Rawson was granted a six-month suspension in relation to its work commitment in relation to both PELs 154 and 155 in South Australia. A new work program consisting of closely spaced 2D and 3D seismic is now deemed necessary before drilling a commitment well in each permit in 2008.
“The MOU with Hardie will enable Rawson to undertake these new seismic programs in late 2007 so that drilling can occur in the first half of 2008,” Rawson said.
“Hardie will earn a 50% interest in both PEL 154 and PEL155 after spending up to $1 million on each survey.”
Rawson chairman John Conolly said the company was very optimistic about the prospectivity of the Otway Basin and believed that both permits have all the ingredients for success.
“The Nangwarry Prospect Block in PEL 155 lies only a few kilometres from and on-trend with the Katnook and Haselgrove Gas Fields,” he said.
“Recent liquid-rich gas discoveries have been made at Jacaranda Ridge 2 and Glenaire-1, also close to PEL155.”
Conolly said the Benara Prospect area in PEL154 contained several large structural leads offsetting the Burungle-1 well, which discovered excellent potential Waare sand reservoirs. The Waare reservoirs are the main reservoirs in the Port Campbell area in Victoria, and in Santos’ Casino field.
