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Quarterly Activity Report
Period ending 31st December 2015
HIGHLIGHTS
Corporate/Finance:
Share Price
-
The share price traded between 2.7c to 6.4c per share during the quarter. The share price at the end of the quarter was 4.4c per share. The average number of shares traded per day for the quarter was 217,379.
Board & Management
-
Mr Michael McGowan to the Board as a Non-Executive Director on 01 October 2015.
-
AGM held on 5th November 2015 - all resolutions passed
Appraisal Activities:
PRL 26 (Udacha) - Cooper Basin
-
Udacha Joint Venture previously approved work program to put Udacha-1 well into production
-
Udacha-1 well recompleted with new tubing and well head in advance of fracture stimulation, flow test and production tie back.
SUBSEQUENT EVENT
The Udacha Joint Venture successfully completed the fracture stimulation and flow test of the Udacha-1 well with flow test production commencing on 15 January 2016. Following five days of post fracture stimulation clean-up flow, a stabilised flow rate of 1.7 million standard cubic feet a day was achieved through a choke size of 24/64" at 650 psi over a 24 hour period.
Exploration Activities:
Papua New Guinea
-
Applications continue to progress through PNG Department of Petroleum and Energy
ASSET SUMMARY (as at end of Quarter)
Permit/Asset
|
Basin
|
Rawson Interest (%)
|
Gross Area (km2)
|
Operator
|
PRL 26
|
Cooper
|
10
|
14
|
Beach Energy
|
GSEL 645*
|
Cooper
|
10
|
14
|
Beach Energy
|
PEL 155
|
Otway
|
100
|
226
|
Otway Energy
|
PEL 154
|
Otway
|
100
|
302
|
Otway Energy
|
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 and Otway basins. Rawson are currently participating in a Joint Venture with Beach Energy (ASX: BPT) and Drillsearch (ASX: DLS) in the Cooper Basin.
*Gas Storage Exploration Licence over PRL 26
CONTACTS:
Rawson Resources Limited ASX Code: RAW
www.rawsonresources.com
Registered Office:
Level 24
56 Pitt St
Sydney NSW 2000 Australia
Postal Address:
GPO Box 3374
Sydney NSW 2001 Australia
Tel: +61 2 8035 4468
Fax: +61 2 9247 4844
DIRECTORS:
Chairman:
Mr Allister Richardson
Non-executive Directors:
Mr Richard Ash
Mr Michael McGowan
OFFICERS:
Company Secretaries:
Mr Keith Taylor 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
Corporate/Financial Activities
Board and Management Changes
Rawson Resources was pleased to welcome Mr Michael McGowan to the Board as a Non-Executive Director on 01 October 2015. He has over 30 years' experience in the oil and gas industry in various corporate and management roles with BP, Santos, Oil Search and more recently as the President and Chief Operating Officer of Eaglewood Energy Inc.
Michael has extensive experience in Papua New Guinea and provides strength in the Company's pursuit of acquiring multiple oil and gas opportunities within the country.
Annual General Meeting
Rawson Resources Annual General Meeting was held on 5th November 2015. All eight resolutions were successfully passed.
Appraisal Activities
PRL 26 (Udacha) - Cooper Basin, South Australia
(Beach Energy 15% - operator, Drillsearch 75%, Rawson 10%)
Following the Udacha Joint Venture approval to put Udacha-1 into production, the Udacha-1 well underwent recompletion activities during the quarter. A new well head and tubing were installed to allow the well to be safely fracture stimulated ahead of being flow tested and tied back into production through the Middleton production facility.
The Udacha gas field (Figure 1) 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.
Figure 1. Udacha licence, PRL 26, Cooper Basin, South Australia
SUBSEQUENT EVENT
The Udacha Joint Venture successfully completed the fracture stimulation and flow test of the Udacha-1 well with flow test production commencing on 15 January 2016. Following five days of post fracture stimulation clean-up flow, a stabilised flow rate of 1.7 million standard cubic feet a day was achieved through a choke size of 24/64" at 650 psi over a 24 hour period.
These results mean the Udacha Joint Venture can proceed with connecting the Udacha-1 well into the nearby Middleton production facility as planned. It is expected that production will start during the second quarter of 2016 and provide a long term revenue stream to Rawson and its joint venture partners.
Exploration Activities
PEL 155 and PEL 154 - Otway Basin, South Australia
(Otway Energy 100%)
No operations or activities were undertaken during the quarter in PEL 154 and PEL155. Both licences remain in suspension until 03 July 2016.
PEL155 is located in the Otway Basin, South Australia, approximately 10 km southeast of the Katnook Gas Fields, near the town of Nangwarry, South Australia.
PEL154 comprises two separate blocks in the Otway Basin, South Australia. The eastern block is located approximately 16 kilometres west of Mount Gambier, while the western block is located approximately 18 kilometres southeast of Robe.
Exploration Applications
Papua New Guinea
(Rawson Resources 100%)
Following a strategic review of options available to Rawson Resources and in identifying growth opportunities and access to acreage, the Company made several applications (Figure 2) for petroleum exploration licences in Papua New Guinea (PNG) during the previous quarter. These permit applications are progressing through the regulatory system and further updates will follow as milestones are achieved.
Figure 2. Location map of Rawson Resources petroleum prospecting permit applications in Papua New Guinea.
Note - APPL denotes application