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Red Sky Energy enters agreement to complete Innamincka acquisition

The company has now entered into agreements to acquire all six of the oil project’s permits.
Red Sky Energy enters agreement to complete Innamincka acquisition
Innamincka is in the Cooper basin, more than 900 kilometres north of Adelaide

Red Sky Energy Limited (ASX:ROG) has entered a conditional sale and purchase agreement with Bengal Energy Ltd (TSX:BNG) to acquire its 25% interest in a prospecting licence within the Innamincka Dome Project in South Australia.

The agreement was signed by Red Sky’s wholly-owned subsidiary Red Sky (NT) Pty Ltd and Bengal’s Australian subsidiary Bengal Energy (Australia) Pty Ltd, who holds the licence.

Innamincka acquisition

Innamincka Dome comprises a portfolio of six prospective petroleum permits near the town of Innamincka in northeast SA.

Red Sky previously executed a sale and purchase agreement to acquire an operating interest in these permits with Acer Energy Pty Ltd, a subsidiary of Beach Energy Ltd (ASX:BPT).

Including the Bengal agreement, Red Sky has now entered into conditional agreements to acquire 100% of all six permits.

READ: Red Sky Energy shares spike on oil and gas acquisition with near-term production potential

A consideration of $1 is payable by Red Sky for the Bengal licence, however, Red Sky will be responsible for all obligations arising after the transaction, including liabilities relating to decommissioning, abandonment, rehabilitation, remediation or restoration.

Red Sky is a Melbourne-based energy company with a 100% working interest in the Gold Nugget Gas Project in Wyoming, USA and is seeking to acquire near-development, onshore and offshore assets in Australia and Southeast Asia.

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Red Sky Energy Limited Timeline

Newswire
November 04 2014

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