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									ASX Release
29 July 2009




General Meeting Presentation

Attached is a copy of the presentation to shareholders for today’s General Meeting at
10am.

A copy of this presentation will also be available on the Company’s website
www.audax.com.au.




Yours faithfully



Gary Roper
Chairman
Directors
Di
Mr Gary Roper       Chairman
Mr Paul Fink        Technical Director

Company Secretary
Peter I  id
P t Ironside




                                         2
      Proxies Received

The Company has received 37 proxies

               50,583,362 shares.
  representing 50 583 362 shares




                                      3
              Resolution 1
    Ratification of the issue of shares

“That, for the purpose of ASX Listing Rule
  7.4 and for all other purposes, the
  shareholders ratify the issue of 29,613,982
  fully paid ordinary shares in the capital of
  the Company on the terms and conditions
                             Statement”
  set out in the Explanatory S
                                                 4
                 Resolution 1
Proxy details:

For               50,554,362
Against               29,000
Abstain                   Nil
Open                      Nil

                                5
             Resolution 2

   Approval of Future Issue of Shares

“That, for the purpose of Listing Rule 7.1
     d for ll th             the directors of
  and f all other purposes, th di t         f
  the Company be authorised to issue up to
  30,000,000
  30 000 000 fully paid ordinary shares in
  the capital of the Company on the terms
  and conditions set out in the Explanatory
  Statement”                                    6
                 Resolution 2

Proxy details:

For               50,429,362
Against              154,000
Abstain                  Nil
Open                     Nil

                                7
                                                         AUSTRALIA
                      VIENNA

                                   Romania: AMI



                         Italy: GRPU15

Tunisia: Kerkouane 
   & Chorbane




                                                  WA Mining

                                                                      PEL 182
                                                              PERTH




EUROPE & NORTH AFRICA



                                  SUMMARY
                                                           NEAR TERM GROWTH




                                                                       Large Size Company Maker:
                                                                       Italy & Tunisia Offshore: Sambuca
                                                                       Prospect


                                           Mid - Large Size Company Maker:
                                           Tunisia Offshore: Dougga Gas &
                                           Condensate Development




                  Mid Size Company Makers:
                  Tunisia Onshore: Chorbane Exploration
                  Romania10th Round: AMI Nexus & NZOG


Low Risk Asset Foundation:
                          Basin,
Australia: PEL 182 Cooper Basin Vanessa gas /
condensate discovery    Monetize
WA gold mining tenements    spin off / divest
                                           STRATEGY

TWO PRONGED APPROACH


 Grow the European and North African oil and gas
 business in order to expose shareholders to the
 lucrative European energy market


 Promote existing Australian energy, gold and base
           f
 metal portfolio to capitalize on the high commodity
 price environment.
                                                  AuDAX PHILOSOPHY


  AuDAX is operator of all oil and gas   assets


  AuDAX has superior fiscal terms in all
countries where active


   AuDAX applies state of the art technology for
risk reduction and prospect generation
                                  SHARE PRICE PERFORMANCE
                                       WER SIGNS   OIL PRICE
                                         JOA       DECLINE


WORLDWIDE MELTDOWN
                                      WER
                                     FARM IN




                       NZOG
                     REPLACING
                        KIK




                     PGS MOU       SHARE
                                 PURCHASE
                                    PLAN
                                                        ACHIEVEMENTS 2009
                                                            PGS.
   Sambuca Area farmout to WEH (40% to fund100%) & MoU with PGS


  Drilling team established and preparations underway for drilling Sambuca in Tunisia in
2010


 Dougga gas condensate field independent resource review by Tracs: 75 mmboe net to
AuDAX (mean case)


  Chorbane (Tunisia onshore) favorable PSC finalized & bond posted, waiting for signing
ceremony with minister


  NZOG joins Romania AMI; prospectivity studies completed on Petrom (OMV) relinquished
(May 2009) exploration areas


