CROSBY - About Related Companies

Crosby Capital Limited, the majority shareholder of Crosby Asset Management, is an independent merchant banking and asset management group listed on the Hong Kong Stock Exchange's GEM board. The company has offices in China, Singapore, the United Kingdom and representation in other parts of Asia.

IB Daiwa Corporation (JASDAQ: 3587)

In March 2005, Crosby Asset Management obtained an equity interest in IB Daiwa, in return for agreeing to assist in the development and implementation of a restructuring of the 60 year old company. Currently, IB Daiwa has one operating subsidiary, Lodore US Holdings Inc., an onshore US oil and gas exploration and production company. IB Daiwa also has a 37.9% shareholding in Leed Petroleum PLC, a US Gulf of Mexico focused oil and gas production and development company, following the spin off of IB Daiwa's shareholding onto the London AIM market in August 2007.

Today, IB Daiwa is one of Japan's few listed "pure play" natural resources companies and has a particular focus on the acquisition and trading of companies involved in natural resources exploration and production.

http://www.ibdaiwa.co.jp/

http://www.leedpetroleum.com/

Orchard Petroleum Limited (ASX: OPL, delisted)

In April 2007 Crosby Asset Management, through Eskdale Petroleum Pty Limited ("Eskdale"), completed the takeover of Orchard Petroleum Limited ("Orchard"). Orchard became a wholly owned subsidiary of Eskdale, which funded the acquisition in part by issuing preference shares to parties including the Crosby Active Opportunities Master Fund, a fund managed by Crosby Asset Management. Following the repayment of acquisition finance, Crosby Asset Management's direct equity interest in Eskdale will be approximately 10%, in addition to which the Crosby Active Opportunities Master Fund will have approximately 8%.

Orchard is a fast growing, project rich upstream oil and gas company focused exclusively on production, exploration, exploitation and development of oil and gas properties in California's San Joaquin & Sacramento Basins. Crosby Merchant Banking currently is working with Orchard's management to develop Orchard's exciting portfolio and deliver value from the company.

www.orchardpetroleum.com

Adavale Resources (ASX: ADD)

Crosby Asset Management was recently appointed as corporate advisors to Adavale Resources. Adavale undertakes uranium exploration activities focussing on sedimentary uranium deposits. The focus of exploration activities is currently in the Marree Area, South Australia. Two key areas of interest are the Lake Surprise and the Mumpie Project areas.

These two project areas are composed of a tertiary sedimentary basin known as the Clayton Basin (Lake Surprise Project) and further to the east, a series of tertiary paleochannels (Mumpie Project). An 80 hole reconnaissance drilling programme has been undertaken in the Clayton Basin, which has indicated the presence of uranium in economic grades, mostly at shallow depths of less than 9 metres. Drilling results are currently being analysed. On the whole results are highly encouraging with widespread anomalous radioactivity in both the Lake Surprise and Mumpie Project areas.

Dependent on results from the initial reconnaissance drilling programme, future work will involve detailed drilling and sampling in the Clayton Basin, as well as reconnaissance drilling in the Mumpie Project area.

www.adavaleresources.com.au

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