0
Quarterly Activity Report
Period ending 31st March 2015
HIGHLIGHTS Corporate/Finance:
The Company continues to monitor cash outflows consistent with the strategy developed last quarter.
The expiry date to complete the acquisition of PRL 13 (Killanoola) lapsed, because not all conditions under the SPA were fulfilled. Both parties (Beach Energy and Rawson Resources) agreed the purchase price will be fully refunded to Rawson Resources.
Operating expenditure during the quarter was reduced to $79,000.
Cash at the end of the quarter is $864,000.
Operations:
PRL 26 (Udacha) - Cooper Basin
The Udacha Joint Venture (JV) decided not undertake operations planned for the quarter due to the declining market conditions
PEL 154 and PEL 155 - Otway Basin
No exploration or operations activities were undertaken during the quarter.
Exploration licences PEL 154 and PEL 155 have been granted a suspension and extension for a period of 12 months.
SUBSEQUENT EVENTS
As recently announced (20th April 2015) the Company has now been refunded the $440,000 from the first instalment for the purchase of PRL 13 (Killanoola) from Adelaide Energy Pty Limited following the expiry of the Sales Purchase Agreement.
The bank guarantees from the second instalment have also been returned.
ASSET SUMMARY (as at end of Quarter)
Permit/Asset
|
Basin
|
Rawson Interest
(%)
|
Gross Area
(km2)
|
Operator
|
PRL 26
GSEL 645
PEL 155
PEL 154
|
Cooper Cooper Otway Otway
|
10
10
100
100
|
14
14
226
302
|
Beach Energy Beach Energy Otway Energy Otway Energy
|
Rawson Resources Limited is an oil & gas exploration company focussed on onshore assets in high value strategic basins within Australia, 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.
CONTACTS:
Rawson Resources Limited ASX Code: RAW www.rawsonresources.com
Registered Office:
Level 16
55 Hunter St, Sydney 2000
Australia
Postal Address:
GPO Box 3374
Sydney NSW 2001
Australia
Tel: +61 2 9400 9717
Fax: +61 2 8079 0702
DIRECTORS:
Chairman:
Mr Simon Bird
Non-executive Directors:
Mr Richard Ash
Mr Allister Richardson
OFFICERS:
Chief Executive Officer:
Dr Scott Brownlaw
Company Secretary:
Mr Richard Holstein
CORPORATE REGISTRY: Boardroom Pty Ltd Level 7, 207 Kent Street Sydney NSW 2000
GPO Box 3993
Sydney NSW 2001
Tel: +61 2 9290 9600
Fax: +61 2 9279 0064
Quarterly Activity Report P a g e | 1
Rawson Resources - Quarterly Report
Corporate/Financial Activities
The Company remains optimistic about the oil & gas sector despite low oil prices, we have continued to carefully monitor cash outflows during the quarter in line with our strategy announced in November
2014. The operating expenditure for the quarter was reduced to $79,000.
During the quarter the Company announced (16th March 2015) the expiry date to complete the acquisition of PRL13 (Killanoola) from Adelaide Energy Pty Limited had lapsed. As not all the conditions precent under the SPA were fulfilled, the purchase price paid by Rawson Resources Limited will be fully
refunded.
SUBSEQUENT EVENT
As previously announced (20th April 2015) the Company has now been refunded the refunded the $440,000 from the first instalment for the purchase of PRL13 (Killanoola) from Adelaide Energy Pty Limited following the expiry of the Sales Purchase Agreement.
In addition, the Company has received the bank guarantees representing the second instalment of the purchase price of $220,000. The guarantees will reallocated to cash reserve.
Appraisal Activities
PRL 26 (Udacha) - Cooper Basin, South Australia
(Beach Energy 15% - operator, Drillsearch 75%, Rawson 10%)
Due to the declining market conditions the Udacha Joint Venture (JV) elected to defer the stimulation and connection of the Udacha-1 well which was planned for the quarter. The JV will consider future operations at the next JV meeting, with works likely deferred until FY2016.
The Udacha 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.
Exploration Activities
PEL 155 and PEL 154 - Otway Basin, South Australia
(Otway Energy 100%)
No exploration or operational activities were undertaken in either Otway permits during the quarter.
The company applied for and was granted a twelve month suspension of licences PEL 155 and PEL 154 during the quarter. On 20th February 2015 the suspension and extension of the licence terms for PEL 155 and PEL 154 was granted by the regulator.
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.
Quarterly Activity Report P a g e | 2
Rawson Resources - Quarterly Report
Additional information required under ASX Listing Rule 5.4.3
Asset Summary
List of petroleum tenements held by Rawson at quarter ending 31 March 2015:
Reference
|
Project Name
|
Location
|
Company
Interest
|
Area (km²)
|
PRL 26
|
Udacha
|
SA
|
10%
|
14
|
GSEL 645
|
Udacha
|
SA
|
10%
|
14
|
PEL 154
|
Otway
|
SA
|
100%
|
302
|
PEL 155
|
Otway
|
SA
|
100%
|
226
|
There were no petroleum tenements acquired or disposed of during this quarter except as mentioned above. There were no beneficial interests held through farm-in or farm-out agreements at the end of the quarter. There were no beneficial interests in farm-in or farm-out agreements acquired or disposed of during the quarter.
Additional information required under ASX Listing Rule 5.2.1
There have been no activities relating to oil and gas production or development during the quarter.
For further information contact:
Scott Brownlaw
Chief Executive Officer Rawson Resources Limited Tel: (02) 9400 9717
Email: [email protected]
Quarterly Activity Report P a g e | 3