The key upside for RAW is that they retain 100% of ep97 outside...

The key upside for RAW is that they retain 100% of ep97 outside the three farmin blocks where ctp has to drill a well in each to gain an interest in each one.
Although strictly speaking they only have a direct exposure to Simpson in this campaign, any success at Blamore will enhance the region and they have the lions share of the most prospective part. Just remember that the RAW chairman was behind much of the original exploration in the Pedirka with sydney oil in the 1980s and therefore given that they were there first it is not too presumptuous to assume that they applied for what they perceive as the most prospective area.
Also on the downside if there is not success with this program the company has interest in 5 permits in the Surat and 2 in the Otway. In total this year they are getting about $12M worth of work done on their permits by other people, not bad when the market cap is not much more than that! Not a bad business model.