PEAKO LIMITED — AGM Information 2012

Nov 29, 2012

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AGM PRESENTATION

Repositioning for growth

30 November 2012

ASX: RAI

www.raisama.com.au

Year in review

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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

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Cadlao arbitration

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 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

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Project	WI	Location	Net Reserves	Net Prospective Resources
Cadlao SC6 - Oilfield redevelopment	16.25%* 25.00%†	Philippines	1.0 mmbbls 1.5 mmbbls
Bonita SC6B – Cadlao tie-backs	32.20% 10.50%*	Philippines		1.0 mmbbls 0.3 mmbbls
South Block A – Growth block	38.25%	Indonesia		325 mmbbls 575 bcf
PEP 51311 – High impact exploration	10.00%	New Zealand		38 mmbbls
Totals			2.5 mmbbls	364 mmbbls 575 bcf

• Indirect interest through VenturOil

† W orking interest 25% entitlement subject to buyback for c. $7m pending arbitration proceedings.

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Cadlao an undervalued opportunity

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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

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Investment thesis

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 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

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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

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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	PHILIPPINES	PHILIPPINES	PHILIPPINES	PHILIPPINES
Cadlao Project Start Rig Contract
Cadlao Development Drilling 2+ wells
Cadlao 1stOil

E X P LO R AT I O N	E X P LO R AT I O N	E X P LO R AT I O N	E X P LO R AT I O N	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 .

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Project Overviews:

Indonesia

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South Block A – North Sumatra

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 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

• 858 MMbbl unrisked oil case

• 1.47 Tcf unrisked gas case

 Discoveries nearby exceed 1 billion boe

• 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

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1
3 2
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Located amongst the prolific oil & gas fields of North Sumatra

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Amanah prospect – corner shooting

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Iee Tabue
Oil Field
Amanah
Prospect
(40mmbbl)
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 First Raisama well in prolific North Sumatra Basin

• Amanah 2P Prospective Resource = 40 mmbbls

• Adjacent “Iee Tabue” oilfield

• produced 12 mmbbls 50 °API light oil & 24 BCF Gas

• Accessible to Oil & Gas infrastructure

• Flat Spot indicating potential gas cap over oil

Line 1011

Zone-3 Depth Structure map

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358400 359200 360000 360800 361600 362400 363200 364000 364800 365600 366400
KERUENG TUAN Alur_Cimon
SBA Permit
boundary
MEURANTI E-1 Iee Ta bue
Oil F ield
Depth
-300
Amanah
-500 Prospect
-700
358400 359200 360000 360800 361600 362400 363200 364000 364800 365600 366400
0 500 1000 1500 2000 2500m
1:37500
3
-400
-450
-350
-650
-450
-500
-450
-700
-500
-550
-550
-650
-600
-300
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S
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Proposed Amanah Well
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Flat Spot
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N
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Seismic Line over Amanah Prospect

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Map over Amanah Prospect

Arun Trend Reef Play

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Possible well in Nth Sumatra 2013 drilling program – Large Gas Prospect

• South Pineueng 1/2 projected location

• Off structure 1977 well

• Strong gas blow to surface

• Multi – TCF Opportunities

• On trend with 15Tcf Arun gas field

• Oil and gas zones in nearby well

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10 km
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Evidence of pinnacle
reef development on
trend with 15 TCF
Arun Gas Field
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Gas Flows in South
Pineueng 1 & 2
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PB1-1 (PROSPECT)
PB1-2 (PROSPECT)
PB1-4 (PROSPECT)
Large Structures
PB1-3 (PROSPECT)
at target level
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New Zealand

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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)

• 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

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Kakapo
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Philippines

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Cadlao Redevelopment Project

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 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

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Cadlao Economics

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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

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Project Economics

Base case	ProjectUS$m	RAIUS$m
NPV10	136	22
Free cash flow	140	25
Payback months	2 months	2 months

Economic Assumptions

	6.0 mmbbl Base case assumptions Project 2P reserves Oil price (GCA price forecast) US$87/bbl Capex (to 1stOil) US$5/bbl Opex (average) US$22/bbl Net RAI 2P reserves 1.0 mmbbl
	Discount rate 10%

*** Financial and reserves estimates are by Gaffney Cline & Associates**

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Summary

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 RAI has been “oversold”

 Near “shell” valuation

 Significantly undervalued E&P company based on portfolio

• Management team has a strong track record of acquiring projects and finding hydrocarbons

• Catalysts for significant near term re-rating:

• Cadlao resolution

• New cornerstone E&P project

• Planned 2013 drilling program

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Disclaimer

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This presentation has been prepared by Raisama Energy Limited (“Raisama”). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and although Raisama has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Raisama.

Any forward-looking statements included in this document involve subjective judgment and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to, Raisama. In particular, they speak only as of the date of this document, they assume the success of Raisama's strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Recipients of this document (Recipients) are cautioned to not place undue reliance on such forward-looking statements.

Raisama makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued. To the extent permitted by law, Raisama and its officers, employees, related bodies corporate and agents ("Agents") disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Raisama and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information. All amounts in Australian dollars (A$) unless stated otherwise.

This presentation and its contents have been distributed in confidence and may not be reproduced or disclosed to any other person except those within your organisation directly involved in considering the proposed transaction. Upon request you will return promptly this presentation, together with any other materials received in connection with it, to Raisama Energy Limited (“Raisama”) without retaining any copies.

Neither this presentation nor any copy hereof may be transmitted in the United States or distributed or released, directly or indirectly, in the United States or to any US Person (as defined in regulation S under the Securities Act of 1933, as amended (“U.S. Securities Act”)).

To the maximum extent permitted by law, neither Raisama, its related bodies corporate, their directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. You acknowledge that circumstances may change and the contents of this presentation may become outdated as a result. Raisama accepts no obligation to correct or update the information or opinions in this presentation. Opinions expressed are subject to change without notice. Nothing in this presentation should be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction. Nothing contained in this presentation constitutes investment, legal, tax or other advice. The information in this presentation does not take into account the objectives, financial situation or particular needs of any person.

By accepting this presentation you agree to be bound by the foregoing limitations.

Consenting Persons Report (Person Compiling Reserves Information):

The Reserves information in this presentation has been reviewed by Mr Jim Durrant BSc (SPE, AAPG Member) with reference to the independent specialist's report on SC6 Cadlao prepared by Gaffney, Cline & Associates (Consultants) Pte Ltd in January 2011; and included in Annexure A to the Notice of General Meeting and Explanatory Statement issued by Raisama Energy Limited on 4 February 2011. Mr Durrant has consented to the inclusion of this information in this report in the form and the context in which it appears. Mr Durrant is a full-time employee of the Company, with more than 30 years of relevant experience in the petroleum industry."

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Contact Details

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Jeff Steketee - Managing Director Jim Durrant - Technical Director Phone: +61 8 6143 1800

Level 1, 16 Ord Street West Perth WA 6005

www.raisama.com.au

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