Ann: RAI - 31 December 2012 Interim Financial Rep, page-4

re: Ann: RAI - 31 December 2012 Interim Finan... Maybe someone read the half yearly and was reminded that following the settlement RAI will be pretty much cash backed at 2c while still retaining a $22m NPV at Cadlao = a further 5c which is almost carried to production

So 2c cash backing plus 5c in another asset plus x for all the other projects

"Blade has indicated its preference in reacquiring Raisama’s 25% Working Interest in the Cadlao Project by paying the Company $6.5 – 7 Million as stipulated within the farmin agreement between the parties. Subject to confirmation that Blade has secured project funding, Raisama has signalled its interest in progressing this settlement as a way of moving the project forward and recognising value in the Company’s 16.25% Working Interest held through VenturOil Philippines Inc (VenturOil).

Raisama’s project interest held through VenturOil attributes to Raisama approximately 1 mmbbl of 2P reserves, which Gaffney Cline and Associates has previously valued at $22 Million on an NPV basis. "