  New PEL-182 operator: suspension & reduced work commitment; Vanessa evaluation &
upside mapping, new prospect inventory and new risk – reducing processing sequence
                         HIGHLIGHTS: NEAR TERM ACTIVITY
Drilling management t
D illi                   in Tunisian &
                  t team i T i i               Vienna office prepares f
                                               Vi      ffi            for
     Sambuca drilling


Sign drilling contract (LOI) for semi – sub rig in Q4 2009


Farm – out further 15% of Sambuca Prospect          area     and   continue
     (remaining) Kerkouane farmout efforts


 Drill Sambuca in Q1 – Q2 2010


 Chorbane drilling location maturation in 2010 for Q1 2011 drilling


Prepare for Romanian bidding in Q1 2011
                  FORECAST: 2009 – 2011 HIGHLIGHTS
            2009                                2010                        2011
             H2                        H1                 H2              H1           H2
  PGS FARM – IN
(under negotiation)

            SAMBUCA
           DRILLING LOI

                      3D GEOSTREAMER
                        ACQUISITION

          FARM OUT ADDITIONAL 15% OF
             SAMBUCA (retain 30%)
                      (         )
                                            DRILL SAMBUCA
                                              PROSPECT

           FARM OUT REMAINDER OF KERKOUANE (incl. Dougga)            DRILL DOUGGA
                                                                      APPRAISAL

         PSC SIGNING
          CEREMONY

              FARM OUT 50%

                          REPROCESSING & MATURE BEST PROSPECT       EXPLORATION
                                                                       WELL

  ADVANCED                      RISK REDUCED DRILLING INVENTORY
REPROCESSING
                              MONETIZE VANESSA                          EXPLORATION OR
                               DISCOVERY AREA                           APPRAISAL WELL

  IDENTIFY
    MOST                                                                           1ST
PROSPECTIVE                     OBTAIN 2 – 3 EXPLORATION LICENSES              EXPLORATION
   AREAS                                                                          WELL
                                                    AuDAX Indicative Value

                                    Value add per share

     Sambuca                                   365
   Sicily Channel                          cents/share
  Tunisia onshore                              51
     Australia                             cents/share
                                               416
                  Total
                                           cents/share




Assumptions:
NPV10 $13/bbl @ $50 oil
share base 230 million shares
Post farm – out Sicily Channel: reduction from currently 100% to 35% equity
                                                                RESOURCE BASE HIGHLIGHTS


                                        Sicily channel

                    700 million barrels resource*


                                    Onshore Tunisia

                         illi barrels resource*
                    100 million b  l          *


* Unrisked most likely recoverable resources, net to AuDAX at current equity levels (i.e. 70% in Sicily Channel, 50% in Chorbane).
 VIENNA




          PERTH




EXPLORATION &
DEVELOPMENT
                        KEY PROJECTS EUROPE & NORTH AFRICA
        OFFSHORE
     ITALY & TUNISIA




                                                         ROMANIA AMI
  SAMBUCA PROSPECT                VIENNA
                                                          Bidding in 2010
    COMPLETE FARMOUT                                    Target 2 – 3 licenses
        DRILL IN 2010                                       Drill by 2011
  SUCCESS: FIND 270 MMBOE                              IMPACT PER SHARE:
IMPACT PER SHARE: +365 cents                               future growth




                                            ONSHORE
                                             TUNISIA




                                             SIDI DAHER PROSPECT
                                                COMMENCE FARMOUT
                                                 DRILL IN 2010-2011
                                              SUCCESS: FIND 40 MMBOE
                                            IMPACT PER SHARE: +51 cents
                                       KEY PROJECTS AUSTRALIA
                                              COOPER BASIN




                                                  VANESSA DISCOVERY
                                                    MONETIZIATION
                                                   New Resource Estimates
                                                 SUCCESS: DEVELOP 22 BCF
                                                    (Vanessa + satellites)
                                              IMPACT PER SHARE: early cash flow




                               PERTH



WA MINERAL TENEMENTS
  Gold Price Increase shifts
      economic limits
SUCCESS: farmout or spin out
  IMPACT PER SHARE: cash
           position
TUNISIA & ITALY
           TUNISIA & ITALY ASSETS



