Rawson Resources to Acquire Stake in Udacha Well in Cooper Basin
Rawson Resources has signed an agreement with Great Artesian Oil and Gas Ltd to farmin to the Udacha well in PEL91 that is due to be drilled in November. Rawson will pay 20% to earn a 10% interest in any production licence that results from a commercial discovery. The Udacha prospect is a Permian oil play that is downdip and similar to the Sellicks and Christies oil fields.
This will be the first well for Rawson following its IPO and is following the company policy of diversifying exploration risk.
Rawson will commence their exploration program in late October with a soil gas survey in the Appadare Farmin block in the Western portion of PEL 107 cooper basin.
This will enable Rawson to high grade the area and select a prospect for drilling in the first half of 2006 for which the joint venture has a drilling slot. Rawson will release the results of this survey to the market when they have been interpreted.
Rawson also plans to Drill the Bellbird West well in ATP 552P Surat Basin in Queensland in the first quarter of 2006 where Rawson will earn a 50% interest in the permit by paying 100% of the cost of the well.
These two wells along with the Udacha farmin should result in Rawson participating in three exploration wells in the first six months as a listed company.
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