Australian Securities Exchange
3 August 2017
ASX Market Announcements Electronic Lodgements
For immediate release
PACE Gas Grant applicationOtway Energy, a 100% subsidiary of Rawson Oil and Gas (Otway Energy) and Vintage Energy (Vintage) are pleased to announce they have made an application for a PACE Gas grant. The South Australian Government's second round of PACE Gas Grants is an initiative designed to further accelerate investment in gas projects in South Australia through targeted competitive grants.
As previously announced, Vintage will earn a 25% equity interest in PEL 155 upon Government approval of the transfer and the payment of $100,000. Otway Energy will retain operatorship.
The parties have now applied for PACE funding with the South Australian Government and intend to assess further the economics, costs, technical aspects and other matters of drilling an exploratory well in PEL 155. The Vintage team brings strong credibility and a deep knowledge of the Otway Basin to the project and PACE application due to their long association with exploration and development projects in South Australia.
If the PACE application is successful, the grant will be applied to the drilling of a gas exploration well in in the north-western sector of PEL 155. PACE applications closed on 1 August and the Government intend to announce successful proposals in October 2017.
Vintage may earn a further 25% equity in PEL 155 by contributing to the cost of drilling the well on 50:50 basis.
Allister RichardsonExecutive Chairman Rawson Oil and Gas Limited
Rawson Oil and Gas Limited published this content on 03 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 03 August 2017 01:08:04 UTC.
Original documenthttp://www.rawsonresources.com/irm/PDF/2895_0/PACEGasGrantApplication
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