Mosman Oil and Gas Limited Strategic Alliance (0014B)
30 March 2017 - 7:04PM
UK Regulatory
TIDMMSMN
RNS Number : 0014B
Mosman Oil and Gas Limited
30 March 2017
30 March 2017
Mosman Oil and Gas Limited
("Mosman" or the "Company")
STRATEGIC ALLIANCE
Mosman Oil and Gas Limited (AIM:MSMN) the oil exploration and
development company, announces a strategic alliance (the "Strategic
Alliance") with Blackstone Oil & Gas, Inc. ("Blackstone") to
identify oil and gas opportunities in California, USA initially.
California has a significant history of oil and gas reserves and
production which continues to this day.
The Strategic Alliance is currently reviewing potential
acquisitions that would deliver reserves and offer short term
production, which have also been evaluated with regard to medium
term upside production potential. Mosman embarked on the Strategic
Alliance as it delivers opportunities that have been identified and
vetted by a team of experienced partners with local operational,
financial and asset expertise.
Blackstone Oil, established in 2007, was originally formed to
invest in California oil and gas opportunities, and has since
expanded to become a workout and turnaround specialist for
distressed oil and gas companies. Blackstone consults on, and
participates in, restructuring, financing, and asset acquisition.
Blackstone's considerable experience working with companies both
before and throughout the complex bankruptcy reorganization
process, coupled with management's experience in oil and gas and
natural resource infrastructure, operations, turnarounds, makes
Blackstone uniquely positioned to capitalise on local opportunities
to acquire distressed oil and gas assets with significant upside
potential that Mosman can elect to participate in.
Blackstone is now expanding its portfolio outside California by
seeking investment in, or acquiring, other oil and gas and energy
ventures into oil rich states throughout the United States,
including Texas. In support of this strategy, Blackstone has
established working relationships with top level petroleum
engineers, geologists, counsel and advisers, who have worked in oil
and gas production in California and/or Texas for the past 50
years, and have more than 200 years of collective experience, that
Blackstone can mobilize to review potential projects.
The Strategic Alliance is consistent with Mosman's stated
intention to seek and evaluate new oil and gas development
opportunities with reserves, production and cash flow. In parallel,
other potential project opportunities remain under review by Mosman
in both the US and internationally, some of which are at a
technical due diligence stage and remain under ongoing review.
The Board will provide further details if and when any
individual project opportunity from the Strategic Alliance or the
parallel process involving other potential projects progresses to
contract stage. Mosman anticipates that participation will be
funded from the Company's current liquid assets being cash or
investments. It is not possible to be more definitive at this time
due to negotiation and confidentiality requirements.
Participation in any acquisition or any new project opportunity
is not expected to affect previously announced exploration plans on
the Company's existing permits in Australia and New Zealand.
John W Barr, Chairman, said: "The Strategic Alliance to consider
the acquisition of reserves and production opportunities, initially
in California, enhances the Board's strategic objective to identify
opportunities which will provide operating cash flow and have
development upside, in conjunction with the current exploration
work on our existing exploration permits.
"In addition to our Strategic Alliance, a number of other
production projects in the US and internationally have also been
examined or continue to be evaluated and that wider search process
is ongoing.
"Our objective as a Board in the parallel search processes that
are ongoing is to balance the existing exploration portfolio which
has significant prospective resources by acquiring a production
asset with reserves, existing cash flow and near-term development
upside potential."
Enquiries:
Mosman Oil & Gas Limited NOMAD and Broker
John W Barr, Executive SP Angel Corporate Finance
Chairman LLP
Andy Carroll, Technical Stuart Gledhill / Richard
Director 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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