TIDMMSMN
RNS Number : 2227S
Mosman Oil and Gas Limited
12 November 2021
12 November 2021
Mosman Oil and Gas Limited
("Mosman" or the "Company")
EP 145 Update
Encouraging results from the first gravity survey and integrated
technical
report to cover the whole permit
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development, and production company, announces an update on the EP
145 exploration permit in NT, Australia.
Mosman continues to progress the exploration of this 100% owned
permit which has potential for Hydrocarbons, Helium and Hydrogen.
Following the recent airborne gravity survey over the entire
permit, Mosman undertook a detailed SEEBASE (R) interpretation
project with Geognostics Australia Pty Ltd ("Geognostics"),
independent geological experts, who recently re-evaluated the
basement geology across the whole Northern Territory for NT
Geoscience.
The project undertaken by Geognostics for Mosman, and its
resulting report dated October 2021 ("Amadeus Basin, EP145 SEEBASE
Update"), has integrated gravity, magnetic, seismic and well data
to produce a high-resolution geological model across the entire
permit. This report has now been officially received and has
significantly improved the understanding of the deep structural
elements, particularly in areas not currently covered by seismic;
"higher definition in the geometry, depth and structure of the
Walker Creek Anticline and region surrounding EP145".
The modelling presented in the Geognostics report provides
detailed definition of the basement structure and topography where
Hydrocarbons, Helium and Hydrogen are proposed to be trapped. It
also confirms the structural and stratigraphic similarities between
the Walker Anticline in EP145 and the Mereenie Anticline (which
includes the Mereenie oil and gas field) to the northwest results
suggest "in profile, the structure of the Walker Creek Anticline is
similar (although separate) to the Mereenie trend to the
northwest". Basement modelling confirms the presence of granitoid
bodies within and surrounding the permit which are a potential
Helium source and suggests likely up dip migration paths into
closures along the Walker Creek Anticline .
The other key ingredient for a successful subsalt play, the
presence of an evaporite seal, was not a primary objective in this
report. The gravity modelling analysed the density of the
stratigraphic units including the Gillen Fm, an interbedded
evaporite, carbonate and shale unit, which forms the seal in this
play. The modelling suggests that massive, low density salt bodies
as observed in the south of the basin are not present in the core
of the anticline but that interbedded carbonates and evaporites are
more likely to be present and still have the potential to form an
effective seal. As noted by in the report Geognostics, the chaotic
seismic character is "more likely to be faulted and fractured
sediments due to deformation folding over the anticline" and "While
the presence of massive, mobile salt (halite) bodies has been
tested with the gravity models, the presence of thinner salt beds
and related evaporite facies near basement is still viable".
The Geognostics SEEBASE(R) model provides better insights into
the structural architecture and deformation style in this part of
the Amadeus Basin. Mosman considers this area may be a potential
sweetspot with all the ingredients for hydrocarbons, helium and
hydrogen exploration targets are present.
Mosman presented some results from the Geognostics Report at the
recent NT Resources Conference (SEAAOC) and this presentation is
available at
https://www.mosmanoilandgas.com/sites/default/files/26-10-21%20SEAAOC%20presentation_FINAL%20%28abridged%29_0.pdf
The next step for Mosman will be to progress the technical work
to further define the prospectivity of the permit. Acquisition and
interpretation of 2D seismic will comprise the next significant
exploration activity in the current permit year (expiring August
2022), prior to identifying a drilling location and drilling an
exploration well (by August 2023). It is a requirement that prior
to any field projects, including the 2D seismic noted above, a
Sacred Site Clearance Survey ("Survey") is acquired by the Central
Land Council (CLC). This was agreed and scheduled by Mosman and the
CLC for November 2021. Unfortunately, Mosman has been advised by
the CLC very recently that the Survey will not now happen until
April 2022. All seismic and drilling activities are subject to
obtaining the necessary planning approvals from the NT Department
of Industry and Resources, which are currently being coordinated by
the project manager (ResourceGeo). In anticipation of any further
delays to project approval Mosman may seek an extension and
suspension to the current permit year.
John W Barr, the Chairman of Mosman commented: "Mosman is very
pleased to see such encouraging results from the first gravity
survey and integrated technical report to cover the whole permit
resulting in a significant increase in our understanding of its
exploration potential.
"This work was a critical step in progressing the permit and is
all the more impressive in that it was completed against a
background of disruptions from the pandemic."
Qualified 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
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 information 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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