Red Sky prepares to close Innamincka Dome purchase

Australia

MELBOURNE, October 24, 2018 – Red Sky Energy has struck a deal that would see it assume full control of the Innamincka Dome oil and gas project in South Australia, the company announced on Wednesday.

Red Sky will purchase Bengal Energy’s 25% stake in PRL 182, one of six permits that make up the project, completing its acquisition of 100% interest in all six, the company statement added.

“Only nominal consideration of AUD 1 [USD 0.71] is payable by Red Sky for the licence to be acquired,” Red Sky said. “However, Red Sky will be responsible for discharging all obligations arising in respect of the assets purchased […] including all liabilities relating to the decommissioning, abandonment, rehabilitation, remediation or restoration of those assets.”