RAWSON OIL AND GAS LTD 
By
17 January 2014
ASX Market Announcements
Electronic Lodgements
For immediate release
ABN 69 082 752 985
GPO Box 3374 Sydney NSW 2001 Acquisition of Remaining Shares in Otway Energy
Rawson Resources Ltd ("Rawson") is pleased to advise that it has today entered into a
Share Purchase Agreement ("SPA") to increase its interest in Otway Energy ("Otway") to
100%.
Rawson currently holds 37.5% in Otway and Hardie Energy Pty Ltd holds the remaining
62.5% interest. Otway currently operates two exploration permits in the Otway Basin in
South Australia; PEL154 and PEL155.
The Otway Basin in South Australia has recently seen an upsurge in exploration activity
which is set to continue in 2014. The Otway permits are prospective for both conventional and unconventional exploration. Our recent re-evaluation of existing seismic has confirmed three conventional prospects and identified several new conventional leads. The prospects are defined on 3D seismic and are near drill-ready.
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Rawson intends to drill the Nangwarry prospect in 2014. The Nangwarry-1 well will target the same reservoirs which have produced gas in the nearby Katnook, Ladbroke Grove and Hasselgrove gas fields and is on trend to the Glenaire-1 discovery in Victoria.
The permits are well located over depositional troughs for unconventional shale gas exploration. Recently, the Casterton Shale was assessed in the neighbouring PEL495 permit with the Sawpit-2 well. Results from core analysis suggest that the shale is generating hydrocarbons and the operators of the block are continuing their unconventional exploration program in the basin.
Rawson will increase its interest in Otway Energy to 100% for the consideration of $2.0
million and a royalty on future production. The details of the production royalty are being finalised.
Rawson will pay a non-refundable $0.1 million deposit on signing the SPA with $1.9 million due on completion. The SPA includes standard representations and warranties for each party.
This transaction will remain conditional on Rawson shareholder approval. Rawson have engaged an Independent Expert to report on the fairness and reasonableness of the transaction. Subject to a favourable report from the Independent Expert the board of Rawson will be recommending that shareholders approve this transaction at a subsequent Extraordinary General Meeting.
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Simon Bird, Chairman of Rawson Resources Ltd, said:
"The board is excited about the acquisition of 100% of Otway Energy because it provides Rawson with control over assets that can be rapidly brought into production. The close proximity of the Nangwarry prospect to existing underutilised infrastructure makes this acquisition particularly attractive."
"This transaction fits well with our strategy and we continue to assess other opportunities in the region."
For further information: Dr Scott Brownlaw
Managing Director
Rawson Resources Limited
(02) 8249 8370
Background: Rawson currently holds exploration licenses in the Cooper basins, and in the Pedirka, Otway and Taranaki basins through holdings in Central Petroleum Limited, Otway Energy Limited and Kea Petroleum Limited respectively. The company is participating in a joint venture with experienced operators Beach Energy.
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