Red Sky plots acquisition of Beach Energy project

Red Sky has entered into a conditional sale and purchase agreement to acquire Beach Energy’s interests in the Innamincka Dome oil and gas project.

The company will also receive a 75 per cent interest in another PRL which is held in joint venture with Bengal Energy.

Located in the Cooper Basin in South Australia, the Innamincka Dome Project has been closed since 2015 due to a downturn in the market.

Red Sky CEO and Managing Director Andrew Knox said the company would begin planning to resume oil and gas production immediately.

“It fits our strategy of acquiring near term producing assets with proven perspectivity and delivers a strong position with clear optionality in the heart of Australia’s well renowned onshore Cooper Basin,” he said.

“The current round of mergers and acquisitions activity in the Australian oil and gas sector has created this spending opportunity for us.”

For more information visit the Red Sky Energy website.

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