Mosman Oil and Gas Limited Heads of Agreement for Helium offtake from EP 145 (2039G)
17 Luglio 2023 - 8:00AM
UK Regulatory
TIDMMSMN
RNS Number : 2039G
Mosman Oil and Gas Limited
17 July 2023
17 July 2023
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Heads of Agreement for Helium offtake from EP 145
Mosman Oil and Gas Limited (AIM: MSMN), the oil exploration,
development, and production company, following a communication from
the Company's Twitter account, provides the following
clarification. Mosman, on 27 April 2023, executed a non-binding
Heads of Agreement ("HOA") for potential Helium offtake from EP
145, its exploration block in the Amadeus Basin in central
Australia.
This HOA sets out a high level framework between Mosman, Beijing
Sinoscience Fullcyro Technology Co Ltd ("Fullcyro") and Beltway
Group ("Beltway"). Whilst it is not binding at this stage, it
establishes a formal relationship from which to plan and agree
future binding documents.
Under the HOA Mosman, Fullcyro and Beltway agree in principle
that:
1. Fullcyro and Beltway will purchase (from the wellhead) 80% of
the liquid Helium production from EP 145 ("the Offtake").
2. Fullcyro and Beltway will provide Mosman with the equipment
necessary for production of Helium.
3. Fullcyro and Beltway may assist with financial support, if
necessary for the project.
4. The parties anticipate later formal agreements for
Engineering, Procurement, Construction, Finance and offtake before
Mosman guides the project to production. The timetable for
progression or completion of formal agreements has not been
determined.
Before a more formal offtake agreement can be finalised, EP 145
requires further exploration, including seismic and drilling, and
then following a reserve estimate, production planning and a
decision to undertake a commercial development. No such commercial
development plans are in place at this stage and will be subject to
a number of material matters including successful exploration,
funding and regulatory approvals.
Mosman cautions that there can be no certainty that formal
agreements will develop from the HOA and notes that at this stage
there are many matters to agree including pricing, costs, the terms
of any financial support or other material matters which will form
the basis of any future formal agreements with Fullcyro and
Beltway.
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 acarroll@mosmanoilandgas.com / Adam Cowl
+44 (0) 20 3470 0470
Alma PR Joint Broker
Justine James / Pippa Crabtree CMC Markets UK Plc
+44 (0) 20 3405 0205 Douglas Crippen
+44 (0) 7525 324431 +44 (0) 020 3003 8632
mosman@almapr.co.uk
Information on Fullcyro and be found on its web page
http://www.fuhaicryo.com/en/plus/list.php?tid=1
Information on Beltway and be found on its web page
http://en.beltway.cn/
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END
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