Rawson increases stake in Otway Energy to 100%

Rawson Resources Ltd.

Rawson Resources Ltd. has entered into a share purchase agreement (SPA) to increase its interest in Otway Energy to 100%. Rawson currently holds 37.5% in Otway, and Hardie Energy Pty. Ltd. holds the remaining 62.5% interest. Rawson will increase its interest in Otway Energy to 100% for the consideration of $1.76 million (AUD 2.0 million) and a royalty on future production.

The details of the production royalty are being finalized. Rawson will pay a nonrefundable $0.088 million (AUD 0.1 million) deposit on signing the SPA, with $1.67 million (AUD 1.9 million) due on completion.

The Otway permits are prospective for both conventional and unconventional exploration, and are located over depositional troughs for unconventional shale gas exploration.

Currently, Otway operates two exploration permits in the Otway Basin in South Australia: petroleum exploration licenses (PELs) 154 and 155.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...