AGM PRESENTATION Repositioning for growth 30 November 2012 ASX: - PowerPoint PPT Presentation

AGM PRESENTATION Repositioning for growth 30 November 2012 ASX: RAI www.raisama.com.au

Year in review Fiscal 2012 was a challenging year for Raisama as: 1. Cadlao development project became encumbered through a legal dispute with our joint venture partner; and 2. our exploration projects in Indonesia and New Zealand suffered delays due to normal but extended regulatory processes As a result, the Company has suffered a significant reduction in market capitalisation which ignores the ongoing value potential in the Company’s portfolio Page 1

Cadlao arbitration  Arbitration has commenced…. – Blade failed in its Supreme Court action - parties now in arbitration – Parties have requested accelerated proceedings – Arbitral awards are similar to court judgments and binding on the parties  ….and once completed, the Cadlao Project will proceed – Arbitration anticipated to result in either Blade paying cash to RAI or RAI maintaining its commercial position in the Cadlao Project – Blade backed by Viking Energy, which has other interests in Philippines and Tunisia, is linked to a major E&P services company – Cadlao currently scheduled for First Oil in 2H 2013 Possibility of a negotiated settlement between the parties remains Page 2

Asset summary - valuable portfolio Net Net Project WI Location Prospective Reserves Resources 16.25%* 1.0 mmbbls Cadlao SC6 - Oilfield redevelopment Philippines 25.00%† 1.5 mmbbls 32.20% 1.0 mmbbls Bonita SC6B – Cadlao tie-backs Philippines 10.50%* 0.3 mmbbls 325 mmbbls South Block A – Growth block 38.25% Indonesia 575 bcf PEP 51311 – High impact exploration 10.00% New Zealand 38 mmbbls 364 mmbbls Totals 2.5 mmbbls 575 bcf * Indirect interest through VenturOil † W orking interest 25% entitlement subject to buyback for c. $7m pending arbitration proceedings. Page 3

Cadlao an undervalued opportunity Independent Expert Valuation on Cadlao Project (NPV basis) RAI’s current Cadlao interest (GCA Valuation)*  Direct 25% interest†: $34 million  Indirect 16.25% interest: $22 million Current RAI Market Cap: ~ $7 million Large leverage potential from Cadlao * Source: Gaffney, Cline & Associates (GCA): Independent Expert Valuation (NPV10 / US$87 bbl - January 2011) † W orking interest 25% entitlement subject to buyback for c. $7m pending arbitration proceedings Page 4

Investment thesis  Proven project originator with focused Asia/Pacific oil & gas portfolio – E&P portfolio assembled strategically and cost effectively – Inherent value validated by current competitor interest – Competitive advantage through in-country relationships, data & knowledge – New cornerstone E&P (conventional/unconventional) project under evaluation  Balanced and Valuable Portfolio – Indonesia and NZ project values overlooked due to focus on Cadlao issues – 350 mmbbl oil and 0.5TCF gas prospective resources remain in portfolio – Shale oil & gas potential identified in Indonesian acreage – 1 mmbbl (2P) reserves in Philippines (through VenturOil interest) – Cadlao settlement could result in circa $7 million cash payment to RAI – Bonita Block Interests – Gross Mean Prospective Resource = 3.5 mmbbls  Significantly Undervalued – Indonesian and NZ projects represent value in excess of current share price – Proven capability to bring in new cornerstone ground floor production asset – Cadlao cash payment circa $7m (2 cps) – RAI interest in Cadlao through VO (per GCA NPV) is $22m (7 cps) – Cadlao upside in Cadlao East (Bonita block) – RAI NPV > $20 million on success (>6 cps) Page 5

Value rebuilding strategy 1. New Ventures – Oil appraisal project finalising evaluation – will provide near term exploitation – New country entry leveraging local relationships to access early mover advantages – Liberate shale oil & gas potential in SBA 2. Drill Indonesia SBA Block – Mature portfolio of low risk/high return prospects from new seismic – Drill prospects next year (2013) 3. Drill Huge NZ Kakapo Prospect – Kakapo Prospect now committed by Operator (NZOG) for drilling next year (2013) – Kakapo net RAI 38 mmbbl is company maker 4. Extract Maximum Value from Philippines – Focus on exposure to Cadlao Project and Bonita upside via interest held through VenturOil – Resolve dispute with Blade (arbitration or settlement) to facilitate project progress – First Oil target is 2013 Page 6

Key 2013 milestones 2013 Q1 Q2 Q3 Q4 C O R P O R AT E NEW VENTURES New country entry Oil appraisal project D E V E LO P M E N T PHILIPPINES Cadlao Project Start Rig Contract Cadlao Development Drilling 2+ wells Cadlao 1 st Oil E X P LO R AT I O N NEW ZEALAND PEP 513111 1 well INDONESIA South Block A 2D Seismic South Block A 1+ wells South Block A Unconventional rights PHILIPPINES Cadlao Tie-back 1 well Note: Schedule is subject to modification depending on rig availability and results . Page 7

