TIDMMSMN
RNS Number : 4533U
Mosman Oil and Gas Limited
28 March 2023
28 March 2023
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Corporate Review
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development, and production company, advises that it is currently
undertaking a review of its corporate structure with the objective
to maximise the value of its assets.
Background
Mosman has two distinct asset groups: the USA production and
development assets, and exploration assets in Central
Australia.
With the recent success of the Cinnabar-1 well and the new
Reserve Report for the Cinnabar project, it is appropriate to
consider the best way to commercialise these reserves.
In Australia, EP 145 is owned by Trident Energy Pty Ltd
("Trident") and EP(A) 155 is owned by OilCo Pty Ltd ("OilCo") which
are both wholly owned subsidiaries of Mosman. EP(A) 155 is subject
to a farm out arrangement with Westmarket Oil & Gas Pty Ltd
which is now a wholly owned subsidiary of Georgina Energy plc
("Georgina"). Mosman understands Georgina is seeking funding at
present and the Company awaits developments in this regard.
Since the publication by Mosman of the Prospective Resource for
EP 145 and given the international focus on Helium and Hydrogen,
Mosman has received several enquiries in respect of that permit.
Mosman has also received a farm-in proposal, which is encouraging
and is being evaluated. In addition, the Chinese group which had
signed a Memorandum of Understanding in the pre COVID era has
scheduled a site visit and commercial discussions in mid-April
2023. It is currently impossible to determine the potential outcome
of those discussions.
The opportunity
It is clear to the Board of Mosman that the value of both groups
of assets in its portfolio is not reflected in the market
capitalisation of Mosman. The opportunity is to determine the best
way forward to maximise the value of these assets for Mosman and
its shareholders.
Review Process
The Board of Mosman has commenced a corporate review to evaluate
the optimal next steps for Mosman and its shareholders.
Several matters will be considered including the possibility of
seeking a separate stock market listing of Trident and/or OilCo. No
decisions have yet been made as there are many matters to consider
including legal structures, taxation, stock exchange regulations,
and personnel.
To assist Mosman in the review process, it has engaged the
services of Mr. David Minchin, a highly experienced helium
exploration geologist with public company experience.
Once the review has been concluded the Board will resolve the
best way forward and provide an update on the outcome.
Issue of Shares
As part of the arrangements a consultant will be issued shares
for services.
The Company has issued 45,454,545 new ordinary shares of no-par
value in the capital of the Company as full payment of a consulting
fee at a price of 0.055p per share.
Admission to AIM and Total Voting Rights
The new shares to be issued are conditional on, inter alia, the
Placing Shares being admitted to trading on AIM. Application has
been made to the London Stock Exchange for the Placing Shares,
which will rank pari passu with the Company's existing issued
ordinary shares, to be admitted to trading on AIM and dealings are
expected to commence at 8:00 a.m. on or about 3 April 2022.
Following the issue of the Placing Shares, the Company's share
and total voting rights will
comprise 6,408,449,739 Ordinary Shares of no par value and the
Company does not hold any
shares in treasury.
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 to their interest in, the share capital of the Company
under the Financial Conduct Authority's Disclosure and Transparency
Rules.
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
Justine James / Pippa Crabtree
+44 (0) 20 3405 0205
+44 (0) 7525 324431
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 its existing
exploration permit and permit application. The Company has several
projects in the US. In addition to exploration projects in the
Amadeus Basin in Central Australia.
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END
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