Rawson Oil & Gas Ltd announced on 16 November 2017 that it had executed its farm-in agreement for PEL 155 with Vintage Oil & Gas Ltd.Â  The agreement is seeing Vintage Oil and Gas earning a 25% interest in the licence, which is located in the onshore Otway Basin, for a payment of AUD 100,000.  The execution of the agreement on 16 November has formalised the joint venture and has also initiated the ability of Vintage Oil and Gas to acquire an additional 25%.Â  The additional interest can be earned by assisting in funding an exploration well on a 50:50 basis with Rawson.Â  The joint venture has also applied for one of the new PACE grants from the South Australian government, which would see 50% of the wells cost covered under the PACE programme.Â  Successful applicants of PACE should be announced by end 2017. The companies aim to work towards drilling an exploration well in PEL 155, which would be planned to target a prospect 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 defined by 3D seismic over the area and is thought to be analogous to the Katnook, Haselgrove and Ladbroke Grove gas/condensate fields, which are in close proximity and have all produced from Pretty Hill reservoirs. There are also additional leads within PEL 155 that could be targeted in future. PEL 155, which covers an area of 226 sq km, has been subject of a farm-in agreement between operator Rawson Oil & Gas and Vintage Oil & Gas. Vintage Oil & Gas has earned an initial 25%, with Rawson now holding 75%.Â  If Vintage proceeds with the full farm-in, participants in the licence will become Otway Energy Pty Ltd (50% + Operator) and Vintage Oil & Gas (50%).
Australia (Otway B.) (It's a petroleum rights. Please summarize by yourself). In IHS database: PEL 155 op. by RAWSON O&G (100.0%) to be check.