ASX ANNOUNCEMENT 18 January 2022 Santos Farm Out Terms Santos to earn an 80% interest and operatorship (ROG: 20%) in Red Sky’s onshore Cooper Basin retention licences PRL 14, 17, 18, 180, 181 and 182, collectively known as the Innamincka Dome Projects. The terms provide for Santos to: • Fund 100% of 50km2 of 3D seismic over the existing Yarrow gas field in PRL 17, up to a maximum cost of A$1.0 million. • Fund 100% of an appraisal well in the Yarrow gas field in PRL 17 up to a maximum gross cost of A$3.0 million. • Fund 100% of a horizontal appraisal well in the Flax oil and gas field in PRL 14, up to a maximum gross cost of A$5 million. • Subject to satisfactory appraisal outcomes, initially fund 100% of any approved development of the fields, with Santos to be repaid for Red Sky’s share of such development expenditure out of Red Sky’s share of production.
ROG Price at posting:
0.6¢ Sentiment: None Disclosure: Not Held
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