TIDMMSMN
RNS Number : 7886D
Mosman Oil and Gas Limited
24 October 2022
24 October 2022
Mosman Oil and Gas Limited
("Mosman" or the "Company")
EP 145 Prospective Resource Estimate for Helium and Hydrogen
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development, and production company, announces that a third-party
technical report confirms that its 100% owned and operated permit
EP 145 in Northern Territory, Australia has the essential
ingredients for Helium and Hydrogen prospectivity, in addition to
hydrocarbons.
A preliminary technical evaluation by Geognostics Australia Pty
Ltd ("Geognostics"), has identified favourable scenarios for all
three essential play elements related to viable helium and hydrogen
plays in EP 145 ("Technical Report"). These components are also
present in the Mount Kitty-1 and Magee-1 wells in the Amadeus Basin
which flowed helium, hydrogen and hydrocarbons.
Geognostics Prospectivity Report
The key findings of the Technical Report are summarised
below:
-- Identified favourable scenarios for all three essential play
elements related to viable helium and hydrogen plays including:
1) basement composition as a source of helium;
2) basement structure and connectivity via faults systems to
support entrapment and / or migration of deeply-sourced gases
(hydrogen and helium); and
3) possible seal facies above basement
-- EP 145 is underlain by felsic-intermediate granites, a known source of helium in the basin.
-- EP 145 contains the West Walker anticline with traps at
multiple levels and migration pathways.
-- The Gillen Formation evaporites interlayered with thin salt
could be present and could act as viable seals.
Geognostics are independent experts with over 25 years'
experience of working for governments and companies in Australia
and internationally( https://www.geognostics.com ). Its Technical
Report comprehensively integrates geophysical, well and field
mapping data from the permit with regional gravity, magnetics,
seismic and well data to produce a review on the prospectivity in
EP 145.
Five high-graded areas of prospectivity, including hydrocarbons,
helium and hydrogen have been identified and ranked based on an
enhanced understanding of the structural configuration and
evolution of the Walker Creek Anticline. New play concepts have
been developed for deeper, basement-derived helium and hydrogen
exploration.
Prospective Resource
Based on the Geognostics report, and data from other wells in
the Amadeus basin, Mosman has estimated gross Prospective Resource
volumes for hydrocarbons, helium, and hydrogen associated with the
Walker Creek Anticline as a lead within the boundaries of the EP
145 permit using a deterministic approach and applying the SPE PRMS
standard.
Prospective Low Estimate Best Estimate High Estimate
Resources (Bcf)
Total gas 12 440 2,290
============== =============== ===============
Helium 0.3 26.4 229
============== =============== ===============
Hydrogen 0.24 26.4 275
============== =============== ===============
Source: Mosman Oil and Gas Ltd, October 2022
Exploration Programme
The ongoing exploration work programme on EP 145 is to acquire
seismic prior to drilling an exploration well. Mosman has applied
for the required regulatory and Central Land Council ("CLC")
approvals. The CLC has conducted a site survey as a pre-requisite
to land access approval for seismic acquisition.
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 W NOMAD and Joint Broker
Barr, Executive Chairman Andy Carroll, SP Angel Corporate Finance LLP
Technical Director Stuart Gledhill / Richard Hail /
jwbarr@mosmanoilandgas.com acarroll@mosmanoilandgas.com Adam Cowl
+44 (0) 20 3470 0470
Alma PR Joint Broker
Justine James Monecor (London) Ltd trading as OvalX
+44 (0) 20 3405 0205 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
Notes to editors
Mosman (AIM:MSMN) is an oil exploration, development, and
production company with projects in the US and Australia. Mosman's
strategic objectives remain consistent: to identify opportunities
which will provide operating cash flow and have development upside,
in conjunction with progressing exploration of existing exploration
permits. The Company has several projects in the US. In addition to
exploration projects in the Amadeus Basin in Central Australia.
Glossary:
boe Barrels of oil equivalent based on calorific value as
opposed to dollar value
boepd Barrels of oil per day of oil equivalent based on calorific
value as opposed to dollar value
--------------------------------------------------------------
bopd Barrels of oil per day
--------------------------------------------------------------
Gross Project Means the production of BOE at a total project level
Production (100% basis) before royalties (where Mosman is the Operator)
and where Mosman is not the operator the total gross
production for the project
--------------------------------------------------------------
Mcf Thousand cubic feet
--------------------------------------------------------------
Bcf Billion cubic feet
--------------------------------------------------------------
Mcfpd Thousand cubic feet per day
--------------------------------------------------------------
MBtu One thousand British Thermal Units
--------------------------------------------------------------
MBtupd One thousand British Thermal Units per day
--------------------------------------------------------------
MMBtu One million British Thermal Units
--------------------------------------------------------------
MMBtupd One million British Thermal Units per day
--------------------------------------------------------------
Net Production Net to Mosman's Working Interest; Net Production attributable
to Mosman means net to Mosman's Working Interest before
royalties
--------------------------------------------------------------
SPE Society of Petroleum Engineers
--------------------------------------------------------------
SPE PRMS A standard for the definition, classification, and estimation
of hydrocarbon resources developed by the Oil and Gas
Reserves Committee of the Society of Petroleum Engineers
and named the Petroleum Resource Management System
--------------------------------------------------------------
SPE defines Prospective Resources are those quantities of
petroleum which are estimated, on a given date, to be potentially
recoverable from undiscovered accumulations. SPE also notes
"Prospective Resources have both an associated chance of geologic
discovery and a chance of development. Prospective Resources are
further categorized in accordance with the range of uncertainty
associated with recoverable estimates, assuming discovery and
development, and may be sub-classified based on project maturity"
and "The Range of Uncertainty.....reflects a reasonable range of
estimated potentially recoverable volumes for an individual
accumulation. Any estimation of resource quantities for an
accumulation is subject to both technical and commercial
uncertainties, and should, in general, be quoted as a range".
https://www.spe.org/en/industry/petroleum-resources-classification-system-definitions/
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