But soft! There is confusion here...
The Cak Bag sessions took place at Michael Novakovic's litte basement 4-track studio on Langham Place, NN1 in May 1983. There was a plan to put out perhaps an EP of the various covers that were recorded there, but it never came to pass. There IS no twelve-inch.
"May I?" and "Chinese Envoy" came out on a 7" that was given away with Big Questions (Gift of Music Vol II)in 1987. "Inside Your Heart" by the Velvets emerged on "Another spark", which was a cassette only release put together by a man called Chris Heath. Chris later went on to write the biography of the Pet Shop Boys. I met him in 2002 backstage at a Pet Shop Boys gig in Oxford. Why was I there? Because Mark Refoy and Bic Hayes were playing guitars for the PSB. Funny how things pan out, innit?
As far as I am aware, the Jim Reeves cover, "Heartache Following Me" was never released anywhere. Some of the tracks from the Cak Bag sessions can be heard towards the end of the "Cake city" compilation recently issued by Vinyl Japan.
Hope this helps a bit,