Rawson Updates on Reserves at its Otway, Cooper Basins' Assets in Australia
Rawson Resources Limited provided Tuesday the following Statement of Reserves for our assets in the Otway and Cooper basins in Australia. This report represents Rawson Resources maiden Reserves Statement and includes only our conventional resources and reserves as at July 1.
The Killanoola Oil Field (PRL 13) has a gross proved plus probable (2P) reserves of 333,000 barrels of oil (economic interest to Rawson Resources 97.5 percent*) and the Udacha Gas Field has a gross 2P reserve of 3.1 Gscf (economic interest to Rawson Resources 10 percent*).
The 2 exploration licenses in the Otway Basin (PEL 154 and PEL 155) have a gross Best Estimate Prospective Resources of 92.4 Gscf (economic interest to Rawson Resources 95 percent*). Several additional leads within the 2 license areas have not been included in this statement, but remain attractive follow-ups in the event of a discovery. Additional technical work will be undertaken to be matured these leads to prospects.
Additional resources have been identified in the Udacha gas field (Lowry Prospect), with a gross Best Estimate Prospective Resource of 4.7 Gscf (economic interest to Rawson Resources 10 percent*).
The company is currently reviewing the unconventional prospectivity of our Otway Basin exploration licenses following recent positive drilling results in several adjacent exploration licenses. An Unconventional Resources Statement will follow.
*Economic interest refers to percentage interest in the licence less any overriding royalties.
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