Oil

1
Oil-Barrel 3rd July 2008
Oil Gas Exploration Development in the Papuan
Foreland Basin of Papua New Guinea.
Douglas-1 Discovery Site Papua New Guinea
2
Disclaimer
This document (the Document) has been prepared
in connection with the OilBarrel Conference at
Chiswell Brewery on 3rd July 2008.   This
Document does not constitute or form part of any
offer or invitation to sell or issue, or any
solicitation of any offer to purchase or
subscribe for, any shares in the Company nor
shall it or any part of it or the fact of its
distribution form the basis of, or be relied on
in connection with any contract. In particular,
this Document refers to certain events as having
occurred which may or have not yet occurred but
are expected to occur prior to publication of the
admission Document of the Company (the Admission
Document). Recipients (the Recipient) of this
Document and any information referred to in the
presentation in which this Document was provided
(the Presentation) who may wish or intend to
apply for ordinary shares in the Company
following publication of the Admission Document
are reminded that any such application must be
made solely on the basis of the information
contained in the Admission Document only, which
may differ from the information contained in this
Document. No reliance may be placed for any
purpose whatsoever on the information contained
in this Document or on its completeness and no
representation or warranty, express or implied,
is given by each of, Jenni Lean, Peter Mikkelsen,
Ian Roderick Gowrie-Smith, David John Lees (the
Directors) or any other person as to the
accuracy of the information or opinions contained
in this Document and no liability is accepted
with respect to such information or
opinions. The distribution of this Document in
certain jurisdictions may be restricted by law
and therefore persons into whose possession this
Document comes should inform themselves about and
observe any such restrictions. Any such
distribution could result in a violation of the
law of such jurisdiction. This Document should
not be redistributed by recipients or distributed
to persons with addresses in the United States or
Canada. Any such distribution could result in
violations of US or Canadian law. This Document
is for distribution in the United Kingdom only to
persons who are approved persons or exempted
persons within the meaning of the Financial
Services and Markets Act 2000, or any Order made
there under and, if permitted by applicable law,
for distribution outside the United Kingdom to
professionals or institutions whose ordinary
business involves them engaging in investment
activities. It is not intended to be distributed
or passed on, directly or indirectly, to any
other class or persons. This Document and its
contents are confidential and is being supplied
to you solely for your information and may not be
reproduced, further distributed to any other
person or published, in whole or in part, for any
purpose.   The Recipient is hereby notified by
the Company of his obligation to comply with the
provisions of the Criminal Justice Act 1993 in
relation to the information contained in this
Document and any other information referred to in
the Presentation in which this Document was
provided. The Recipient of this Document is
hereby further notified that misuse of some or
all of the information included in this Document
or referred to in the presentation in which this
Document was provided may constitute behaviour
amounting to market abuse under section 118
Financial Services and Markets Act 2000 and any
such information is made available to the
Recipient in confidence and no behaviour by such
Recipient amounting to market abuse in relation
to any qualifying investment or relevant product
should be based on such information (as
behaviour, market abuse, qualifying
investment and relevant product are defined in
the Code of Market Conduct published by the
Financial Services Authority). FORWARD-LOOKING
STATEMENTS This Document contains
forward-looking statements. These statements
relate to, among other things, analyses and other
information that are based on forecasts of future
results and estimates of amounts not yet
determinable. These statements also relate to the
Companys future prospects, developments and
business strategies.   Forward-looking statements
are identified by their use of terms and phrases
such as believe, could, envisage,
estimate, expect, intend, may, plan,
will or the negative of those, variations or
comparable expressions, including references to
assumptions. The forward-looking statements in
this Document are based on current expectations
and are subject to risks and uncertainties that
could cause actual results to differ materially
from those expressed or implied by those
statements.   Given the risks and uncertainties
associated with a company of this nature,
potential investors should not place reliance on
forward-looking statements. These forward-looking
statements speak only as at the date of this
Document. The Company does not undertake any
obligation to update forward-looking statements
or risk factors other than as required by any
relevant regulations, whether as a result of new
information, future events or otherwise.
3
Investment Highlights

