Rawson Resources Ltd has entered into a Share Purchase Agreement ('SPA') to increase its interest in Otway Energy ('Otway') to 100%.
Rawson currently holds 37.5% in Otway and Hardie Energy Pty Ltd holds the remaining 62.5% interest. Otway currently operates two exploration permits in the Otway Basin in South Australia; PEL154 and PEL155.
The Otway Basin in South Australia has recently seen an upsurge in exploration activity which is set to continue in 2014. The Otway permits are prospective for both conventional and unconventional exploration. Our recent re-evaluation of existing seismic has confirmed three conventional prospects and identified several new conventional leads. The prospects are defined on 3D seismic and are near drill-ready.