Quarterly Activity Report

Period ending 31st March 2015

HIGHLIGHTS Corporate/Finance:

 The Company continues to monitor cash outflows consistent with the strategy developed last quarter.

 The expiry date to complete the acquisition of PRL 13 (Killanoola) lapsed, because not all conditions under the SPA were fulfilled. Both parties (Beach Energy and Rawson Resources) agreed the purchase price will be fully refunded to Rawson Resources.

 Operating expenditure during the quarter was reduced to $79,000.

 Cash at the end of the quarter is $864,000.

Operations:

PRL 26 (Udacha) - Cooper Basin

 The Udacha Joint Venture (JV) decided not undertake operations planned for the quarter due to the declining market conditions

PEL 154 and PEL 155 - Otway Basin

 No exploration or operations activities were undertaken during the quarter.

 Exploration licences PEL 154 and PEL 155 have been granted a suspension and extension for a period of 12 months.

SUBSEQUENT EVENTS

 As recently announced (20th April 2015) the Company has now been refunded the $440,000 from the first instalment for the purchase of PRL 13 (Killanoola) from Adelaide Energy Pty Limited following the expiry of the Sales Purchase Agreement.

 The bank guarantees from the second instalment have also been returned.

ASSET SUMMARY (as at end of Quarter)

Rawson Resources Limited is an oil & gas exploration company focussed on onshore assets in high value strategic basins within Australia, with key assets in the Cooper and Otway basins. Rawson are currently participating in a Joint Venture with Beach Energy
(ASX: BPT) and DrillSearch (ASX: DLS) in the Cooper Basin.

CONTACTS:

Rawson Resources Limited ASX Code: RAW www.rawsonresources.com

Registered Office:

Level 16

55 Hunter St, Sydney 2000

Australia

Postal Address:

GPO Box 3374

Sydney NSW 2001

Australia

Tel: +61 2 9400 9717

Fax: +61 2 8079 0702

DIRECTORS:

Chairman:

Mr Simon Bird

Non-executive Directors:

Mr Richard Ash

Mr Allister Richardson

OFFICERS:

Chief Executive Officer:

Dr Scott Brownlaw

Company Secretary:

Mr Richard Holstein

CORPORATE REGISTRY: Boardroom Pty Ltd Level 7, 207 Kent Street Sydney NSW 2000

GPO Box 3993

Sydney NSW 2001

Tel: +61 2 9290 9600

Fax: +61 2 9279 0064

Quarterly Activity Report P a g e | 1

Rawson Resources - Quarterly Report

Corporate/Financial Activities

The Company remains optimistic about the oil & gas sector despite low oil prices, we have continued to carefully monitor cash outflows during the quarter in line with our strategy announced in November

2014. The operating expenditure for the quarter was reduced to $79,000.

During the quarter the Company announced (16th March 2015) the expiry date to complete the acquisition of PRL13 (Killanoola) from Adelaide Energy Pty Limited had lapsed. As not all the conditions precent under the SPA were fulfilled, the purchase price paid by Rawson Resources Limited will be fully

refunded.

SUBSEQUENT EVENT

As previously announced (20th April 2015) the Company has now been refunded the refunded the $440,000 from the first instalment for the purchase of PRL13 (Killanoola) from Adelaide Energy Pty Limited following the expiry of the Sales Purchase Agreement.
In addition, the Company has received the bank guarantees representing the second instalment of the purchase price of $220,000. The guarantees will reallocated to cash reserve.

Appraisal Activities

PRL 26 (Udacha) - Cooper Basin, South Australia

(Beach Energy 15% - operator, Drillsearch 75%, Rawson 10%)

Due to the declining market conditions the Udacha Joint Venture (JV) elected to defer the stimulation and connection of the Udacha-1 well which was planned for the quarter. The JV will consider future operations at the next JV meeting, with works likely deferred until FY2016.
The Udacha gas field was discovered in 2006 by the Udacha-1 well and is located approximately 5 kilometres northwest of the Middleton gas plant and 3 kilometres from the nearby Brownlow field.
The block is located in the Cooper Basin, South Australia, and approximately 4 km west of the Brownlow-1 well and approximately 50 km north west of the Moomba Field.

Exploration Activities

PEL 155 and PEL 154 - Otway Basin, South Australia

(Otway Energy 100%)

No exploration or operational activities were undertaken in either Otway permits during the quarter.
The company applied for and was granted a twelve month suspension of licences PEL 155 and PEL 154 during the quarter. On 20th February 2015 the suspension and extension of the licence terms for PEL 155 and PEL 154 was granted by the regulator.
PEL155 is located in the Otway Basin, South Australia, approximately 10 km southeast of the Katnook Gas
Fields, near the town of Nangwarry, South Australia.
PEL154 comprises two separate blocks in the Otway Basin, South Australia. The eastern block is located approximately 16 kilometres west of Mount Gambier, while the western block is located approximately 18
kilometres southeast of Robe.

Quarterly Activity Report P a g e | 2

Rawson Resources - Quarterly Report

Additional information required under ASX Listing Rule 5.4.3

Asset Summary

List of petroleum tenements held by Rawson at quarter ending 31 March 2015:

There were no petroleum tenements acquired or disposed of during this quarter except as mentioned above. There were no beneficial interests held through farm-in or farm-out agreements at the end of the quarter. There were no beneficial interests in farm-in or farm-out agreements acquired or disposed of during the quarter.

Additional information required under ASX Listing Rule 5.2.1

There have been no activities relating to oil and gas production or development during the quarter.

For further information contact:

Scott Brownlaw
Chief Executive Officer Rawson Resources Limited Tel: (02) 9400 9717
Email: [email protected]

Quarterly Activity Report P a g e | 3