Mosman Oil and Gas Limited Acquisition of Additional Acreage (6035X)
27 April 2023 - 4:00PM
UK Regulatory
TIDMMSMN
RNS Number : 6035X
Mosman Oil and Gas Limited
27 April 2023
27 April 2023
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Acquisition of Additional Acreage
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development, and production company, advises that it has secured a
new lease adjacent to the Cinnabar lease in Texas, USA. Mosman is
the Operator and Mosman will have a 78% working interest.
Acquisition
When Mosman acquired the Cinnabar lease it undertook a detailed
review, including the acquisition and interpretation of 3D seismic
data.
The technical work identified the potential for the field to
extend beyond the circa 350 acre Cinnabar lease. Mosman applied to
BPX Energy ("BPX") to lease 120 acres of available acreage adjacent
to the Cinnabar lease and BPX have now agreed to lease this area to
Mosman et al.
The principal terms of the lease are:
1. Payment of USD 36,000 (AUD 54,000)
2. Initial term of eighteen months that may be extended by the
drilling and production of a well. Whilst there is production, the
lease would be "Held by Production"
3. A Royalty of 25% of gross production (which is standard in
this part of Texas)
Mosman's technical work has identified a preferred drilling
location within the new lease. The drilling of a well on this lease
is now the focus of attention for Mosman and the Joint Venture
parties. Further details of timing, location and costings will be
announced in due course. Funding of the well will be considered as
part of the current Corporate Review that is underway.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this information is now considered to
be in the public domain.
Enquiries:
Mosman Oil & Gas Limited John NOMAD and Broker
W Barr, Executive Chairman SP Angel Corporate Finance LLP
Andy Carroll, Technical Director Stuart Gledhill / Richard Hail /
jwbarr@mosmanoilandgas.com Adam Cowl
acarroll@mosmanoilandgas.com +44 (0) 20 3470 0470
Alma PR
Justine James / Pippa Crabtree
+44 (0) 20 3405 0205
+44 (0) 7525 324431
mosman@almapr.co.uk
Updates on the Company's activities are regularly posted on its
website:
www.mosmanoilandgas.com
Notes to editors
Mosman (AIM: MSMN) is an oil exploration, development, and
production company with projects in the US and Australia. Mosman's
strategic objectives remain consistent: to identify opportunities
which will provide operating cash flow and have development upside,
in conjunction with progressing exploration of its existing
exploration permit and permit application. The Company has several
projects in the US. In addition to exploration projects in the
Amadeus Basin in Central Australia.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEAKLKALPDEFA
(END) Dow Jones Newswires
April 27, 2023 02:00 ET (06:00 GMT)
Mosman Oil And Gas (LSE:MSMN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mosman Oil And Gas (LSE:MSMN)
Historical Stock Chart
From Apr 2023 to Apr 2024