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ALCOA COMMITS TO FUNDING OF WARRO 4 WELL AND 3D SEISMIC PROGRAM

The Board of Transerv Energy is pleased to confirm that Alcoa of Australia has formally committed to funding the Warro 4 appraisal well and a 3D seismic program, which are now expected to commence late this year. The operator, Latent Petroleum, has started work to secure a rig to drill Warro 4 and is finalising plans and approvals for the 3D seismic survey. Recent positive developments in analogous tight sand plays in the US provide increased confidence that Warro will be commercially successful and guidance for improved fraccing techniques and well planning for these play types. The Warro partners are working closely with US tight gas experts to tap into the latest knowhow, and how best to apply it to Warro.

A recap on the Warro 3 well:

•Warro 3 was a vertical well drilled from February to April 2009, and completed with an initial 7 stage frac and a follow up 2 stage frac.

•A flow rate of 5 mmcfpd was achieved for a 7 hour period from frac zones 3 to 6 prior to water breakthrough. As a result, it is apparent that commercial gas flow rates can be achieved by fraccing the Warro sands. After 7 hours, substantial water inflow to the well inhibited the gas flow rate, which was reduced to 1 mmcfpd.

•Warro 3 was deliberately located in an area of intense natural fracturing (this is common practice as the natural fractures in tight sands can augment the flow rate). It appears that a large natural fracture connected Warro 3 (post frac) to an aquifer, probably located approximately 50m above the target zones. The Warro 3 well was not designed to deal with water, so the water entered the well bore and inhibited gas flow.

Technical evaluation post Warro 3 is highly positive •Warro 3 produced substantial new data for the play. Following the well the Warro partners commissioned renewed and detailed technical evaluation by the Discovery Group and Ely and Associates, US experts in tight gas projects.

•Based on this evaluation, the Warro project is considered likely to flow gas at commercial rates, with the principal challenge being management of any water flow to the well bore.

•The experts emphasised that there are numerous successful tight gas plays in the USA that flow significant water, however, well plans and completions are specifically designed to deal with the water. Also, there has been substantial improvement in fraccing techniques in analogous tight sand plays in the USA (see below).

These new techniques have resulted in significantly improved flow rates for similar play types. • The expert’s recommendation is to proceed with the Warro project with three significant adjustments. Firstly, the next well will be located away from large natural fractures to reduce the size and risk of water breakthrough. Secondly, the well is designed to deal with some potential water flow.

Thirdly, the frac be redesigned based on the recent fraccing improvements in the analogous Granite Wash play. The Granite Wash – now the most analogous US play to Warro

• The US experts have drawn attention to the Granite Wash play located in northern Texas and western Oklahoma in the USA, which is closely analogous to Warro.

• The Granite Wash is also a tight sand play at similar depth of about 3,500‐4,500m. The reservoir characteristics are also similar. If anything the Warro sands are potentially more favourable in that they are thicker and with zones of higher permeability.

• In recent years more advanced fraccing techniques have resulted in a breakthrough in the economics of the Granite Wash play.

This has seen an evolution from simple gel fracs (similar to those used at Warro‐3), to large scale slick water fracs in vertical wells, to multiple large scale slick water fracs in horizontal wells. With each change in technology there has been a marked increase in initial production rate (IPs) from 1‐ 1.5mmcfd, to 3– 5mmcfd, to 8‐ 20mmcfd respectively.

• The cost of a vertical well in the Granite Wash is approximately US$3.5 million while a fracced horizontal well costs about US$6‐7m. The USA experience demonstrates how well costs are significantly reduced with experience in the play and when economies of scale in drilling and completion are achieved.

• The Granite Wash is now recognised as having amongst the best economics of all tight gas plays in the USA.

For more information see the websites of Chesapeake Energy (www.chk.com), Linn Energy (www.linnenergy.com), Newfield Exploration (www.newfield.com), Forest Oil (www.forestoil.com) and Penn Virginia (www.pennvirginia.com).

• Warro has the potential to replicate the success of the Granite Wash. Recent work by Discovery Group and Ely and Associates on analogous Granite Wash data indicate vertical Warro wells should each yield between 3 – 6 BCF with upside of 8 BCF and with IPs in the range 3‐ 8mmcfd. Horizontals wells are expected to more than double these initial production rates. A recap on the Warro field and its potential

• Warro is located about 200km north of Perth.

