Mosman Oil and Gas Limited Sale of Strawn Production Facilities and Leases (8814D)
01 July 2019 - 4:00PM
UK Regulatory
TIDMMSMN
RNS Number : 8814D
Mosman Oil and Gas Limited
01 July 2019
1 July 2019
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Sale of Strawn Production Facilities and Leases
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development and production company, advises that it has today sold
its 50% interest in the Strawn Production Facilities and Lease
('Strawn') to Eagle Natural Resources LLC.
Strawn was 50% owned by Mosman and Mosman will cease to be the
operator.
Under the terms of the sale the consideration of USD 75,000
(approximately AUD $108,500) in cash has been received. The Company
expects to use the proceeds for general working capital
purposes.
In the Company's unaudited interim accounts to 31 December 2018
Mosman reported a net project loss from Strawn for the six month
period of AUD $7,096, and project assets as at 31 December 2018 of
AUD $158,632.
John W Barr, Chairman, said: "Strawn was a small but important
step towards the team implementing Mosman's business plan, as it
established Mosman as an Operator in USA and gave valuable
experience in operating mature oil fields. This led to the
acquisition and Operatorship of Welch, which has more development
potential.
"Now that we have even more production and development
opportunities, Strawn is no longer deemed a material asset and we
see more value in focussing our attention on our other
projects."
Competent Person's Statement
The information contained in this announcement has been reviewed
and approved by Andy Carroll, Technical Director for Mosman, who
has over 35 years of relevant experience in the oil industry. Mr.
Carroll is a member of the Society of Petroleum Engineers.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside
information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the release of this announcement.
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 / Soltan Tagiev
acarroll@mosmanoilandgas.com +44 (0) 20 3470 0470
Gable Communications Limited Joint Broker
Justine James / John Bick SVS Securities Plc
+44 (0) 20 7193 7463 Tom Curran / Ben Tadd
mosman@gablecommunications.com +44 (0) 203 700 0078
Updates on the Company's activities are regularly posted on its
website www.mosmanoilandgas.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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