TIDMMSMN
RNS Number : 9987D
Mosman Oil and Gas Limited
02 July 2021
2 July 2021
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Update on Nadsoil Acquisition and EP-145
Warrant Exercise
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development, and production company, announces an update on: the
acquisition of Nadsoilco LLC ("Nadsoil") and completion of a gas
seep study at EP-145 in the Amadeus Basin. In addition, the Company
has received notification of the exercise of warrants.
Nadsoil acquisition
In accordance with the contract, the acquisition of all the
issued shares in Nadsoil was completed yesterday (1 July 2021), and
the initial consideration was paid.
Mosman will now focus on the matters referred to in the recent
announcement, including assuming management control of Nadsoil,
operatorship of project areas and leases, continuing with the
planning to drill the Winters 1 well, and the Stanley 5 well, and
completing workovers. The objective being to increase production
and thus cashflow.
Exploration in central Australia remains a priority with the
gravity survey set to start once a current COVID 19 lockdown
expires.
Funding
After payment of the Nadsoil initial consideration and the
recent exercise of warrants (including those referred to in this
announcement), Mosman now has approximately AUD 2.450 million in
cash to pursue its objectives, as outlined above.
In the last year, the exercise of the warrants that were due to
expire in July 2021 has raised over AUD 1.180million. These funds
were an important consideration in proceeding with the Nadsoil
Acquisition and establishing the forward planning.
Satellite gas seep study completed over permit EP-145, Amadeus
Basin
Mosman has completed a gas seep study using satellite data over
EP-145 and the surrounding area, in the Amadeus Basin, Northern
Territory of Australia. Wells drilled in the Amadeus Basin have
recorded significant levels of Helium.
The gas seep study, undertaken by Dirt Petroleum, a satellite
image processing company, provides high resolution data regarding
the likely presence and distribution of Helium gas within the lower
atmosphere directly above ground level. It is a useful tool for
detecting gas seeping to the surface via natural fractures and via
leaks from wells and pipelines.
The study supported the presence of Helium gas around the
Mereenie oil and gas field where economically significant levels of
Helium (av 0.23%) have been recorded in gas samples and documented
in relevant literature (Boreham et al. 2018). Similar anomalies
were observed in Mosman's EP145 license, close to the Tent Hill-1
exploration well that is located at the eastern extent of the West
Walker anticline, in the centre of the permit, and along the
eastern permit boundary. This new data set supports the likely
presence of helium and may be due to higher levels of Helium gas in
the deeper presalt targets where Helium is sourced from Proterozoic
crustal rocks and the mantle.
The Company intends to undertake further interpretation work in
order to tie this data to the prospects mapped on existing 2D
seismic and the Falcon gravity gradiometry survey which will be
acquired later this month once a current COVID 19 lockdown
expires.
Warrant Exercise
Mosman has received funds and notification to exercise warrants
over a total of 77,375,000 new Ordinary Shares of no par value in
the share capital of the Company (the 'Warrant Shares') at a price
of 0.15 pence per share.
The funds from the exercise of the warrants of circa AUD 214,000
will be added to Mosman's existing cash reserves and is included in
the cash position outlined above.
Total Voting Rights
Application will be made to the London Stock Exchange plc for
77,375,000 new Ordinary Shares to be admitted to trading on the AIM
market ("Admission") with Admission expected to occur on or around
8 July 2021. The new Ordinary Shares will rank pari passu in all
respects with the existing Ordinary Shares including the right to
receive any dividend or other distribution thereafter declared,
made or paid. There are no Ordinary Shares held in treasury.
Following Admission of the 77,375,000 new Ordinary Shares the total
number of voting rights in the Company will be 3,845,138,052.
Consequently, the above figure may be used by shareholders in
the Company as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change in their interest in, the share capital of the Company
under the Company's Constitution.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute
inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014 ('MAR') which has been incorporated
into UK law by the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement via Regulatory Information Service
('RIS'), this inside is now considered to be in the public
domain.
Enquiries:
Mosman Oil & Gas Limited John NOMAD and Broker
W Barr, Executive Chairman SP Angel Corporate Finance LLP
Andy Carroll, Technical Director Stuart Gledhill / Richard Hail /
jwbarr@mosmanoilandgas.com Adam Cowl
acarroll@mosmanoilandgas.com +44 (0) 20 3470 0470
Alma PR Joint Broker
Justine James / Joe Pederzolli Monecor (London) Ltd trading as ETX
+44 (0) 20 3405 0205 Capital Thomas Smith
+44 (0) 7525 324431 020 7392 1432
mosman@almapr.co.uk
Updates on the Company's activities are regularly posted on its
website:
www.mosmanoilandgas.com
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END
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