It is only 30km from the Parmelia gas pipeline that services Dongara to Perth, and this pipeline has substantial spare capacity.

• The Warro tight sands are 3,700 to 4,200m deep, with large net pay of about 350m. The reservoir covers an area of nearly 7,000 hectares with up to 5 TCF of gas in place.

• Gaffney Cline estimates the Warro field contains a 3C recoverable resource of 2.1 TCF (or 1.14 TCF of 2C recoverable).

• There is a shortfall of gas supply in Western Australia. The North West shelf operators are focussing on more lucrative LNG markets forcing up the price of domestic gas.

Over the last 2 years the WA contract gas price has been in the range of $8 to $10 per MCF. Alcoa of Australia – Warro farm‐in partner

• Alcoa operates the world’s largest integrated bauxite mining and alumina refining system, which is located at Wagerup south of Perth in Western Australia. Natural gas is the primary energy source for these operations.

• Under a farm‐in agreement made in June 2008, Alcoa may earn a 65% interest in Warro by expenditure of A$100 million. Latent Petroleum is the operator and retains a 25% interest. Transerv holds a 10% interest carried for the first A$40 million in expenditure, which includes these next appraisal programs.

Under the agreement, each party retains control of its share of Warro gas production.

• After funding Warro 3, Alcoa requested additional time to fully review the results and to undertake the necessary internal approvals process to continue with the next stage. Since the farm‐in agreement was signed there has been an historic decline in aluminium metal prices as a result of the global financial crisis, and deferral of a planned expansion of Alcoa’s Wagerup alumina refinery.

• Alcoa have now completed this review and approval process and committed to the next stage at Warro comprising both the Warro 4 well and a 3D seismic survey, at an estimated cost of over A$20 million. The Warro partners anticipate that decisions in relation to future stages will be made much quicker.

 •There is growing recognition world‐wide of the value of tight gas plays, comprising tight sands, coal bed methane and shale gas. The coal bed methane boom is well known in eastern Australia. In the USA the boom in shale gas and tight sands is even larger.

•The advent of horizontal wells and improved fraccing and completion techniques has dramatically improved the economics of these plays, assisted by generally higher energy prices. The refinement of these techniques has come a long way, even in recent years.

•Once the correct drilling and completion techniques for a play are established, they can be replicated over hundreds or thousands of well locations unlocking a large known gas resource.

The size of the resource is usually very large because the gas is trapped (tight) throughout the whole formation, whereas conventional plays rely upon less frequent and less predictable traps of mobilised (free flowing) gas.

•Some of the largest oil and gas companies in the world have recently paid billions of dollars to buy into tight gas plays in the USA and eastern Australia.

•It is now estimated that there is more than 1,000 TCF of potential gas production from tight gas plays the USA, which currently contribute almost 50% of the total US domestic gas market of 19.4 TCF per annum. Tight gas has reversed a long decline in US domestic reserves of hydrocarbons. Summary Transerv is delighted with Alcoa’s commitment to the next stage of the Warro program, covering both an appraisal well and an extensive 3D seismic program. Warro is a large, known onshore gas resource located close to Perth.

Recent developments in analogous play types in the USA dramatically improve the confidence of Warro being commercially successful. Transerv looks forward to this knowhow being successfully applied in the Warro 4 appraisal well to be drilled later this year. Contact Details Brett Mitchell Executive Director Telephone: +61 8 9324 1177 For and on behalf of the Board.

Galilee Project Advances Evaluation work is advancing in ATP 529P in the Galilee Basin on the seven corehole programme, part of the second phase of the AGL Energy Limited (AGL) farm-in. Laugharne Creek-1, the 4th hole to be drilled in the programme, has reached a total cored depth of 1350.6m. The well was suspended after logging in preparation for drill stem testing. Coal seams were encountered in the Permian Betts Creek and Aramac sequences, as predicted. EDA Rig #1 spudded the 5th corehole Mt Myth-1 on 29 June 2010 and drilled, logged and cased the tophole section to 831m before suspending the well; the Tom Browne Drilling Services Rig #16 will now move to Mt Myth-1 to commence coring operations.

