Rawson Oil & Gas Ltd completed the farm-out of additional interest in exploration licence PEL 155, located in the onshore Otway Basin, to Vintage Oil & Gas Ltd on 28 May 2018.Â  Under the terms of the agreement, Vintage has acquired an additional 25% interest in the licence, taking its total holding to 50%. The change of interest was subject to regulatory approvals.  The companies entered the farm-in agreement on 29 March 2018. The operator reported that the joint venture had been successful in applying for a PACE (Plan for Accelerating Exploration) gas grant from the South Australian government, receiving AUD 4.95 million after executing the PACE Funding Deed. The funds will cover approximately 50% of the cost of the planned Nangwarry 1 well.  Rawson previously announced on 16 November 2017 that it had executed a farm-in agreement with Vintage which saw the latter company earn 25% interest in the licence for a payment of AUD 100,000. Â Execution of the agreement formalised the joint venture, with the option for Vintage to acquire an additional 25% by assisting with the funding of the Nangwarry 1 exploration well on a 50:50 basis with Rawson. The initial, binding, heads of agreement for Vintage Oil and Gas to acquire interest was entered into on 27 July 2017. Â On 3 August 2017 Rawson reported that it and Vintage Energy had applied for a PACE Gas grant from the South Australian government in relation to PEL 155. Â   The Nangwarry prospect is located in the northwest of the licence area.Â  The prospect is outlined by Rawson as a three-way dip closed, fault-trapped reservoir within the Pretty Hills Formation.Â  The prospect has been further defined by the 34 sq. km Nangwarry 3D seismic survey, acquired in February 2008, and is thought to be analogous to the proximal Katnook, Haselgrove and Ladbroke Grove gas/condensate fields which have all produced from the Pretty Hill Formation. There are also additional leads within PEL 155 that could form future targets.  PEL 155, which covers an area of 226 sq km, was awarded on 30 June 2003. Interest in the permit now stands at Rawson subsidiary Otway Energy Pty Ltd (50% + Operator) and Vintage Oil & Gas (50%).
Rawson Oil & Gas Ltd completed the farm-out of additional interest in exploration licence PEL 155, located in the onshore Otway Basin, to Vintage Oil & Gas Ltd on 28 May 2018.  Under the terms of the agreement, Vintage has acquired an additional 25% interest in the licence, taking its total holding to 50%.