                        y       y
          Tunisia & Italy: Sicily
            Channel Blocks




                           ITALY




                    CHORBANE BLOCK
                      100% AuDAX




ALGERIA     LIBYA
                                                                          SICILY CHANNEL PROSPECTS


                                                        Sambuca-Over thrust (17)




C B
Cap-Bon – M
          Mare (77)                                            North Sambuca




                                                              Sambuca (270)

               g ( )
         Carthage (79)

           Menzel-Termine (57)




           Dougga – North (70)                                          Galliano (122)



                       Dougga (75)                                                       Sambuca Farm out Area (15 sqkm)
                                                                      N. Zibibbo (20)




                      Tazerka-North (24)
                                                                  Under Explored: 4,500 km2 surrounded by oil
                                                                  & gas fields. Only 2 wells on both permits.
  Prospects
  [mmboe]             Covered by excellent 2004 – 2005 2D seismic, mainly tilted horst blocks with compressive reactivation

  Tranche 2
  Prospects           Covered by older, variable quality seismic, mainly very large thrust related anticlines
                                SAMBUCA PROJECT SUMMARY
UNIQUE OPPORTUNITY IN POLTICALLY VERY STABLE PRODUCING
OFFSHORE OIL & GAS AREAS OF TUNISIA AND ITALY:
   NEVER BEFORE DID ONE COMPANY HOLD BOTH LICENSES COVERING THE SAMBUCA
   PROSPECT AND PREPARE FOR DRILLING
   THE SAMBUCA PROSPECT HAS NOT BEEN SEEN BEFORE DUE TO LACK OF SEISMIC
   DATA ACROSS THE ITALY – TUNISIA INTERNATIONAL BORDER            LARGEST
   UNDRILLED STRUCTURE IN MEDITERRANEAN



LARGE RESERVES POTENTIAL WITH UPSIDE FOR GIANT FIELD
CATEGORY: 270 MMBOE to 640 MMBOE


THREE SHOTS WITH ONE WELL:              CHANCE FOR AT LEAST ONE
DISCOVERY IMPROVES
   SHALLOW OIL PROSPECTS (PRIMARY – TARGET: Birsa sandstones) + DEEPER GAS –
   CONDENSATE TARGET (SECONDARY TARGET: Abiod carbonates)
       SECONDARY BUT PROVEN GAS CONDENSATE TARGET
                                              RESOURCES
     COMBINED ABIOD RESERVOIR P50 RECOVERABLE RESOURCES:
                  70 MMBLS CONDENSATE , 50 MMBLS LPG
                           910 BCF SALES GAS




                                           Sambuca:
       Dougga Discovery :                *270 MMBOE
          *75 MMBOE




SECONDARY TARGET: LARGE OFFSHORE GAS CONDENSATE
                  DEVELOPMENT
    PRELIMINARY WELL LOCATION IN TUNISIA

                                                       northeast




                                         SEABOTTOM:
                                         626 m TVDSS




                        BIRSA: 1375 m
                           TVDSS

                       MID BIRSA: 1499
                          m TVDSS


         southwest    AIN GRAB: 1874
                         m TVDSS

                     ABIOD: 2383 m
                        TVDSS




GE04-1
                                             COMMERCIAL SUMMARY
18 TO 24 MMUS$ DRILLING COST


                        60,000    100,000
PEAK PRODUCTION RATE OF 60 000 TO 100 000 BARRELS OF OIL PER DAY
IN P50 SUCCESS CASE


GROSS REVENUE OF 4 MILLION US$ PER DAY (40 US$ oil price, peak rate)


                   to
NPV(10%) BETWEEN 1 t 5 BILLION US$


TIMELINE: FIRST OIL TARGET IN Q1 2012                              Dougga-1               Sambuca




   DRILL IN Q1-Q2 2010 SUBJECT TO RIG AVAILABILITY
   APPRAISAL & DEVELOPMENT DRILLING IN 2010 TO 2011                           Birsa Oil
                                                                              Reservoir