It will then complete coring operations on the remaining two coreholes. On 10 July 2010 EDA Rig #1 spudded the 6th corehole, Acacia-1. The rig will drill to define local basement depth before plugging back, sidetracking and drilling to coring depth. This programme of exploration and evaluation also comprised 540 kilometres of 2D seismic acquisition which was completed in late 2009. The Glenaras production pilot remains suspended pending the arrival of equipment to replace downhole pumps later this quarter. In ATP 799P, Galilee Energy’s wholly owned tenement adjacent to the north of ATP 529P, a full analysis of data acquired during the 2009/10 exploration programme is progressing satisfactorily. Significantly, preliminary results indicate that Permian coals extend right across the exploration area.

These exploration results will be applied to determining the next phase of appraisal in the tenement, with the objective of defining reserves. ATP 529P Galilee Energy Limited 50% AGL Limited (Operator) 50% ATP 799P Galilee Energy Limited 100%

For further information contact: Sam Aarons Manager, Business Development & Corporate Relations Tel: 07 3216 1155 Email: info@galilee-energy.com.au Website: www.galilee-energy.com.au.

Drilling Intersects Near Surface Uranium Mineralisation at Baltic Bore Highlights:

• Drilling has identified high grade uranium within three targets at Baltic Bore

• Results up to 1m @ 1217 ppm U3O8

• Uranium mineralisation identified from surface

• Uranium mineralisation identified within three separate targets

Exploration drilling at Raisama Ltd’s (RAI) 100% owned Baltic Bore project in Western Australia has been completed on four high-priority targets. A total of 56 aircore drill holes for a total of 547 metres were drilled with samples submitted for chemical assay. Assay results include: The drill programme was designed to test the level and extent of near surface uranium mineralisation at four targets.

Of the four targets tested three have returned anomalous uranium intercepts. The mineralisation in one of these targets remains open in multiple directions. This is a virgin discovery in an area of no previous drilling.

Raisama had identified the targets at Baltic Bore through a combination of a high resolution, airborne radiometric survey, geological mapping and surface rock chip sampling. Surface calcrete samples grading up to 657 ppm (0.066%) U3O8 have been identified at surface over the Kewell anomaly. Baltic Bore is approximately 100 km southeast of the Manyingee uranium deposit and 5 km north of the Jailor Bore uranium deposit in the Upper Gascoyne Province of Western Australia. The mineralisation is hosted in a combination of unconsolidated Quaternary sand, and Calcrete. The uranium mineralisation is interpreted to be within or adjacent to east west palaeodrainage channels of the Lyndon River where they abut an interpreted north south dyke.

The dyke could have acted as a natural dam to allow the precipitation of uranium from groundwater. The Baltic Bore project consists of one granted exploration licence covering an area of approximately 186 km2. Summary of drill results The following table summarises all of the drilling results received to-date in relation to the Company’s aircore drill program that was completed at Baltic Bore in June 2010. The table shows all drill intercepts that returned assay results greater than 100ppm (0.01%) U3O8.

For more information contact: David Berrie – Managing Director, Raisama Ltd Telephone: (+61 9322 7702 Mobile: (+61) 418 980 289 Media inquires Ian Howarth – Collins Street Media Mobile: (+61) 407 822 319 Background Floated on the ASX in December 2009, Raisama is an emerging uranium development company with interests in Australia and the Kyrgyz Republic. Raisama’s uranium assets in Australia include five projects in Western Australia and one project in South Australia.

In the Kyrgyz Republic Raisama owns 75% of the Kashkasu II Project. Raisama received strong support for its $12.25m IPO from a wide mix of institutional, sophisticated and experienced resources sector and retail investors. The IPO was supported by China’s state-owned mining company Hebei Mining which, following the IPO, holds a 10.9% stake in the company. Raisama’s portfolio includes the 100% owned Sunday Creek project, located within the uranium prospective Paterson Orogen of Western Australia. It is located approximately 20km east of the Kintyre uranium deposit, sold by Rio Tinto to Canada's Cameco and Japan's Mitsubishi for US$500 million in 2008.

Cameco and Mitsubishi are currently drilling at the Kintyre deposit with a view to fast tracking the mine’s development..

EXPLORATION UPDATE – EXCITING INTERCEPTS CONTINUE FROM JUNCTION DAM URANIUM PROJECT IN SOUTH AUSTRALIA

Exciting high grades of uranium continue to be intersected on the Saffron prospect at the Junction Dam project near Broken Hill.

