Red Sky Buys 100% of South Australia Licence

Australian Red Sky Energy October 24 said it has entered into a conditional sale and purchase agreement with Bengal Energy to acquire latter’s 25% interest in a prospecting licence in the Innamincka Dome Project in the Cooper Basin, South Australia.

The agreement was signed by Red Sky’s wholly-owned subsidiary Red Sky (NT) and Bengal’s Australian subsidiary Bengal Energy (Australia).

The Innamincka Dome Project comprises a portfolio of six oil and gas permits near the township of Innamincka in northeast South Australia. Red Sky executed an agreement to acquire an operating interest in these permits with Acer Energy, a Beach Energy subsidiary in July 2018, which remains conditional. With the execution of its agreement with Bengal Energy, Red Sky has now entered into conditional agreements to acquire a 100% stake in all six permits, it said.

Red Sky Energy is based in Melbourne and listed on the Australian Securities Exchange. Its assets include 100% working interest in the Gold Nugget gas production in Wyoming, USA. The company said it is active in seeking to acquire near field development assets onshore and offshore Australasia and South East Asia.