Rawson Oil and Gas said the company has sold its 10% participating interest in the Udacha block, located in the Cooper basin of South Australia, to Beach Energy for AU$500,000.
Proceeds from the sale of the block in PRL 26 will be invested in the firm’s prospective Otway basin and Papua New Guinea exploration permits.
Rawson earned its 10% interest in the Udacha field by contributing 20% to the cost of drilling the Udacha-1 well. The well was drilled in 2006 and discovered wet gas in the Patchawarra sands.
A drill stem test flow tested a gas-condensate discovery and sustained a flow rate at 440,000 m3/d with a condensate-gas ratio of 13 barrels per million cubic feet. An extended production test later achieved flow rates of 1.4 MMscf with a high skin factor and indicated a 2P reserve of approximately 5 Bcf.
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