Friday 6 November 2020

Red Sky enters a conditional sale and purchase agreement to acquire Beach Energy’s interests in the

Killanoola oil project (“Killanoola”), comprising a 100% interest in PRL 13.

• The acquisition (which is subject to regulatory approvals) offers: a prime Penola trough address

 near term production options from well-maintained shut in well and infrastructure

strong outlook for significant reserves growth from non-producing areas and highly prospective tenement acreage

• Red Sky to undertake one for one non-renounceable rights issue to raise approximately $4 million

• Proceeds to underpin the re-development planning of the SA Killanoola Oilfield project which are to commence immediately.

Sales and Purchase Agreement (SPA)

Red Sky Energy Limited (“Red Sky” or “the Company”, ASX: ROG) is pleased to advise that it, through its wholly owned subsidiary Red Sky (Killanoola) Pty Ltd, has entered into a binding Sale and Purchase Agreement (SPA) with Beach Energy Ltd (“Beach”, ASX: BPT) subsidiary to acquire that subsidiary’s interest for South Australian Petroleum Retention Licence 13 (PRL-13) which contains the Killanoola oilfield. PRL-13 covers an area of 17.5 sq km and is located in southeastern South Australia close to the Jacaranda Ridge and Haselgrove Gas Fields and Katnook Gas Processing Facility in the Penola Trough of the onshore Otway Basin.