Red Sky Energy Secures Funding for KN2 Drilling at Killanoola

Red Sky Energy Limited ( (AU:ROG) ) has shared an announcement.

Red Sky Energy Limited has entered into a Farmin Agreement with Condor Energy and partners to fund the drilling of the KN2 well at the Killanoola Oil Project. This agreement allows the farminees to earn a 45% interest in the KN2 well by covering 75% of the drilling costs, while Red Sky retains a 55% interest and full control over the rest of the license. The KN2 well aims to tap into a new zone identified by recent 3D seismic data, potentially increasing production and cash flow. The collaboration is expected to enhance Red Sky’s operational capabilities and market positioning, with drilling anticipated to commence shortly, marking a significant milestone for the company’s growth strategy.

More about Red Sky Energy Limited

Red Sky Energy Limited operates in the energy sector, focusing on oil exploration and production. The company is engaged in developing the Killanoola Oil Project, located in South Australia’s Penola Trough, leveraging advanced seismic technology to enhance oil recovery.

Technical Sentiment Signal: Sell

Current Market Cap: A$27.11M

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