rawson acquires otway energy

I think this is a smart move by Rawson as the bigger neighbouring players such as Beach Energy, Cooper Energy, and Bridgeport Energy are expanding their interests in the area around Otway Energy. Further M&A can be expecting with promising drilling results.

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Rawson takes control with Otway acquisition

Monday, 20 January 2014

RAWSON Resources will increase its 37.5% holding in Otway Energy to 100% after entering into a $2 million share purchase agreement to acquire Hardie Energy’s 62.5% interest.

Otway’s assets are of value to Rawson as it operates exploration permits PEL154 and PEL155 in the Otway Basin.

The two permits are prospective for both conventional and unconventional exploration as defined by Rawson’s recent re-evaluation of existing seismic data.

The coming year will see the company drill the Nangwarry-1 well in the PEL155, which will target the same reservoirs that produced gas in nearby fields.

“The board is excited about the acquisition of 100% of Otway Energy because it provides Rawson with control over assets that can be rapidly brought into production,” Rawson chairman Simon Bird said.

“The close proximity of the Nangwarry prospect to existing underutilised infrastructure makes this acquisition particularly attractive.”

The Otway Basin has seen an upsurge in exploration activity in recent times, with the trend expected to continue through 2014.

http://www.energynewspremium.net/StoryView.asp?StoryID=801880727