Rawson Resources Completes Purchase of Otway Energy

Rawson Resources announced on Tuesday that Rawson and Hardie Energy completed the purchase of Otway Energy on Friday 23rd May, 2014.

Shareholders at Rawson voted in favour of the proposed purchase earlier this month.

Otway Energy Limited is a Sydney based company exploring for oil and gas, initially in the Otway Basin in South Australia. The company currently operates two licences in the onshore part of the basin, PEL 154 and PEL 155.

Rawson is now the operator of PEL 154 and PEL 155, with a 100% interest in both licences.

“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,” Rawson said in a statement.

According to the company, the Otway purchase, along with the recent acquisition of the Killanoola Oil Field (PRL13) Rawson 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, 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,” Rawson said.