Multiple holes have intersected grades greater than 1000 ppm eU3O8

High grade intercepts returned from drilling completed in recent weeks include: SARM022 with peak grade value of 3674 ppm eU3O8and SARM013 with peak grade value of 2720 ppm eU3O8

Marmota has completed its 51% earn-in for the uranium rights and is set to further increase its equity interest in the project. Junction Dam uranium project (On Junction Dam, Marmota 51% of uranium under JV Agreement with Teck Australia Pty Ltd (Teck), PlatSearch NL (PTS) and Eaglehawk Geological Consulting Pty Ltd) Marmota Energy Limited (MEU) is pleased to announce that high grade intercepts continue to be returned from current follow up drilling. The program is designed to further test high grade sedimentary uranium targets at the Saffron prospect at Junction Dam. The current phase of drilling follows on from the successful maiden drilling campaign completed by Marmota in late 2009 at the Junction Dam project.

Multiple high grade occurrences were encountered in 80% of drill holes completed as part of the broad spaced maiden program. The phase 2 drilling follows the completion in March 2010 of a high resolution ground electromagnetic survey over the high grade target zones. The survey was designed to define potential extensions to high grade areas on the project for continued drill testing. The results of the survey, when combined with other high resolution geophysical datasets that Marmota has acquired over the project, have successfully defined potential extensions to the high grade target zones where drilling has previously confirmed mineralisation. Sixty shallow rotary mud drill holes are planned as part of this program, with 87 % of holes drilled to date in this current phase intersecting uranium mineralisation. Multiple holes have returned peak uranium grades of more than 1000 ppm eU3O8.

Outstanding high grade intercepts coupled with significant intervals of mineralisation continue to be intersected in this current phase of drilling (Table 1). A number of holes drilled have reported grade-thickness accumulations in excess of 0.045 m% eU3O8 and up to 0.242 m% eU3O8 (intersections of greater than 0.045 m% eU3O8 are considered significant and important in evaluating the economic viability). Marmota has earned a 51% interest in the uranium rights on this highly prospective project and is set to earn an additional 24.5% interest for the uranium rights at the completion of the current phase of drilling. Continued high grade results of this nature are extremely significant as they confirm the Company’s belief that results achieved to date are analogous with the mineralisation model at the nearby Honeymoon Uranium Mine.

The results further reinforce the significance of this exciting greenfields exploration discovery where the current phase of drilling is scheduled to continue until September. At the completion of this phase Marmota will assess all drill results as part of its program to outline the extent of potential mineralisation at Junction Dam over the coming year. Junction Dam is strategically located approximately 50 kilometres from the outback centre of Broken Hill, and has excellent access to major road and rail infrastructure. The Saffron prospect which is currently being drill tested, is located in very close proximity to established uranium mining infrastructure in a well recognised uranium mining province within South Australia.

More results from the current phase of drilling will be announced over coming weeks as the planned drilling progresses further to the north to extend the potential strike length of mineralisation. Mr Dom Calandro MANAGING DIRECTOR 15 July 2010.

JORC Resource at Livingstonia Uranium Project Please find attached an announcement from Resource Star Limited regarding an initial JORC resource estimate at the Livingstonia Uranium Project in Malawi.

As announced to the market on 16 March 2010, Resource Star has the potential to earn up to 80% interest in the Livingstonia Uranium Project in Malawi through exploration expenditure and attainment of milestone targets.

Globe Metals & Mining is an African-focused resource company. Its main focus is the multi-commodity (niobium, uranium, tantalum and zircon) Kanyika Niobium Project in central Malawi. A Bankable Feasibility Study was commissioned in August 2009 and production is planned to commence in 2013 at a rate of 3,000tpa niobium metal, principally in the form of ferro-niobium. Globe also has a number of other projects at an earlier stage of development: it is earning up to an 80% interest in the Machinga Rare Earth Project in southern Malawi from Resource Star Limited ( RSL), and the Company can earn up to a 90% interest in the Mount Muambe Fluorite Project in Mozambique.

Initial drill programs on both projects will be undertaken in mid-2010. Globe manages its projects from its regional exploration office in Lilongwe, the capital of Malawi. The Company has been listed on the ASX since December 2005 ( GBE), and has its corporate head office in Perth, Australia. For further information please contact: Mark Sumich, Executive Chairman, Globe Metals & Mining Limited: +61 8 9486 1779.

