Red Sky Completes on Acquisition of Killanoola Licence from Beach

Source: www.gulfoilandgas.com 2/11/2021, Location: Not categorized

Red Sky Energy Limited is pleased to advise of the following:

Completion
The Company has completed the acquisition of Petroleum Retention Licence 13 (PRL13) through its wholly owned subsidiary Red Sky Killanoola Pty Ltd from a subsidiary of Beach Energy Ltd.

The Company has applied to the South Australian Minister for Energy and Mining for approval and the registration of the Sale and Purchase Agreement (SPA) and associated agreements for PRL13. Upon approval the licence will be transferred to Red Sky Killanoola Pty Ltd. The purchase under the SPA is inclusive of all existing production infrastructure.

The Company has commenced planning for the Killanoola Project with a focus on commencing oil production at the Killanoola-1-DW1 well as soon as possible and is currently investigating different enhanced oil recovery techniques to maintain long term production at the highest rate possible.

PRL13 is located near the township of Penola in southeast South Australia.


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