• Quality assets in a highly prospective basin
• Acreage substantially de-risked by Douglas-1 gas
  discovery
• 7,000 km2 of undeveloped exploration acreage
  (approx 1 North Sea Quadrant)
• PNG Foreland becoming established as a prolific
  hydrocarbon basin
• Strong management team with excellent local
  knowledge
• history of exploration successes
• combined total of 30 years experience in PNG
• City track record of delivering share-holder
  value
• Multiple options for gas monetisation
• ALCAN MOU provides for right-sized and direct gas
  sales to strong end-user with urgent need to
  reduce energy costs
• Flex-LNG MOU provides for export of Rift gas at
  world market prices
• Major company interest expressed into farm-in
  deal with Rift

4
Control of Destiny

• A core philosophy of Rift has been the
  recognition of needing to deliver activity and
  value without external delays. To this end we
  have
• Purchased the Coral Sea drilling rig
• Right sized for our target depths of lt2,000m and
  allows us to drill when we want
• Bought out Austral Pacific
• Agreed in May 2008, giving Rift 100 interest in
  PPLs 235, 261 and Coral Sea rig
• Direct negotiations with end users
• MOU with Alcan, March 2007
• MOU with Flex-LNG, May 2008

5
Forward Strategy

• Establish threshold gas reserves
• drill additional prospects (Puk Puk-1 currently
  drilling) and production test Douglas-1 discovery
• identify new prospects through seismic campaign
  on under-explored acreage
• Secure gas commercialisation agreement
• potential long term gas sales agreement with
  ALCAN to feed alumina facility at Gove, Australia
• agreement would allow purpose built pipeline to
  ALCAN facility
• commercialisation opportunities also available
  through LNG export
• Execute project development
• development well programme and pipeline
  engineering studies
• completed project envisioned for 2011
• First gas 2012

6
CORPORATE

• ? AIM Stock Exchange RIFT listed April 2006
• ? Corporate office The Sanctuary London, UK
• ? Operations office Port Moresby, PNG.
• Market Capitalisation (approx) 55 million
• Shares in Issue 796 million
• Current share price 7p
• Total Number of Shareholders 1060
• Total money raised from market 20.5 million
• No debt

6
7
CORPORATE Share Details
Main Shareholding Directors Associates 27.8
Asset Value Investors (AVI) 3.6 Citadel
Investment Group 3.4 HSBC Asset Management
2.8 RAB Capital Limited 2.4
40
Douglas-1 discovery
Alcan MOU
11 mm rasing
Spud of Puk Puk
Purchase of Austral
7
8
DIRECTORS

• ? Ian Gowrie-Smith Chairman
• Ian has been the founder and developer of mining
  and pharmaceutical public companies, including
  Medeva and SkyePharma, in 1984 he listed TiO2
  Corp and is Chairman of Triple Plate Junction
  Plc.
• Jenni Lean Chief Executive Officer
• MBA BSc. Formerly Commercial Manager for Austral
  Pacific, 12 years experience in oil and gas in
  PNG, Australia and New Zealand. Chairman of
  Epiphany Games.
• David Lees Finance Director
• Co-founder of Medeva and SkyePharma. Founder of
  NamesCo PLC, Currently Director of Triple Plate
  Junction PLC, Accident Exchange PLC, Deal Group
  Media PLC, Metis Biotechnologies PLC, The Capital
  Pub Company PLC and Network Estates.

8
9
DIRECTORS (Non-Exec)

• Peter Mikkelsen
• 32 years of upstream oil industry experience,
  including 15 years at Exploration Manager /
  Director level. In the last eight years Peter has
  had experience in North West Europe, the
  Mediterranean, N W Africa, the Caribbean and
  the US.
• Sir Ebia Olewale
• Former Deputy Prime Minister of PNG. Chancellor
  of University of Goroka and Director of the PNG
  Sustainable Development Programme.
• David Bennett
• 25 years experience in exploration around the
  Pacific Rim including more than 15 years
  involvement in the Papuan Foreland basin.
  Formerly exploration manager NZOG and CEO of
  Austral-Pacific Energy Ltd. A director of public
  companies Tiger Energy NL (Australia) Trans
  Orient Petroleum Ltd. (Canada).
• John Bentley
• Appointed in June 2007, John has 15 years of
  experience with various resource multinationals
  on 4 continents, several of which have been
  admitted to AIM. He was MD of Energy Africa
  prior to their take-over by Tullow.

