RCMA Australia Pty Ltd – Purchase of Interest in Jingemia L14 JV
PERTH, WESTERN AUSTRALIA
26 Sep 2018
In June 2018, RCMA Australia Pty Ltd (‘RCMA Australia’) signed a sale and purchase agreement with JV partner Cyclone Energy Pty Ltd (‘Cyclone’) for the purchase of Cyclone’s 33.722% interest in the JV. The transaction was completed on 19 September 2018. Legal and beneficial ownership was deemed to have passed to RCMA Australia as of 1 June 2018, subject to final regulatory approval and the execution of certain deeds of assignment. RCMA Australia now holds a 93.722% interest in the Title together with Norwest Energy NL (6.278%).
RCMA Australia took operatorship of the Field on 10 May 2018 and the Field achieved first oil again on 17 December 2017 after 5 years of care and maintenance. The Field produces excellent quality light oil from a Dongara sandstone reservoir, and a sales contract is in place with BP’s Kwinana refinery. The Jingemia production facilities have capacity to produce and process oil from the L14 license and from surrounding license areas and producers.
The RCMA Group is an international trading house active in the cotton, sugar, coffee, and energy markets. RCMA Australia represents the RCMA Group’s interests in the Australian energy market.