   FACILITIES DEVELOPMENT 2011 TO 2012
                                                      Abiod Gas
                                                      Condensate
                                      RECENT DEVELOPMENTS
40% of Sambuca field area farmed out to WEH:
    WEH is a private investment company
      f Sicily Ch    l       t b f      d tt
15% of Si il Channel acreage to be farmed out to PGS
 (currently MoU) status
    PGS is world leader in offshore 3D seismic: Direct access to
       leading edge technology
ALL: On a carry basis, AuDAX remains operator




 SAMBUCA 150 SQKM FARM –IN AREA   PGS GEOSTREAMER TECHNOLOGY, SOURCE: PGS
                                     DRILLING: DOUGGA & SAMBUCA


                                                               SICILY (ITALY)

          Q1-2 2010: DRILL SAMBUCA OIL PROSPECT
               270 mboe resource potential (P50)
               640 mboe resource potential (P10)




                                                   2010 - 2011: APPRAISE DOUGGA DISCOVERY
                                                     29 mmbbls condensate, 420 bcf sales gas
TUNISIA
                                    DOUGGA & SAMBUCA

Dougga Appraisal:                          Sambuca: 270
   75 mmboe                                  mmboe




             NEAR TOP ABIOD 3D DEPTH MAP
                                    DOUGGA & SAMBUCA SEISMIC LINE

                Dougga-                                                 Sambuca
               Discovery                                                Prospect :
             (100 MMBOE)                                               270 MMBOE




                                               Birsa Oil
                                               Reservoir




                                                     Grab Oil
                                                 Ain G    O



 Proven Abiod                                     Abiod Gas
Gas Condensate                                    Condensate




     IN COMBINATION WITH NEARBY DOUGGA (10 KM) THE MEAN GAS CONDENSATE RESOURCE FOR THE ABIOD ALONE IS:
                                       70 MMBBLS CONDENSATE
                                          910 BCF SALES GAS
                                               DOUGGA-2 APPRAISAL WELL


                                  Appraisal:   Discovery:
                                  Dougga-2     Dougga-1
southwest




                          BIRSA




Ain grab



ABIOD




 Note clear up-dip section at Abiod level west of Dougga-1: Large upside
       potential: more than 500 meters of gas condensate column.
          POSSIBLE BIRSA OIL RIM IN DOUGGA



               Birsa Gas
                 - Cap




                 Birsa OIL
                   RIM?


SAMBUCA


             Ain Grab – DEPTH
                                DOUGGA DEVELOPMENT
Conceptual Study: FPSO
development . Dry raw gas
stream to onshore separation
and CO2 removal plant,
approx. 40 km (BG - Miskar:
130 km offshore!)

4 well development with total
off take rate of approx. 100
mmscf/d

12,000 barrels condensate per
day + LPG and power export

Conventional & Proven
Technology
                            Dougga Gas Condensate Field:
                H
                         Large & Attractive Satellite Structures
H1

                                           Tunisia        Italy



                                                                  Pantelleria
                                                                   Graben
     DOUGGA -
      NORTH


Composite
                                Dougga-1
  line


                            H




                                                     H4
                    H3


      10 km
    DOUGGA NORTH: NILDE OIL FIELD ANALOGY

E                                                                    SE
                                         Dougga-1




                                       Seismic Line from Kerkouane Block




                            Geologic Section through Nilde field
           Nilde Oilfield   in Italy, approx. 60 km further North
                                             ONSHORE TUNISIA: CHORBANE



        Chorbane   Sidi Behara



                            Sidi El Itayem



                                     Sfax


                                                           ITALY

Chaal
                                 Mahares




                                                          CHORBANE
                                                            BLOCK




                                   ALGERIA        LIBYA
                                        CHORBANE: SIDI DAHER PROSPECT
20-80 k    Closure, 20 – 80 mbbls recoverable
20 80 km2 Cl                  bbl          bl
    oil resource range, Tcf range deeper gas
    potential
Objectives:
     Eocene Nummulitic Reservoirs
     Abiod Limestone 140m thick at REF-1. Potential for
          southwards strat trap on crest of horst
     Bireno is 88m at REF-1
     The Zebbag is likely to be an important reservoir with 95m
          of good development in REF-1
     Serdj Formation
     Lower Nara Formation is gas-bearing along strike                Eocene                Jurassic




