Attn. Company Announcements Office
Australian Securities Exchange
8 August 2016
Updated Quarterly Activities Report
Rawson Resources Limited (Rawson; ASX:RAW) is providing an updated version of the Quarterly Activities Report for the quarter ended 30th June 2016.
This version of the quarterly activities report replaces the version lodged with ASX on 28 July 2016, as ASX has required the Company to remove the references to the independent analyst review.
Allister Richardson
Chairman
Rawson Resources Limited
Rawson Resources Limited ABN 69 082 752 985
GPO Box 3374, Sydney NSW 2001
Quarterly Activity Report Period ending 30th June 2016
CONTACTS:
Rawson Resources Limited ASX Code: RAW
www.rawsonresources.com
Registered Office:
C/- McCullough Robertson Level 32
MLC Centre
19 Martin Place
Sydney NSW 2000 Australia
Postal Address:
GPO Box 3374
Sydney NSW 2001 Australia
Tel: +61 2 8035 4468
Fax: +61 2 8079 0702
DIRECTORS:
Chairman:
Mr Allister Richardson
Non-Executive Directors:
Mr Richard Ash
Mr Michael McGowan
OFFICERS:
Company Secretary:
Ms Sarah Potter
CORPORATE REGISTRY:
Boardroom Pty Ltd
Level 12, 225 George Street
Sydney NSW 2000
GPO Box 3993
Sydney NSW 2001
Tel: 1 300 737 760
Tel: +61 2 9290 9600
Fax: +61 2 9279 0064
HIGHLIGHTS
Corporate/Finance:
-
Rawson shares traded between 3.0 and 5.3 cents during the quarter
SUBSEQUENT EVENT
The Company, via its majority owned subsidiary Dondonald Limited, secured a capital investment of approximately $750,000 from a group of resident PNG investors
Production Activities:
PRL 26 (Udacha) - Cooper Basin
-
Connection of the Udacha-1 well into the nearby Middleton production facility completed
SUBSEQUENT EVENT
Gas production at Udacha-1 commenced 8 July 2016, providing Rawson with its first ever production revenues
Exploration Activities:
Papua New Guinea
-
Confirmed award of PPL 549
-
Entered in SPA to purchase Moira Limited, who maintain 100% working interest in PPL 391
-
APPL 550 and APPL 560 under assessment at DPE
ASSET SUMMARY (as at end of Quarter)
Permit/Asset
|
Country
|
Basin
|
Rawson Interest (%)
|
Gross Area (km²)
|
Operator
|
PRL 26
|
Australia
|
Cooper
|
10%
|
14
|
Beach Energy
|
GSEL 645
|
Australia
|
Cooper
|
10%
|
14
|
Beach Energy
|
PEL 154
|
Australia
|
Otway
|
100%
|
302
|
Otway Energy
|
PEL 155
|
Australia
|
Otway
|
100%
|
226
|
Otway Energy
|
PPL 549
|
PNG
|
Aitape
|
100%
|
4947
|
Dondonald Limited
|
PPL 391
|
PNG
|
Aitape
|
100%
|
2334
|
Dondonald Limited
|
APPL 550*
|
PNG
|
Papuan
|
100%
|
1624
|
Dondonald Limited
|
APPL 560*
|
PNG
|
Cape Vogel
|
100%
|
4680
|
Dondonald Limited
|
Rawson Resources Limited is an oil & gas exploration company, focussed on assets in high value strategic basins within the wider Asia-Pacific region, with key assets in the Cooper, Otway and Aitape basins. Rawson are currently participating in a Joint Venture with Beach Energy (ASX: BPT) in the Cooper Basin.
*Denotes Petroleum Prospecting Licence Application
Quarterly Activity Report P a g e | 1
Corporate/Financial Activities
Purchase of Moira Limited
On 30 June 2016 Rawson Resources, via its fully owned subsidiary Dondonald Limited (Dondonald), entered into a Share Purchase Agreement (SPA) for Moira Limited (Moira). Moira currently maintain a 100% working interest in PPL 391, which is located in the North New Guinea Basin.
This provides the Company with a growing North PNG Coast exploration portfolio and is another step in the strategy of securing a high-growth, high-impact position in the exciting PNG market.
The consideration included issuing Moira shareholders a 10% stake in Dondonald and a past cost payment of PGK 124,060 (Approx. AUD$53,000) in exchange for 100% of the issued capital of Moira.
The transaction is conditional upon Government regulatory approval.
Management Changes
Rawson advised on 30 June 2016 that Keith Taylor resigned his position as Joint Company Secretary to pursue other business interests. Sarah Potter is continuing as the sole Company Secretary for the Company.
SUBSEQUENT EVENT
On 18 July 2016, Rawson Resources announced that, via its majority owned subsidiary Dondonald Limited, the Company has secured a capital investment of approximately $750,000 from a group of resident PNG investors.
The transaction sees the investors subscribe for a 33% stake in Dondonald in exchange for cash invested of PGK 1,744,186 (A$ 750,000). There is also a Put and Call option available as part of the transaction, where Rawson can Call for purchase of the Investors shares in Dondonald with payment by way of a share placement of up to 15% of the current issued capital of Rawson Resources Limited (capped at 15,832,072 shares). This placement will be subject to Shareholder Approval and Listing Rule 7.1 as required. The Investors can also Put the Option to Rawson, should Rawson undergo a liquidity, merger or takeover transaction.
Subsequent to the completion of the investment the Ownership interests of Dondonald will be: Rawson Resources - 60%, PNG Investors - 33% and Moira shareholders - 7%.
The injection of capital provides the funds required to progress early stage exploration efforts across our Papua New Guinea exploration portfolio, which includes PPL 549, PPL 391 and APPL's 550 and 560.
Production Activities
PRL 26 (Udacha) - Cooper Basin, South Australia
(Beach Energy 90% - operator, Rawson 10%)
The Udacha Joint Venture successfully completed the production tie back and testing of Udacha-1 (Figure
1) to the Middleton production facility in advance of commencing production from the well.
SUBSEQUENT EVENT
On 8 July 2016, Rawson Resources announced first gas production from Udacha-1. Although still in clean up phase, the well is expected to stabilise at 1.0 MMscfd, increasing to 1.6 MMscfd once compression is available at Middleton in early 2017.
The Udacha-1 gas production represents a significant milestone for Rawson as it is the first ever production providing a revenue stream for the Company.
Figure 1. Udacha licence, PRL 26, Cooper Basin, South Australia
The Udacha wet gas field was discovered in 2006 by the Udacha-1 well and is located approximately 5 kilometres northwest of the Middleton gas plant and 3 kilometres from the nearby Brownlow field.
The block is located in the Cooper Basin, South Australia, and approximately 4 km west of the Brownlow-1 well and approximately 50 km north west of the Moomba Field.