Rawson Resources (ASX:RAW) has signed an MOU with an ASX Listed...

Rawson Resources (ASX:RAW) has signed an MOU with an ASX Listed company to give exclusivity to consider farming in to the Killanoola oil field in the Otway Basin, South Australia.

The company holds a balanced portfolio of exploration, appraisal and production assets in Australia and the South East Asia region, and the agreement allows the company to conduct technical studies during the exclusivity period.

The Killanoola Oil Field is located approximately 25 kilometres northwest of the Katnook Gas Fields.

The field was discovered in 1998 by the Killanoola-1 well.

A second well, Killanoola SE-1 was drilled in 2011 to test a separate fault block along strike and down dip from the discovery well, and also recovered oil.

The licence also includes an additional untested fault closure south east of Killanoola-1 DW-1, providing exploration upside potential.

The Killanoola Oil Field compliments Rawson’s exploration position in the Otway Basin, where it currently operates two exploration licences; PEL154 and PEL155.

Earlier this year, Rawson acquired a licence that hosts the Killanoola Oil Field, from Adelaide Energy for $600,000. The acquisition included the existing 1,000 barrel storage tank, rod pump and down-hole rod string.
 
The company is lightly capitalised at $2.5 million and holds around half that in cash.