Monday 19 November 2018

Sacgasco Limited has secured an exclusive option to acquire 100% of the issued capital of RL Energy Pty Ltd. RL previously signed a Farm-in Agreement dated 2 May 2018 with Asset Energy Pty Ltd to earn a 60% Working Interest in Petroleum Exploration Permit PEP11 located in the offshore Sydney Basin by carrying Asset through defined Farm In Works. Asset Energy which is a wholly owned subsidiary of MEC Resources Ltd investee Advent Energy Ltd, presently holds 85% of PEP11 and is Operator of that title.

Sacgasco through the execution of this agreement agrees to fund RL in their endeavours to advance the Farm In Works for the highly prospective Sydney Basin, develop an agreed work programme as required under the Farm-in Agreement, and work with JV partners to explore the permit.

Under the plan, RL and Sacgasco will support the lodging of the Environment Permit for 3D seismic acquisition, with Sacgasco funding the estimated cost of $326,000 for the EP.

Full announcement here.