                                                                   Candax Chaal Field
                                                                  200 bcf in Chorbane?
                                                                   Valued at 200 million
                                                                  USD (Orion Securities)
                                         CHORBANE: SIDI DAHER PROSPECT
  SIDI DAHER NARA PROSPECT
  SIDI DAHER NARA PROSPECT
60 SQKM ‐ 350  BCF MEAN REC. RESOURCES
                                                                               CHAKER‐1
                             CHAKER‐1




                                         HKS 1
                                         HKS‐1




         HKS‐1


                                               SIDI DAHER ABIOD PROSPECT, 
 CHAAL FIELD
 CHAAL FIELD
                                           25 SQKM – 40 MMBLS  MEAN RESERVES
                                           25 SQKM 40 MMBLS MEAN RESERVES      Gore Sober DHI
                                                                               G    S b
                                  CHORBANE: SIDI DAHER PROSPECT

NEAR TOP ABIOD
                                   25 sqkm closure
                          SMS-1


                                               CHAKER-1




 Gore Sober DHI
                  HKS-1




                                        25 sqkm closure




                                          Chaal Field
                                TUNISIA & ITALY SUMMARY
Three C
Th              Maker Projects i proven petroleum province
      Company M k P j          in            l        i
 ready to drill
Large number of follow up prospects (1 billion bbls most likely
 unrisked total resources) close to facilities
New Development: Strong encouragement from Tunisian
 government to develop gas resource
Good fiscal terms in Tunisia (PSC) and outstanding terms in
 offshore Italy (Royalty)
Excellent Infrastructure
Stable countries
Right Time – Right Place


                                             ALGERIA     LIBYA
ROMANIA
                             UNIQUE WINDOW OF OPPORTUNITY
Petrom & Romgas Relinquishment announced in May 2008
Datarooms for first tranche of bidding opening soon (August 2009)\
AuDAX operated AMI (NZOG & Nexus) well prepared




     The creaming curves of this prolific province are still heading upwards
                                   AREA ON TREND WITH GIANTS

                      RIGHT TIME – RIGHT PLACE


                 983MMbbls (In
                    Place)
                    Pl   )
                                                      428MMbbls (In
                                                         Place)



1734MMbbls (In
    Place)




                                 449 BCF (In Place)
AUSTRALIA
     COOPER BASIN (South Australia)




Vanessa gas field & satellite structures


 •     AuDAX operated
 •     Gas discovery
        – V Vanessa 1
        – Flowed gas from 2 zones at combined rate of
            9mmscf/d; condensate shows!
        – Undamaged rates significantly higher!
 •                     t t
       Oil recovery on test
        – Emily 1
        – Potential up-dip oil accumulation
 •     Mature basin – discoveries easily monetized
 •     Monetize Discoveries & explore for low risk
       prospects
                                           COOPER BASIN VALUE CREATION




    Inherited Seismic Dataset: No closure over a
                                                   AuDAX reprocessing: Closure over field
                    proven field!

          Test - Reprocessing over a proven Cooper Basin discovery



   The conventional remaining Cooper basin prospects are generally small and
need reliable risk reduction in order to become commercial successes
  A DAX h          f ll tested         i i data         i      ti    This
  AuDAX has successfully t t d a new seismic d t processing routine. Thi
ultimately enhances the value of the prospect portfolio through risk reduction
          WESTERN AUSTRALIA MINERALS INTERESTS
S i off
Spin ff
                                Western Australia: Marymia Gold
                                         Development




                                                       Area 7
                                        K5


                                                     Area 6
                  FORECAST: 2009 – 2011 HIGHLIGHTS
            2009                                2010                        2011
             H2                        H1                 H2              H1           H2
  PGS FARM – IN
(under negotiation)

