Rawson: Otway Energy makes PACE grant application
Rawson Oil and Gas has advised that Otway Energy, a 100% subsidiary of Rawson and Vintage Energy, has made an application for a Plan for Accelerating Exploration (PACE) gas grant.
Rawson had previously advised that Vintage will earn a 25% equity interest in PEL 155 in the South Australian Otway Basin upon government approval of the transfer and the payment of $100,000.
“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,” Rawson stated.
“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.”
Rawson stated that if the application is successful, the grant will be applied to the drilling of a gas exploration well in the north-western sector of PEL 155.