Galilee Upgrades CSG Contingent Resource Estimates at Queensland's ATP 529P

Competent Person’s Statement

The estimates of contingent resource estimates were determined by Tim Hower, a full time employee of MHA Petroleum Consultants LLC., Denver, Colorado, USA, Sept. 1, in accordance with Petroleum Resources Management System guidelines. Tim Hower is a Licensed Petroleum Engineer in the State of Colorado, a qualified person as defined under the ASX Listing Rule 5.41 and has consented to the use of the contingent resource figures in this announcement.

Listing Rule 5 - Reporting of Oil & Gas Activities

Contingent Resource estimates appearing in the Table have been prepared in accordance with the Society of Petroleum Engineers (SPE) 2007 Petroleum Resource Management System (PRMS) Guidelines as well as the 2011 Guidelines for Application of the PRMS approved by the SPE.

Contingent Gas Resources are (100 percent) Unrisked Gross

The previous assessment of Contingent Resources attributed to ATP 529 was prepared by SRK Consulting (Australasia) Pty Ltd and details of these were released to the market in the company’s announcement June 30, 2011 (2011SRK).

SRK the author of the report attributing contingent resources to Galilee Energy as at June 30, 2011 has consented to the reporting of these resource figures in the context and manner in which they appear in this announcement.

For the purposes of Listing Rule 5.25.3 the Table records the total estimate of contingent resources attributable to Galilee Energy. No petroleum reserves have been attributed to Galilee Energy.

In accordance with Listing Rule 5.34.3, Galilee Energy confirms that it is not aware of any new information or data that materially affects the information in the announcement to the market of the Contingent Resources 30 June 2011 and that all of the material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.


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