Mosman Oil and Gas reaches farm-in agreement for Australian asset
October 17, 2023 at 03:23 am EDT
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Mosman Oil & Gas (AIM:MSMN) CEO Andy Carroll speaks to Thomas Warner from Proactive London after the exploration, development, and production company announced a new farm-in agreement for its EP 145 asset in the Northern Territories of Australia.
Carroll starts by giving an overview of the partnership that's been agreed with Greenvale Gold Pty Ltd, a wholly owned subsidiary of Greenvale Energy Ltd (ASX:GRV), to fund seismic and drilling at the property.
He explains that instead of pursuing a spin-off IPO, Mosman chose the farm-in agreement due to challenging market conditions and the desire to avoid IPO costs. This strategic move allows the company to secure upfront cash and certainty for their exploration program. Carroll expressed enthusiasm for Greenvale's involvement, noting that their chairman, Neil Biddle, has a successful track record in the lithium industry. Biddle's experience and access to capital make him a valuable partner as they venture into the helium and hydrogen sector.
Mosman continues to focus on optimising production and revenue from its existing assets in the USA, ensuring a positive cash flow. With a new board member on board and plans to explore further opportunities, he believes Mosman Oil & Gas Ltd is poised for continued success in the energy sector.
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Proactive UK Ltd
+44 20 7989 0813
uk@proactiveinvestors.com
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Mosman Oil and Gas Limited is an Australia-based oil exploration, development and production company. The Company is engaged in operating its projects in the United States and Australia. The Company has seven projects in the United States: Stanley, Greater Stanley, Livingston, Winters, Cinnabar, and Arkoma. The Company also has active projects in the United States in addition to exploration projects in the Amadeus Basin in Central Australia. The Livingston Leases comprise two leases covering approximately 214 acres. The leases contain surface processing facilities and are adjacent and overlay the existing Stanley Project. Arkoma Stacked Pay Project, located in Okfuskee County, Oklahoma. Greater Stanley project comprises of two leases, namely Duff and Kimes. The Duff Lease has two wells (Duff 1 & 2). Its subsidiaries include Mosman Oil USA, Inc, Mosman Texas, LLC, Mosman Operating, LLC, OilCo Pty Ltd and Trident Energy Pty Ltd.