Mosman Oil and Gas Limited Sale of Welch Project (4593N)
20 Maggio 2020 - 08:00AM
UK Regulatory
TIDMMSMN
RNS Number : 4593N
Mosman Oil and Gas Limited
20 May 2020
20 May 2020
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Sale of Welch Project
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development and production company, announces it has agreed the
sale of the Welch Project in Texas for US$300,000.
Sale of Welch Oil Field
Mosman has today entered into a Contract for the sale of Welch
with the US based Eagle Natural Resources LLC for US$300,000
(cA$460,000).
A deposit of US$30,000 has been received, and the sale will be
effective on receipt of the balance of the funds which is expected
to take place within 30 days.
Whilst the Welch oil field is producing and has development
potential, the ranking of projects in the Strategic Review
identified better growth assets at Stanley and Greater Stanley. The
capital from the sale of Welch will facilitate investment in these
growth areas, as well as providing working capital at a time when
cash flow is adversely affected by the low oil price.
The gross profit from operations at Welch project for the six
months ending 31 December 2019 was A$264,619. In the 30 June 2019
Financial year Welch recorded a Gross Profit of A$166,229
and the carrying value of Welch at 31 December 2019 was
A$500,000.
John W Barr, Chairman of Mosman commented : "The intention to
sell Welch was first announced in February, and the Mosman Board is
pleased to have secured a buyer, notwithstanding ongoing global
events.
"Completing the sale of Welch remains an important milestone for
Mosman in the current climate and the funds will increase Mosman's
cash position to almost A$700,000 and thus enable further
development at Stanley and Greater Stanley where we see strong
development potential.
"The Board remains determined to deliver value to
shareholders."
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.
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 Joint 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
Alma PR Joint Broker
Justine James Monecor (London) Ltd trading as
+44 (0) 20 3405 0205 ETX Capital
+44 (0) 7525 324431 Thomas Smith
mosman@almapr.co.uk +44 (0) 20 7392 1432
Updates on the Company's activities are regularly posted on its
website: www.mosmanoilandgas.com
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END
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