Rawson Resources Limited reported Tuesday that it has met its first farm-out milestone and have closed the data room for its two Otway Basin exploration licenses in South Australia: PEL 154 and PEL 155.
Following a strong level of interest in its 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). These wells targeted conventional and unconventional prospectivity in the depart parts of the Penola Trough. Our license, 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 billion cubic feet 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.”
We look forward to providing further updates over the coming few months.
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