Rawson Resources Ltd. has signed a sales purchase agreement (SPA) with Adelaide Energy Pty. Ltd. (a subsidiary of Beach Energy Ltd.) to purchase 100% of Petroleum Retention License (PRL) 13, which includes the Killanoola oil field in the western Otway Basin in South Australia.
The total consideration of $600,000 includes the permit and mining information and production equipment. The equipment includes the existing production equipment at the Killanoola-1 DW-1 well site comprising a 1,000-barrel storage tank, rod pump, and downhole rod string. The purchase is conditional on regulatory approval.
The Killanoola oil field is located 15.5 miles (25 kilometers) northwest of the Katnook gas fields. The acquisition of the Killanoola oil field complements Rawson’s current asset portfolio in the Otway Basin, through its shareholding in Otway Energy Pty. Ltd., which currently operates two exploration licenses in the basin, PEL154 and PEL155.
Additionally, Rawson has signed an SPA to acquire 100% interest in Otway Energy.