PEAKO LIMITED — Capital/Financing Update 2011

Mar 13, 2011

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14[th] March 2011

Australian Securities Exchange 2 The Esplanade PERTH WA 6000

ASX Code: RAI

KRAI THONG WELL #1 DRILLING UPDATE, ONSHORE THAILAND

Raisama Ltd (ASX:RAI) (“ Raisama ”) has been advised by Carnarvon Petroleum Limited, the Operator of the L20/50 Concession, of the following update on the Krai Thong exploration well, onshore Thailand. Krai Thong is the second well in the drilling program.

Location / Proposed depth

Krai Thong is located onshore central Thailand in the Phitsanulok basin, around 350km northwest of Bangkok and 60km south of the Sirikit oil field. The proposed depth for this well was around 1,425 metres.

Progress

After fully penetrating all of the target intervals in the well, drilling encountered formation that was much harder than anticipated, and the rate of penetration decreased significantly. Due to the slow, difficult drilling, and with confidence that all of the target intervals had been fully intersected, drilling was stopped short of the planned TD at approximately 1300m. As of 6:00am on 14 March, preparations were being made to run wireline logs.

Interpretation of Results

Several zones of interest with sandstone character, elevated resistivity, and minor oil shows have been interpreted from LWD logs and cuttings. These zones will be evaluated with an extensive wireline logging programme, including a wireline formation tester, to determine if there is a potential hydrocarbon accumulation.

Forward Plan

The well will be evaluated with a suite of wireline formation evaluation logging tools run over the next 3 – 4 days.

After analysis of logs the well will either be completed for production testing or plugged and abandoned.

Raisama Limited ABN 79 131 843 868

19 Richardson Street West Perth WA 6005 PO Box 1255 West Perth WA 6872 t +61 8 9322 7702 f +61 8 9322 7705 e info@raisama.com.au w www.raisama.com.au

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Raisama Participation

Raisama, through its proposed subsidiary company, Peak Oil & Gas Ltd (“ Peak ”), is participating in the drilling of up to three petroleum exploration wells on the L20/50 Concession which commenced with Tapao Kaew #1. Krai Thong #1 is the second well in the program. Peak has earned a 7.5% interest in the L20/50 concession through a farmin agreement with Sun Resources NL (“ Sun ”).

Sun has advised that each well will take approximately two-three weeks to drill and complete, with each well testing multiple reservoir horizons where the potential for stacked oil pools exists. The well locations and targets of each well are detailed below.

As demonstrated by the Operator elsewhere in Thailand, any discovery at L20/50 can be very quickly commercialised with crude oil transported by truck to one of Thailand’s nearby oil refineries for sale.

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AD-1 drilling Rig

Sun has advised the following about L20/50 Drilling Programme

Well # 1 - the Tapao Kaew Prospect

The Tapao Kaew Prospect (figure 1), a 4-way anticlinal structure with stacked targets on the western edge of the basin, immediately adjacent to the interpreted hydrocarbon kitchen.

Well # 2 - the Krai Thong Prospect

The second well will be drilled into the Krai Thong Prospect (figure 1), a faulted anticlinal structure with multiple stacked targets.

The Joint Venture estimates the Krai Thong Prospect to have a gross speculative potential resource of approximately 37 million barrels. The Krai Thong well will target two separate mapped horizons between approximately 700 - 1,450 metres.

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Well # 3 (Contingent) - the Chalawan Prospect

If sufficient encouragement is demonstrated by the first two wells, the Joint Venture may drill a third well as part of this initial drill program. This well would be at the Chalawan Prospect (figure 1). This structure comprises a series of tilted fault closures on the eastern edge of the basin.

The Joint Venture estimates the Chalawan Prospect to have a gross speculative potential resource of approximately 32 million barrels. If this prospect is drilled, it is planned to be a shallow well to a total depth of 950 metres.

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Sun has advised the following about the L20/50 Permit

The L20/50 permit lies on the onshore Phitsanulok Basin, located between Thailand’s two largest producing onshore field complexes, being the next basin along from Carnarvon Petroleum Limited’s Phetchabun Basin Oil Fields (producing up to 15,000 bopd with >60 mmboe estimated ultimate recovery) and 20 kilometres south, in the same basin as the prolific Sirikit Oil Field (producing ~20,000 bopd with >200 mmboe estimated ultimate recovery).

The L20/50 Joint Venture exploration program is targeting a resource of similar size to that of Carnarvon and Pan Orient who are producing up to 15,000 bopd (with >60 mmboe estimated gross ultimate recovery) from a number of new oil pools in the “volcanic play” in the adjacent Phetchabun Basin, 50 kilometres to the east. The primary reservoir target in the wells testing the firm prospects is the traditional sandstone reservoirs that produces most of the oil from the prolific Sirikit Oil Field and is present in multiple levels in the Nong Bua-1 well within L20/50.

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Raisama background

Raisama is an exploration company with uranium projects in Australia and Central Asia. Raisama is close to completing an agreed takeover offer for Peak with the intention of creating a diversified, mid-tier energy company. Raisama has received acceptances for more than 90% of Peak Oil & Gas shares and will close the offer at 5.00 pm on March 17 unless all acceptances are received earlier.

Following the Peak Oil and Gas acquisition Raisama will be a diversified energy company with a superior asset portfolio and near-term cashflow from the Cadlao oil project together with exploration projects in Thailand, Indonesia and New Zealand.

Raisama also holds a suite of high potential uranium exploration assets in Australia.

In addition it owns a significant uranium discovery and a large exploration position at the Kashkasu project in the Kyrgyz Republic.

For further information please contact:

www.raisama.com.au info@raisama.com.au David Berrie, Managing Director +61 8 9322 7702 Ian Howarth, Investor Relations +61 3 9223 2465

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