Petrel Energy : New Board, Executive Appointments and Name Change

ASX/MEDIA RELEASE

22 March 2019

New Board, Executive Appointments and Name Change

Petrel Energy Limited (ASX: PRLDA) ("Petrel") is pleased to announce that as a result of the Warrego Transaction closing and in accordance with resolutions 4 to 8 at the 15 March 2019 Extraordinary Meeting ("EGM") there have been a number of changes to Board and Management of the Company. As foreshadowed in the Notice of Meeting for the EGM David Casey and Alex Sundich have resigned as Managing Director and Non-executive Director respectively.

Petrel has changed its name to Warrego Energy Limited ("Warrego") and will change its ASX code to WGO on 29 March 2019 once the share consolidation deferred settlement procedures end. The new look board appointed at the EGM and executive appointments are as follows:

• ➢ Greg Columbus - Non-executive Chairman

• ➢ Dennis Donald^* - Managing Director, Chief Executive Officer

• ➢ Duncan MacNiven^* - Executive Director - Approvals, H&S, Environmental

• ➢ Owain Franks^* - Executive Director - Finance, Strategy & Delivery

• ➢ Mark Routh^ - Non-executive Director

• ➢ David Biggs^ - Non-executive Director

• ➢ Ian Kirkham - Company Secretary

^Biographies for new appointees were provided in the EGM Notice of Meeting.

*The newly appointed Remuneration Committee consisting of Non-executive Directors is currently finalising remuneration details for Messrs Donald, McNiven and Franks.

Commenting on the EGM and new look board, Chairman, Mr Greg Columbus, said: "We are very pleased with the support provided by Petrel shareholders at the EGM with RTO and new Director resolutions carried by 98% or more of votes cast by proxy. This vote of confidence in the combined entities board and management team all goes well for the drilling of West Erregulla-2 in May which is potentially the most significant well drilled onshore Australia this year".

Dennis Donald, Managing Director said: "The new board is focused on the immanent West Erregulla-2 which has been added to the Company's portfolio as a result of the RTO along with $5m from the recently completed Warrego Convertible Note issue. With Strike funding the first A$11,000,000 of expenditure on West Erregulla-2 and drilling to commence in about 10 weeks' time this is an exciting time for the Company."

Greg Columbus, Non-executive Chairman said: "The Board would like to thank David and Alex for their leadership and service in successfully combining Petrel and Warrego to provide shareholders with potentially two key assets in the North Perth Basin and 2 well opportunities in the coming 12 months."

For further information contact:

Dennis Donald - Managing Director Phone [phone]

Ian Kirkham - Company Secretary Phone [phone]