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Rawson Resources Provides Otway Basin Update

Source: www.gulfoilandgas.com 7/15/2014, Location: Not categorized

Rawson Resources Limited wishes to advise we have met our first farm-out milestone and have closed our data room for our two Otway Basin exploration licences: PEL 154 and PEL 155.

Following a strong level of interest in our Otway Basin blocks, the Company will proceed with a shortlist of companies wishing to participate in the exploration of the onshore Otway Basin, South Australia. Our objective is to secure a partner before undertaking our drilling program.

Rawson Resources holds the only access point into the Penola Trough, outside of acreage held by Beach Energy and Cooper Energy. Recently, the Penola Trough has attracted considerable attention following positive drilling results from a two well program undertaken in adjacent blocks by Beach Energy (i.e., Jolly-1 and Bungaloo-1 see Figure 1). These wells targeted conventional and unconventional prospectivity in the deeper parts of the Penola Trough. Our licence, PEL 155 is well positioned over the deepest part of the trough. Should a discovery be made in our blocks, the existing nearby pipelines and processing infrastructure will provide a number of commercial options.

The Katnook gas fields in the Penola Trough produced over 75 Bcf of sales gas and associated condensate from conventional reservoirs between 1992 and 2011.

Rawson Resources Chairman Simon Bird said “the recent drilling results in the near vicinity has greatly increased the potential in our blocks and this has been reflected in the increased level of interest from other companies.”

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


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