Red Sky's dawn breaks over the Cooper

BEACH Energy has spun off the Innamincka dome oil and gas project to Red Sky Energy which comprises a 100% interest in five petroleum resource licenses and a 75% interest in one more in the Cooper Basin, South Australia. 

Red Sky's dawn breaks over the Cooper Red Sky's dawn breaks over the Cooper Red Sky's dawn breaks over the Cooper Red Sky's dawn breaks over the Cooper Red Sky's dawn breaks over the Cooper

Red Sky's dawn breaks over the Cooper

Red Sky attributes the opportunity to the current round of M&A across the energy sector.  
 
The leases were all associated with Innamincka Petroleum, which once described Flax as being potentially the largest oil field in the basin, before geology appears to have proved it wrong: PRL14, the previously producing Flax oil field; PRL17, the Yarrow gas field; PRL18, the Juniper gas field; PRL180 and PRL181,as well as a 75% interest in PRL182, with Bengal Energy holding the rest. 
 
The purchase will also take in all associated infrastructure and camp facilities which Red Sky characterises as modern and in excellent condition given the project was only shuttered in 2015 thanks to the oil price slide.