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Red Sky Energy Limited ( (AU:ROG) ) just unveiled an update.
Red Sky Energy Limited has received final approval from the South Australian Department for Energy and Mining to construct the KN2 well site at the Killanoola Oil Project. This development is part of a Farmin Agreement with Condor Energy Services, Chawla Group, and VB Energy, which funds 75% of the drilling costs for a 45% interest in the well. The KN2 well targets a previously undrilled structural high, identified through Red Sky’s proprietary 3D seismic survey, and aims to boost production and cash flow. The project is expected to enhance Red Sky’s operational efficiency and market positioning, with construction set to begin immediately and completion anticipated within two weeks.
More about Red Sky Energy Limited
Red Sky Energy Limited is an energy company focused on oil exploration and production. The company operates primarily in the Penola Trough region of South Australia, with a significant focus on the Killanoola Oil Project. Red Sky Energy leverages advanced seismic technology to enhance its exploration and production capabilities.
Technical Sentiment Signal: Sell
Current Market Cap: A$16.27M
For detailed information about ROG stock, go to TipRanks’ Stock Analysis page.