Onshore Poland An opportunity to join an active explorer with a proven and successful track record, in drilling and testing a proven onshore hydrocarbon play in NW Poland. A substantial inventory of conventional Zechstein Main Dolomite play prospects (7 Prospects STOIIP ~21 MMBbls) has been developed utilising a new 108km2 3D seismic survey to develop a Stochastic Bayesian Seismic Inversion to high grade optimal drilling locations. The first well will prove the concept and unlock the remaining significant upside potential. CalEnergy Resources Poland Sp. z.o.o. (“CalEnergy”) is offering interested parties an opportunity to participate in drilling an exciting Main Dolomite target in its Wersk Concession. • The Wersk concession covers 731km2 of the conventional Permo-Carboniferous Basin (CalEnergy equity 100%) • Prospects high graded utilising a comprehensive seismic inversion study performed on a high quality 3D seismic survey acquired in late 2011 • The inversion has enabled the identification of prospects with both closure and AVO/QI support of detection of porous reservoir facies and enhancing success probability • 7 prospects developed and volumes ‘directly’ generated from the seismic inversion to constrained equivalent HCPV - STOIIP of 21 MMSTB or 39 BCF (Gas Condensate) • ~30km SE of PGNiG’s Brzozowka oil field and ~40km SW of FX Energy’s Zechstein Z1 Tuchola discovery (currently being appraised) • Low operating costs, rapid project commercialisation, expanding gas market in a politically stable area, within the EU • Discovery to 1st Oil/Gas 1-3 years • Well planning to start in Q2 2014 targeting a Q3/Q4 2014 well • UK ‘Southern North Sea’ type prospectivity at a fraction of the cost • Flexible entry participation in the exploration well • Deadline for offers May 31, 2014 and for signed agreements – July 15, 2014 CalEnergy is an experienced and respected operator with over 15 years of extensive Onshore Poland technical expertise. CalEnergy participated in the Zaniemysl Discovery Wersk Concession CalEnergy has established an important play fairway (from proprietary regional seismic) on trend with the known basin margin, in the Main Dolomite Carbonates (“Z2”) in the Wersk Concession. The Main Zechstein Z2 carbonate platform is orientated NW-SE along the northern boundary of Wersk. Pre-existing topography controls Lower Zechstein palaeoenvironment. Main Dolomite structural features have been formed by post depositional basement faulting and some minor evaporite movement. Geological Setting & Prospectivity Proven production and prospectivity in the prolific Permo-Carboniferous Basin occurs in the Permian Zechstein carbonates surrounding Wersk. The key geological elements required for a successful play fairway have been proven by over 150 well penetrations confirming reservoir presence, seal, source and trap. A large number of positive gas and oil tests have been identified in the surrounding areas, two of which have positive hydrocarbon indicators within Wersk. Sustainable long term production has been demonstrated in an oil field just north of Wersk. Commercial Terms/Sales Process Opportunity to acquire up to 49% equity in the Wersk Concession by paying a 5:4 equity share of the drilling costs (Gross cost ~$8m) along with forward Joint Venture costs and the equity share of the 3D acquistion costs (Gross $5m). Upon signing a CA, detailed presentations will be offered in London or Warsaw with data available on the company workstations or remotely via an online data room. Offers are required by May 31, 2014. Companies interested in pursuing this opportunity should contact Rob Youngs, Principal Geophysicist, Email: [email protected], Tel: +44 207 295 4421 Mike Sparkes, Business Manager UK & Poland, Email: [email protected], Tel: +44 207 295 4406 Pete Unstead, Subsurface Manager, Email: [email protected], Tel: +61 8 6500 8530 CalEnergy Resources, Ground Floor, Peer House, 8-14 Verulam Street, London WC1X 8LZ The information contained herein is illustrative only. It is not warranted and should not be relied on for investment decisions. Interested parties should confirm their evaluation through examination of the original data in the CalEnergy Resources data room.