Project Overviews: Indonesia Page 8

South Block A – North Sumatra  Raisama Operator – Net 38.25%  Exclusive relationship with in-country partner, RENCO  Prospect with 40 mmbbl prospective resource drilling in 2H 2013  Existing prospect inventory 1  858 MMbbl unrisked oil case  1.47 Tcf unrisked gas case  Discoveries nearby exceed 1 billion boe 3 2  15 Tcf Arun LNG / 300 MMbbls Rantau Oil Field  Immediate work program  170 km 2D seismic planned for 1Q 2013  1+ well campaign planned to commence 3Q 2013  2013 Drilling Program 3  Substantial upside from unexploited deeper gas plays Located amongst the prolific oil & gas fields of North Sumatra Page 9

Amanah prospect – corner shooting  First Raisama well in prolific North Sumatra Basin Iee Tabue Oil Field  Amanah 2P Prospective Resource = 40 mmbbls  Adjacent “ Iee Tabue ” oilfield  produced 12 mmbbls 50 ° API light oil & 24 BCF Gas  Amanah Accessible to Oil & Gas infrastructure Prospect (40mmbbl)  Flat Spot indicating potential gas cap over oil Line 1011 Zone-3 Depth Structure map 358400 359200 360000 360800 361600 362400 363200 364000 364800 365600 366400 S N 520800 520800 Proposed Amanah Well 520000 520000 KERUENG TUAN Alur_Cimon -650 0 -600 5 -500 5 519200 - 519200 -450 SBA Permit boundary -400 518400 518400 - 4 5 0 517600 517600 -350 - 4 0 0 Iee Tabue 516800 MEURANTI E-1 516800 Oil Field -700 Depth -300 516000 -300 516000 Amanah Prospect -500 515200 515200 Flat Spot - -500 -700 -600 5 5 -450 -650 0 -350 358400 359200 360000 360800 361600 362400 -400 363200 364000 364800 365600 366400 0 500 1000 1500 2000 2500m 1:37500 Seismic Line over Amanah Prospect Page 10 Map over Amanah Prospect

Arun Trend Reef Play Possible well in Nth Sumatra 2013 drilling program – Large Gas Prospect  South Pineueng 1/2 projected location  Multi – TCF Opportunities  Off structure 1977 well  On trend with 15Tcf Arun gas field  Strong gas blow to surface  Oil and gas zones in nearby well 10 km Evidence of pinnacle reef development on trend with 15 TCF Arun Gas Field PB1-1 (PROSPECT) PB1-1 (PROSPECT) Gas Flows in South Pineueng 1 & 2 PB1-2 (PROSPECT) PB1-2 (PROSPECT) PB1-4 (PROSPECT) PB1-4 (PROSPECT) Large Structures PB1-3 (PROSPECT) PB1-3 (PROSPECT) at target level Page 11

New Zealand Page 12

PEP 51311 – New Zealand  PEP 51311 Kakapo (RAI 10% equity)  New Zealand Oil & Gas (90% & Operator)  Kakapo prospect drilling imminent  Potential to spud 4Q 2011  Targeting 378 MMbbl oil gross (mean recoverable) Kakapo  38 MMbbl net to RAI  Kakapo prospect located between a number of large oil and condensate fields:  Maari Oil Field (51 MMbbls)  Kupe Gas Condensate Field (288 BCF/27 MMbbls)  1.2 billion barrels of oil equivalent discovered in Taranaki basin to date  Attractive fiscal terms Page 13

Philippines Page 14

Cadlao Redevelopment Project  17 mmbbl recoverable field  11 mmbbl produced (1980’s)  6 mmbbl remain  High quality reservoir and oil  Terrific producibility (17% porosity / high permeability)  API 47 deg oil has price premium  Predictions based on 10 year production history  Accessing attic oil up-dip from previous production wells  Proposed Cadlao-4, 5 & 6 (new wells)  Location confirmed by 3D seismic  Significant upside  Potential Cadlao reserves upgrade  Bonita Block could add 50% additional NPV  Numerous exploration prospects Page 15

Cadlao Economics Development Schematic  RAI working interest  16.25% indirect (through VenturOil)  Cost effective/low risk redevelopment  Shallow water  Simple & proven approach  Independent certified reserves  Proven reservoir productivity Project Economics Economic Assumptions Base case Project US$m RAI US$m Base case assumptions NPV 10 136 22 Project 2P reserves 6.0 mmbbl Free cash flow 140 25 1.0 mmbbl Net RAI 2P reserves Payback months 2 months 2 months Oil price (GCA price forecast) US$87/bbl Capex (to 1 st Oil) US$5/bbl Opex (average) US$22/bbl Discount rate 10% * Financial and reserves estimates are by Gaffney Cline & Associates Page 16