9
10
PAPUAN BASIN The Setting
RIFT
The Papuan Basin lies on trend with Australias
North West Shelf and shares its prolific
petroleum system.
10
11
RIFTS ASSETS IN PAPUA NEW GUINEA

• PPL 235
• 100 interest
• Douglas discovery
• Puk Puk drilling
• 3,000 km2
• PPL 261
• 100 interest
• 4,000 km2

Highland Front
11
12
Douglas-1 E-logAlene Gas Pay
Hydrocarbon charge (red) in high porosity sands
(yellow) beneath good shale topseal (green).
Neutron/density X-over (yellow) indicates gas
Gross Sand 6m Net sand 5.5m Net Pay 5.5m Avg.
Sg 74 Avg Porosity 20
12
13
Douglas-1 E-log Toro Sst Gas Pay

Hydrocarbon charge (red) in high porosity sands
(yellow) beneath good shale topseal (green).
Neutron/density X-over (yellow) indicates gas
Gross Sand 39m Net sand 30m Net Pay 14m Avg.
Sg 70 Avg Porosity 20
13
14
Douglas-1 MFT Pressures Toro Reservoir
Gas-condensate pressure gradient (red line)
confirms gas in excellent Toro Sand reservoir
down to GWC _at_ -1761.5m depth Gradient of 0.186
psi/m would be consistent with a condensate yield
of 20 bc/mmcf
15
Puk Puk Top Toro Structure
Puk-Puk-1 Currently drilling Mean area of
closure 20 km2 Relief 60m
1 km
16
Regional Seismic Line S to N (50 km)
Douglas-1
Langia-1
Puk Puk-1 (drilling)
Darai
Ieru
Douglas Discovery
Puk Puk Prospect
Toro
Basement
17
PPL 235 (prospects) top Toro TWT
10 km
Puk Puk
D.Far N
D.Far W
Aiema
CI 10 msec
D.N
DOUGLAS
D.Main
D.SE
Langia
Langia West
17
18
Gas Chimneys
Elevala (Alene gas)
Douglas (Alene Toro gas)
Puk Puk prospect
Douglas Far NW prospect
18
19
Resource EstimatesPPL 235
Field Mean Resources Contingent 273
BCF Prospective 525 BCF TOTAL 798
BCF
RPS Energy (CPR) evaluation of PPL 235
prospectivity, July 2007 Note Gross attributable
assets to Rift, prior to Government back-in
rights of 22.5 and Royalty of 2
20
Gas Commercialisation
ALCAN and/or Flex-LNG
21
ALCAN Rift OilMOU

• In March 2007 Rift and ALCAN signed a non-binding
  MOU
• explores potential of Rift supplying the Gove
  bauxite/alumina refinery facility with 110 mmcf /
  day of natural gas
• ALCAN is currently importing 16,000 bbl/d of fuel
  oil from Kuwait at Gove (current annual cost
  700 million)
• compelling rationale to switch to gas with Rift
  being closest uncommitted gas feed source of
  suitable size
• MOU Objectives
• Meet Alcan's Gove energy needs for 20 years
• Establish 800 bcf of gas reserves in Douglas
  region
• Annual supply of 40 billion cubic feet of gas
  (110 mmcf/d)
• Rift to construct gas plant and Douglas in-field
  infrastructure
• Alcan to convert refinery from fuel oil to gas
• Responsibility for pipeline to be determined in
  due course, with option to bring in third parties

22
Kimu 1 TCF
Douglas 1 TCF potential
Rift-Alcan pipeline Offshore section 610
km Onshore section 276km
Douglas 500 BCF
Pandora 1 TCF
250 km
250 km
Gove
Gove
22
23
AlcanIndicative Parameters

• Delivery Cost per mmcf to Gove (2006 costs)
  1-2/mcf
• With 50 inflation 2008 costs 2-3/mcf
• Opex 50 million/y (1.25/mcf over field life)
• Current Alcan energy costs 17/mcf

24
Indicative ParametersFlex-LNG
In May 2008 Rift and Flex-LNG signed a
non-binding MOU

• Capex costs similar to Alcan since LNG vessel of
  similar cost to offshore pipeline
• Opex slightly higher (20-25) due to running
  vessel
• LNG price on world market linked to oil and
  therefore 17/mcfeq at 135/bo
• 800 bcf currently sells for 14 billion as LNG
• Flex-LNG has 4 vessels on order with Samsung
  Shipyards, South Korea
• Rift envisaged as second vessel destination
• Time to first gas similar to Alcan (2012)

25
A Puk Puk
Thank you!
25