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Red Sky Energy completes transfer of Innamincka oil & gas licences from Beach

The share purchase agreement (SPA) includes all existing production infrastructure, storage tanks, yards and camp facilities.

Onshore oil and gas wells
Infrastructure at the site is modern and in excellent operating condition

Red Sky Energy Limited (ASX:ROG) has completed the transfer of oil and gas licences at the Innamincka Dome project from Beach Energy Ltd (ASX:BPT) after receiving ministerial consent from the South Australian Mining for Energy and Mining.

The company has started re-commissioning planning for the Innamincka Dome Project with a focus on resuming oil and gas production at the Flax field as soon as possible.

READ: Red Sky Energy completes share placement to raise $342,000 for project development

The project comprises six highly prospective Petroleum Retention Licences (PRLs) near the township of Innamincka in northeast South Australia.

The company’s interest in this portfolio is 100%-owned and operated stakes in:

  • PRL14 – Flax oil field, which was previously producing;
  • PRL17 – Yarrow gas field;
  • PRL18 – Juniper oil field;
  • PRL180;
  • PRL181; and
  • A 75% interest in PRL182 (remaining 25% being purchased from Bengal Energy Australia)

Quick facts: Red Sky Energy Limited

Price: 0.003 AUD

Market: ASX
Market Cap: $4.7 m

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