            SAMBUCA
           DRILLING LOI

                      3D GEOSTREAMER
                        ACQUISITION

          FARM OUT ADDITIONAL 15% OF
             SAMBUCA (retain 30%)
                      (         )
                                            DRILL SAMBUCA
                                              PROSPECT

           FARM OUT REMAINDER OF KERKOUANE (incl. Dougga)            DRILL DOUGGA
                                                                      APPRAISAL

         PSC SIGNING
          CEREMONY

              FARM OUT 50%

                          REPROCESSING & MATURE BEST PROSPECT       EXPLORATION
                                                                       WELL

ADVANCED REPROCESSING           RISK REDUCED DRILLING INVENTORY

                              MONETIZE VANESSA                          EXPLORATION OR
                               DISCOVERY AREA                           APPRAISAL WELL

   IDENTIFY MOST
 PROSPECTIVE AREAS                                                           1ST
                                OBTAIN 2 – 3 EXPLORATION LICENSES        EXPLORATION
                                                                            WELL
                                                           AuDAX Indicative Value
                                                                         OFFSHORE
                                                                      ITALY & TUNISIA




                                                                                                                              ROMANIA AMI
                                                                  SAMBUCA PROSPECT                     VIENNA
                                                                                                                               Bidding in 2010
                                                                    COMPLETE FARMOUT                                         Target 2 – 3 licenses
                                                                        DRILL IN 2010

                             V l add per share
                             Value dd     h                       SUCCESS: FIND 270 MMBOE
                                                                IMPACT PER SHARE: +365 cents
                                                                                                                                 Drill by 2011
                                                                                                                            IMPACT PER SHARE:
                                                                                                                                future growth



    Sambuca                             365                                                                      ONSHORE
                                                                                                                  TUNISIA

  Sicily Channel                    cents/share
  Tunisia onshore                       51                                                                         SIDI DAHER PROSPECT
                                                                                                                      COMMENCE FARMOUT
                                                                                                                       DRILL IN 2010-2011

     Australia                      cents/share                                                                     SUCCESS: FIND 40 MMBOE
                                                                                                                  IMPACT PER SHARE: +51 cents




                                        416
                  Total                                                                                         COOPER BASIN


                                    cents/share

                                                                                                                    VANESSA DISCOVERY
                                                                                                                      MONETIZIATION
                                                                                                                     New Resource Estimates
                                                                                                                   SUCCESS: DEVELOP 22 BCF
                                                                                                                      (Vanessa + satellites)
                                                                                                                IMPACT PER SHARE: early cash flow

Assumptions:
NPV10 $13/bbl @ $50 oil
share base 220 million shares                                                                  PERTH



                                                             WA MINERAL TENEMENTS
Post farm – out Sicily Channel: reduction from currently       Gold Price Increase shifts
                                                                   economic limits
100% to 35% equity                                           SUCCESS: farmout or spin out
                                                              IMPACT PER SHARE: cash
                                                                        position
                                             CONTACT



Wolfgang Zimmer:        Managing Director
Paul Fink:              Technical Director
Gary Roper:             Chairman

Office:
Offi                  M       St  t Perth
                  610 Murray Street, P th
                  Australia WA 6000
                  Ph: +61 8 9226 2822
                  Fax: +61 8 9226 5333

Website:          www.audax.com

Email:      wolfgang.zimmer@audax-resources.com
            wolfgang zimmer@audax-resources com
            paul.fink@audax-resources.com


ASX Code:         ADX
                                                            DISCLAIMER

This presentation contains forward looking statements that are subject
to risk factors associated with the oil and gas industry. It is believed
that the expectations reflected in these statements are reasonable, but
they may be effected by a variety of variables which could cause
                                   materially,
actual results or trends to differ materially including but not limited to:
price fluctuations, actual demand, currency fluctuations, drilling and
production    results,   commercialisation,     development     progress,
operating results, reserve estimates, loss of market, industry
competition, environmental risks, physical risks, legislative, fiscal and
           developments,
regulatory developments economic and financial markets conditions
in various countries, approvals and cost estimates.

								
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