NZOG (New Zealand Oil & Gas Ltd) is pleased to advise that following a detailed reserves review, the initial proved and probable (2P) reserves in the Kupe Field have been increased. The initial 2P sales gas reserves have increased by 8%, LPG reserves by 5% and light oil (condensate) reserves by 27%. NZOG Chief Executive David Salisbury said the outcome of the reserves review is very good news. “The light oil provides the greatest financial return of the three products, so confirmation that the field is more ‘liquids-rich’ than initially estimated is particularly significant. “At current prices, the additional NZOG reserves have a sales value of nearly NZ$100 million.” NZOG’s share of the reserves increase is approximately 3 petajoules (PJ) of gas, 8,000 tonnes of LPG and 600,000 barrels of light oil. The Kupe gas and oil field lies 30km off the south Taranaki coast. It has been producing natural gas, LPG and light oil since the wells were opened in early December 2009. Following a commissioning period, permanent production commenced in March 2010.

The project was developed for a total cost of approximately $1.3 billion. The reserves review has integrated new petrophysical, fluid sample and well test information with full field static and dynamic reservoir models. As a result of this modeling, initial 2P reserves have been revised to 273 PJ of sales gas, 1,114 kilotonnes of LPG and 18.6 million barrels of light oil. Production since commissioning commenced on 3 December 2009 until 30 June 2010 has totaled 10 PJ of sales gas, 32 kilotonnes of LPG and around 1 million barrels of light oil. The remaining 2P reserves at 30 June 2010 are therefore 263 PJ of sales gas, 1,082 kilotonnes of LPG and 17.6 million barrels of light oil. The reserves review has also clarified the anticipated requirements for additional capital expenditure later in the field’s life.

It is now expected that this will include two additional production wells and full field compression. NZOG estimates its capex share will be NZ$20-30m. The costs and the precise timing will be refined over the coming year. “Kupe will be able to achieve higher production for relatively little incremental cost,” David Salisbury said. “Kupe will meet a significant portion of New Zealand’s energy needs over the next 15 years or more.

For NZOG, it will provide long term cash flows from three revenue streams. “Developing the Kupe field was a major undertaking but the rewards are significant. This reserves upgrade is more icing on the cake,” David Salisbury said. Kupe participants are: Origin Energy Resources (Kupe) Limited 50 per cent (Operator) Genesis Energy 31 per cent New Zealand Oil & Gas Limited 15 per cent Mitsui E&P Australia Pty Ltd 4 per cent.

Farmin Update Block 07/03, Vietnam Pan Pacific Petroleum (“PPP”) is pleased to announce that Pan Pacific Petroleum (Vietnam) Pty Ltd (“PPPV”) has received the necessary PetroVietnam and Vietnamese Government approvals to acquire a 5% interest in the Block 07/03 Production Sharing Contract from Premier Oil Vietnam South B.V. (“POVS”). Under the terms of the original farmout agreement with POVS, PPPV agreed to acquire a 15% equity in Block 07/03 by funding part of POVS’s costs of the Cá Rồng Đỏ exploration well, CRD-1, subject to PetroVietnam and Vietnamese Government approvals. Under the terms of the Petroleum Law in Vietnam and the Block 07/03 Production Sharing Contract, PetroVietnam exercised its right of pre-emption to the extent of 10% of the proposed 15% farmout interest Since receiving notice of PetroVietnam’s pre-emption, PPPV has been required to contribute under the terms of the original farmout agreement with POVS at the level required to earn a 15% interest, pending approvals of the acquisition of a 5% interest by PPPV and a 10% interest by PetroVietnam Exploration Production Corporation Ltd. Following the approvals referred to above, POVS will now refund to PPPV all sums contributed by PPPV in excess of those commensurate with the acquisition of a 5% interest. Block 07/03 covers 4,915 km2 offshore Vietnam in the southern Nam Con Son Basin, and is considered very attractive exploration acreage; it is adjacent to Block12W which contains the Chim Sao and Dua Oil Fields. The farmin exploration well Cá Rồng Đỏ, CRD-1, drilled in June 2009, was a discovery, and established approximately 90m net pay comprising both oil and gas within multiple stacked reservoir layers. Two of these reservoir zones were tested and flowed oil at a combined rate of 3,265 barrels of oil per day plus 8.1 million standard cubic feet of gas per day, through a 48/64” choke. No water was produced from either zone. 3D seismic was subsequently acquired over the CRD structure and surrounding area. Appraisal planning is currently ongoing, with the possibility of a well being drilled in Q4 2010-Q1 2011. In addition to the CRD discovery, Block 07/03 also contains very attractive exploration upside potential. Several large undrilled leads have been identified and will be matured by additional 3D seismic planned for later in 2010. Successful completion of this farmin represents an important step in PPP’s growth strategy, and we look forward to building on this new country entry position. Participants in Block 07/03 are: PPPV 5% (100% wholly-owned subsidiary of PPP) Premier Oil Vietnam South B.V. 30% (Operator) Vietnam American Exploration Company, LLC. 40% (100% wholly-owned subsidiary of Pitkin Petroleum Plc) PearlOil (Ophiolite) Ltd 15% PetroVietnam Exploration Production Corporation Ltd 10% For further information please contact: Tom Prudence Chief Executive Officer Pan Pacific Petroleum NL Telephone: + 61 2 9957 2177 www.panpacpetroleum.com.au

