Rawson, Hardie Complete Acquisition of Australia's Otway Energy
Australia's oil and gas firm Rawson Resources Limited (Rawson) disclosed Tuesday that it has announced the results of the Extraordinary General Meeting (EGM) May 16, where shareholders voted in favor of the proposed purchase of Otway Energy Pty Ltd (Otway).
Following the EGM, Rawson and Hardie Energy Pty Ltd have confirmed all conditions were satisfied and formally completed the sale and purchase of the remaining interest in Otway on Friday May 23.
Rawson is now the operator of PEL 154 and PEL 155, with a 100 percent interest in both licenses. A farm-out process to find a strategic partner and fund the drilling phase is underway and we look forward to advising of progress in due course. This transaction continues the direction outlined at the Company’s AGM in November 2013, of taking operatorship and holding strategic interests in our permits.
The Otway purchase, along with the recent acquisition of the Killanoola Oil Field (PRL13) gives the company a strong focus on the western Otway Basin, South Australia. Furthermore, recent positive results from the unconventional drilling in adjacent blocks by Beach Energy Limited, has led Rawson to undertake a resource assessment of the unconventional potential of the Eumeralla, Laira and Petty Hill formations within PEL155. The board and management believes both the conventional and unconventional prospectivity in the basin provide excellent upside for the Company.
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