,0

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L

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8,0

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LL

Factors Affecting D & C Costs

These costs of approximately US$4 million per well are achieved when a continuous drilling program is in place. Higher initial costs are expected.

Significant continuous improvement in operational efficiencies quarter-on-quarter are expected

Demand driven oil price reduction in cost of services and goods are thought to be sustainable until oil is priced over $60/bbl

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Drill plan for initial well program

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Timing 2 wells to be drilled in late 4Q16 into 1Q17*

Drill costs Costing estimates based on actual offset operators’ recent drilling performance

Initial drill costs estimated at US$1.25m/well

Completion costs

Completion costs for initial wells estimated at US$2.75m/well

Based on actual nearby performance

Start-up costs Provision for start-up costs estimated at US$2.0m

Total costs Total cost per well estimated at US$5.0m* Based on a calendar year

o 3D seismic acquisition o Initial facilities

o Initial civil engineering o Extended well testing/coring

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Single well economics (RoR)Based on an 8,000 ft lateral length

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Wall Street Consensus3

2016 2017 2018 2019 2020 2021+

Oil (US$/bbl) 45.00 52.65 58.50 60.00 60.00 60.00

Gas (US$/mmbtu) 2.61 2.95 2.97 3.25 3.25 3.25

NYMEX Forward Strip – 8 September 2016

2016 2017 2018 2019 2020 2021+

Oil (US$/bbl) 47.67 51.60 53.68 54.96 55.99 56.92

Gas (US$/mmbtu) 2.86 3.05 2.95 2.93 2.99 3.11

Lower Eagle Ford B

Lower Eagle Ford A1

Upper Eagle Ford1

EUR (MBOE)2 690 554 556

NYMEX Forward Strip# 54% 46% 94%

Wall Street Consensus3# 61% 53% 106%

Breakeven (10%)4# $36.33 $39.09 $35.17

1 Estimate reduced by 20% to account for interference2 Based on offset operator performance 3 Wall Street Consensus is the average of several leading banks and brokerage houses4 NYMEX gas price assumed to be US$2.50/mcf flat# Capital and operation cost assumptions are set out on slide 19

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Development plan

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Planned 8,000 foot laterals at 60 acre spacing

First two wells drilled in 4Q16 into 1Q17

Develop each of the three Eagle Ford vertical geologic intervals (Lower Eagle Ford B, Lower Eagle Ford A and Upper Eagle Ford)

The targeted acreage position (13,000 net acres) would support field development of approximately 360 total development wells with a phased 1-2-3 rig program

Currently have 6,000 net acres leasedo 165 potential locations

Actively leasing additional 7,000 net acreso Additional 2,500 net acres to be acquired in next 30 – 45 dayso Remaining 4,500 net acres to be secured by year endo 195 potential locations

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Reserve based lending facility

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Facility Senior secured, first lien, syndicated, revolving reserve-based credit facility to be used for exploration, development, acquisition of acreage, working capital and general corporate expenses

Term 5 year term, with borrowing base to be established within 3 years (est. August 2014)

Limit and borrowing base Facility limit of US$500 million, contingent on the value of proved reserves

Increases to the borrowing base require approval from all lenders – this is expected to require:

o production from the first two initial wells

o a continuous development plan

Interest rate Interest rate is base rate + margin of between 0.5% and 1.5% (depending on utilization of borrowing base)

Base rate is the higher of (a) the Prime Rate; (b) the US Federal Funds Rate + 0.5%; and (c) the 1-month LIBOR + 1%

Additional commitment fee of between 0.375% and 0.5%

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Short-term milestones

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Item Milestone Expected timing

Sale of Blue Ridge Completion of sale of Blue Ridge

Proceeds of sale of Blue Ridge will be used to fund the acquisition of further acreage in the Eagle Ford

30 – 60 days

Acquisition of additional acreage

Current acreage increasing from 6,000 to 8,500 net acres

Remaining acreage of up to 4,500 net acres expected to be acquired on an ongoing basis by year end

Next 30 days – 45 days

End of December 2016

Initial drilling program

Proceeds of placement of approximately AU$15m and sale of Blue Ridge (approx. US$10 million) will be used to fund the drilling of the 2 initial development wells which are expected to de-risk the acreage

Initial wells to be put into production – wells are expected to initially produce 800 BOE/D gross

December 2016 – January 2017

January – March 2017

Wells 3 to 6 Drilling the additional 4 wells for a total estimated investment of US$40 million, should transition into the reserve based lending facility and operating cash flow to fund continuous development

To be commenced once first 2 wells are completed

Continuous drilling program

Interim funding options to be considered include:

o taking on a joint venture partner to help fund development

o obtaining mezzanine debt

o additional equity raise

o any combination of the above

To be commenced once initial drill program complete

# Refer to terms of the reserve based lending facility on slide 16

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Appendix

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Continuous development economic parameters

8,000’ Lateral EUR1

EUR LEF B 690 MBOE

EUR LEF A 554 MBOE2

EUR UEF 556 MBOE2

Drilling and Complete Costs3

Dimmit $ 4.0 million per well

Liquids Yield4

NGL Yield 129 bbl/mmcf

Gas Shrinkage 19%

Operating Expense4

LOS $6.00/BOE

Pricing Differentials4

Oil Differential (Dimmit) LLS Pricing + $7.65

Gas Differential -17% of NYMEX

NGL Differential -62% of WTI

Data Sources

1 Based on offset producing wells

2 Estimate reduced by 20% to account for interference

3 Based on data from offset operators normalized for 8,000 ft LL and a continuous drilling program

4 Based on offset operator data

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