OORAMINNA 2 DRILLING UPDATE Central Petroleum Limited (ASX:CTP) (“Central”), as Operator, reports that the top of the main target reservoir, the Pioneer Formation was penetrated on Sunday, 11 July 2010 at 1,261m and a gas flow was encountered in excess of 100 MCFGD. However, after drilling only several metres of the top of the main target reservoir, the bit was pulled out and after changing from a basic rotary air drilling assembly to an air hammer assembly, the air hammer became blocked before any new formation could be drilled. The drilling contractor is in the process of pulling the air hammer out of the hole to determine the cause of the blockage prior to drilling ahead to evaluate the main target reservoir. Further details will be released to the market as they are available. Central is Operator and holds a 90% interest and in EP 82, through wholly-owned subsidiary Helium Australia Pty Ltd, and is in JV with Red Sky Energy (NT) Pty Ltd (10%). Ooraminna 2 is located at Latitude 24 degrees 01 minutes 05.83 seconds, Longitude 134 degrees 10 minutes 10.95 seconds. John Heugh Managing Director Central Petroleum Limited For further information contact: John Heugh Tel: +61 8 9474 1444 or Felicity Nuttall (PPR) Tel: +61 8 9388 0944

Engineering firm WorleyParsons Limited (WOR) said that Brazilian mining giant Vale had awarded a “significant cost reimbursable” contract to a consortium of WorleyParsons and SNC-Lavalin for engineering and project management work at Vales’s multi-billion dollar S11D project in Brazil. WorleyParsons, in a statement to the Australian Stock Exchange, declined to put a figure on the expected value of the contract.

The S11D project is a 90 million tonnes per annum iron ore processing facility located around 1,940 kilometres north east of Sao Paulo in Brazil, the company said.

WorleyParsons’ CEO, John Grill, said the contract would be the cornerstone of the company’s operations in Brazil.

“This award from Vale reflects confidence in our global project execution capabilities and we are looking forward to the successful delivery of this important mega project to help Vale realize its business goals,” Mr Grill said.

At the close Friday, WorleyParsons shares were trading at $21.80.

Riversdale Mining Limited (RIV) said it has signed a Memorandum of Understanding (“MoU”) with Wuhan Iron and Steel Corporation (WISCO) and a logistics partnership agreement with the China Communications Construction Company (CCCC) for the development of the Zambeze Coal Project in Mozambique. The company said the MoU would see WISCO acquire 40% of the project for US$800 million to be paid in three tranches.

Riversdale said, when completed, the transaction values Zambeze at US$2 billion.

In addition, the company said at the date of signing of the definitive agreements, WISCO would be issued 8% of the ordinary shares in Riversdale at an agreed price of $10.00 each.

Riversdale said WISCO would earn the right to purchase at least 40% of the coking coal produced from Zambeze, and the right to purchase at least 10% of the coking coal produced from the adjacent Benga Project, in each case on market terms.

The company said the MoU is non-binding, pending completion of definitive agreements within 120 days of signing the MoU.

The three tranches that will form the consideration are US$200 million to be paid on the signing of the definitive agreements, US$150 million to be paid on the successful completion of the feasibility study and US$450 million to be paid on the granting of the mining contract, mining licence, final environmental approval and other necessary regulatory approvals required to proceed with development of the project.

As at 1045 AEST, Riversdale shares were up 37c to $10.91.