Mosman Oil and Gas Limited Farmout of Amadeus permit EPA 155 (4569M)
May 11 2020 - 2:34AM
UK Regulatory
TIDMMSMN
RNS Number : 4569M
Mosman Oil and Gas Limited
11 May 2020
11 May 2020
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Farmout of Amadeus permit EPA 155
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development and production company, is pleased to announce that it
has agreed the terms of a farmout of the EP 155 permit application
in Australia.
Mosman owns one granted permit (EP 145) and one application (EPA
155) in the Amadeus Basin in the Northern Territory of
Australia.
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 will be responsible for Native Title negotiations required
for the permit to be granted.
The Farminee will also undertake technical work in accordance
with the permit work programme, and thereby earn a 70% working
interest and become operator of the permit. Mosman will retain a
30% working interest in the permit. At the time of drilling of a
well, the Farminee may elect to carry Mosman through the cost of
the well and in that case would earn a further 15% working
interest, in this scenario Mosman would retain a 15% working
interest in the permit.
In addition to the forward work programme obligations set out
above, Mosman will receive an immediate contribution of A$15,000
from the Farminee in consideration for past costs and a further
A$15,000 following completion of the required seismic re-processing
work.
Mosman retains its 100% interest in the EP 145 permit in the
Amadeus Basin.
John W Barr, Chairman, said : "We are pleased to have concluded
the farmout on EPA 155 so that the project can be progressed at no
cost to Mosman. The Farminee interest is an endorsement of the
potential of the permit area for both hydrocarbons and helium."
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. Mr.
Carroll is a member of the Society of Petroleum Engineers.
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 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 ETX Capital
+44 (0) 20 3405 0205 Tom Curran
+44 (0) 7525 324431 +44 (0) 20 7392 1432
mosman@almapr.co.uk
Updates on the Company's activities are regularly posted on its
website www.mosmanoilandgas.com
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.
END
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