Under a farm-in agreement with Great Artesian Oil and Gas last September, Rawson has the right to earn a 50% interest in ATP552 by drilling a well using an under-balanced drilling technique.
The deal with Ausam means both companies will equally fund the cost of drilling the well to enable each to earn a 25% interest in the block.
Ausam, which will act as well operator, is currently in advanced negotiations to secure a rig to drill the Bellbird West prospect in June.
The prospect is 4km west of Bellbird-1, which flowed oil to surface in 1984, and is on trend with the Alton and Fairymount oil fields.
With a planned depth of 2500m, the Bellbird West-1 well will be drilled to test the shallower secondary objectives, the Showgrounds, Evergreen and Boxvale sands, and will then be drilled under-balanced to test the primary objective in the Permian sands.
