Mosman Oil and Gas Limited Exploration Permit Application 155 Update (3428R)
26 Ottobre 2023 - 8:00AM
UK Regulatory
TIDMMSMN
RNS Number : 3428R
Mosman Oil and Gas Limited
26 October 2023
26 October 2023
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Exploration Permit Application 155 Update
Mosman Oil and Gas Limited (AIM:MSMN) the hydrocarbon, helium
and hydrogen exploration, development and production company,
advises the Central Land Council ("CLC") has agreed to extend the
negotiating period in respect of the Company's EPA 155 permit
application until October 2024.
Mosman owns one granted permit (EP 145) and one application (EPA
155) in the Amadeus Basin in the Northern Territory of
Australia.
With respect to EPA 155, Mosman has entered in to a Farmout
Agreement with an Australian company (the "Farminee") Westmarket
Oil & Gas Pty Ltd a wholly owned subsidiary of unlisted public
company Georgina Energy Plc, a helium focused business with various
assets in Australia.
The Farminee is responsible for Native Title negotiations
required for the permit to be granted. Westmarket has advised the
Company that the CLC is organising the required on-land meeting for
early in 2024.
The Farminee will also undertake technical work including a
Gravity and a Seismic Survey in accordance with the permit work
programme, and thereby earn a 75% working interest and become
operator of the permit. Mosman will retain a 25% working interest
in the permit. On drilling of an exploration well, the Farminee may
earn an additional 15% working interest by carrying Mosman through
the cost of the well. In this scenario Mosman would retain a 10%
working interest in the permit. In addition to the forward work
programme obligations set out above, Mosman received A$15,000 from
the Farminee in consideration for past costs and will receive a
further A$15,000 following completion of the required seismic
re-processing work. There are various circumstances that may allow
either party to terminate this Farmout Agreement.
EP(A)155 Mount Winter
Located in the Northern Amadeus Basin between the producing
Surprise Oil Field and Mereenie Oil and Gas Field EP(A)155 has
significant prospectivity for helium, natural hydrogen and
hydrocarbons.
EP(A)155 lies within the highly prospective Horn Valley
Siltstone fairway with proven hydrocarbon potential as demonstrated
by historical wells, Mt Winter-1 & 1A. Exploration data
comprises a sparse 2D seismic grid and 2 wells.
Mt Winter-1 was drilled to a depth of 2,650m reaching TD in the
Proterozoic Gillen Fm, above the helium and hydrogen prospective
targets. Hydrocarbons were encountered in 2 intervals, the
Ordovician Stairway Sandstone (reservoir at Surprise Field) and
Proterozoic Jonny's Creek Beds (reservoir at Ooaramina discovery,
northeastern Amadeus Basin). The well was drilled off structure due
to the limited seismic data available, and re-interpretation of the
available data suggests valid targets at multiple depths down to
and including basement.
Andy Carroll, CEO, commented : "We are encouraged that the
negotiation period has been extended to enable the grant of the
Exploration Permit at no cost to Mosman."
Enquiries:
Mosman Oil & Gas Limited NOMAD and Joint Broker
Andy Carroll, CEO acarroll@mosmanoilandgas.com SP Angel Corporate Finance LLP
Stuart Gledhill / Richard Hail / Adam
Cowl
+44 (0) 20 3470 0470
Alma Joint Broker
Justine James CMC Markets UK Plc
+44 (0) 20 3405 0205 Douglas Crippen
+44 (0) 7525 324431 +44 (0) 020 3003 8632
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
MSCPPGUAUUPWUPQ
(END) Dow Jones Newswires
October 26, 2023 02:00 ET (06:00 GMT)
Grafico Azioni Mosman Oil And Gas (LSE:MSMN)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Mosman Oil And Gas (LSE:MSMN)
Storico
Da Apr 2023 a Apr 2024