Rawson Oil and Gas has a 10% interest in the PRL 26 (Udacha) Joint Venture.
Production of wet gas from Udacha-1 commenced July 2016, providing a cash flow to the Company
Initial production from Udacha-1 is expected to stabilize at 1.0 MMscfd, increasing to 1.6 MMscfd once compression is available at Middleton in early 2017
The Lowry prospect, located within PRL 26, provides attractive upside to the licence, estimated at a mean un-risked resource volume of 7 Bcf raw gas
Subject to JV approval it is expected that the Lowry-1 well will be drilled in 2017
Several additional leads have been identified for further technical work which may result in future discoveries after drilling.
Rawson Resources earned its 10% interest in the Udacha field by contributing 20% to the cost of drilling of the Udacha-1 well. The Udacha discovery was later distinguished from PEL106 and PEL91 by establishing the Retention License (PRL 26). The Udacha-1 well was drilled in 2006 and discovered wet gas in the Patchawarra sands. The DST flow tested a gas-condensate discovery, and sustained a flow rate at 440,000 cubic feet per day with a condensate/gas ratio of 13 barrels per million cubic feet. An Extended Production Test (EPT) later achieved flow rates of 1.4 MMscf with a high skin factor, and indicated a 2P reserve of approximately 5 Bcf.