TIDMMSMN
RNS Number : 4731M
Mosman Oil and Gas Limited
13 October 2016
13 October 2016
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Operations Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration and
development company, announces an update in respect to current
operations and investments.
Exploration Projects
Exploration work continues on existing permits within the
restricted expenditure constraints which were implemented following
the budget review earlier this year.
In New Zealand, the LIDAR survey was flown over the Murchison
Permit and the data set has been received. Interpretation of the
data is now underway and that process will take some weeks.
In Australia, on the Amadeus Basin permits:
1. In EP 156, the previously announced airborne survey contract
has been recently approved by all authorities and is scheduled to
occur in Q4 of the calendar year 2016.
2. In EP 145 the next phase on field work was scheduled for Q4
of calendar year 2016. Final approval was received today and the
work will now commence shortly.
3. In EPA 155, discussions were continuing with Central Land
Council (CLC) regarding an on-site meeting to discuss land access,
however very recently the key CLC staff member has resigned and no
progress is now expected until calendar year 2017.
New Projects
As reported previously Mosman has been seeking suitable
opportunities in order to enhance shareholder value. This search
has been targeted at projects within the Oil and Gas Sector and
also opportunities in the broader resources arena, which play to
the strengths of the Board. The primary focus has been on
opportunities that would provide cash flow as well as development
upside. With current prevailing market conditions in the oil and
gas sector, several opportunities have been evaluated and as is
usual some did not meet requirements, and in other cases the
commercial aspects could not be agreed.
Undertaking due diligence and negotiating acquisitions is a
necessary but time consuming process and we thank our shareholders
for their continued patience.
A select number of potential opportunities remain under review
and at various stages of due diligence. The board looks forward to
providing further details as and when these more advanced
opportunities progress to contract stage. It is not possible to be
more definitive at this time due to deal uncertainties and
confidentiality requirements.
Investments
Gem International Resources Inc. (TSX.V GI) (Gem)
As announced in May 2016, Mosman acquired eight million shares
and eight million two year 15 cent (CAN) options in GEM at a price
of 5 (CAN) cents.
Gem recently advised that it intends to carry out a private
placement raising $3,000,000 by the sale of up to 30,000,000 units
at a price of 10 (CAN) cents per share. Each share will have
attached one non-transferable share purchase warrant for the
purchase of one further share within two years of the date of grant
at the price of 20 (CAN) cents per share.
The funds shall be used for the Gem's working capital, the
preparation of documents for regulatory approval of the Company's
option agreement pertaining to the Dala diamond exploration project
in Angola, as previously announced, and business operations of the
Company.
GEM's website can be found at: http://gemdiamondmining.com
Hemisphere Energy Corporation (TSX.V HME) (Hemisphere) [there is
no update here]
As announced in July 2016, Mosman acquired two million shares in
Hemisphere, at a price of 19 (CAD) cents a share. Hemisphere is an
existing oil producer with assets in south east Alberta,
Canada.
Hemisphere's website can be found at:
www.hemisphereenergy.ca
Enquiries
Mosman Oil & Gas Limited NOMAD and Broker
John W Barr, Executive Chairman SP Angel Corporate Finance LLP
Andy Carroll, Technical Director Stuart Gledhill / Richard Hail
jwbarr@mosmanoilandgas.com +44 (0) 20 3470 0470
acarroll@mosmanoilandgas.com
Gable Communications Limited
Justine James / John Bick
+44 (0) 20 7193 7463
mosman@gablecommunications.com
Updates on the Company's activities are regularly posted on its
website
www.mosmanoilandgas.com
About Mosman
Mosman (AIM: MSMN) is an Australia and New Zealand focused oil
exploration and development company with a strategy to build a
sustainable oil and gas business by acquisition and organic growth.
Current exploration projects include the following permits which
are 100% owned;
Petroleum Creek Permit, New Zealand
The permit is a 143 sq. km project located near Greymouth on the
South Island in the southern extension of the proven Taranaki oil
system.
Taramakau Permit, New Zealand
The permit (990 sq. km onshore) surrounds the Petroleum Creek
Permit and shares similar geological characteristics and shares
similar prospective play types.
Murchison Permit, New Zealand
The permit (517 sq. km onshore) located approximately 100
kilometres north of Petroleum Creek has a 13 TCF contingent
resource identified.
Amadeus Basin Projects, Australia
Mosman owns two granted permits and one application in Central
Australia which total of 5,458 sq. km. The Amadeus Basin is
considered one of the most prospective onshore areas in the
Northern Territory of Australia for both conventional and
unconventional oil and gas, and hosts the producing Mereenie, Palm
Valley and Surprise fields.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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