Red Sky Withdraws from ATP 840 Permit in Queensland

Source: www.gulfoilandgas.com 12/6/2013, Location: Not categorized

The directors of Red Sky Energy Limited announce that the Company has withdrawn from exploration permit ATP 840 in southern Queensland. To keep the permit in good standing a minimum of one deep exploration well is required to be drilled next permit year. The estimated cost of the well is $8 million. The permit, in which Red Sky holds a 18.75% interest, contains a speculative deep gas play. This interest has now been relinquished, thereby avoiding this funding commitment. The interest will be assigned to the other joint venture parties. Red Sky continues to focus on its emerging solar development business, Soleir.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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