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Mosman Oil and Gas Limited announced on 27 September 2022 that it was made aware of Georgina Energy PLC's webpage containing limited technical information regarding EP(A) 155, and Mosman has no basis to comment as it has not seen supporting reports. Under the farmout arrangement, Georgina Energy PLC may earn a 75% working interest and become operator, potentially increasing to 90% if it carries Mosman through drilling costs, leaving Mosman with a 10% retained interest. The negotiation period for the Native Title Agreement associated with EP(A)155 has also been extended by one year to 31 October 2023.
| Date | 27 Sept 2022 |
| Time | 07:12:52 |
| Category | Corporate updates |
| ID | 8040A |
27 September 2022
("Mosman" or the "Company")
EP(A) 155 update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production
company, previously announced the farmout arrangement between the Company and a wholly owned subsidiary of Georgina Energy PLC ("GE"). Mosman has now been made aware that GE has a webpage that contains certain limited technical information in respect to EP(A) 155.
At this point in time Mosman has not seen the supporting reports for the statements and thus Mosman desires to highlight that it has no basis to comment on the technical information that has been disclosed publicly by GE.
Under the terms of the farmout, GE may earn a 75% working interest and become operator of the permit. At the time of drilling a well, GE may elect to carry Mosman through the cost of the well and in that case would earn a further 15% working interest leaving Mosman with a 10 per cent. retained working interest (Mosman notes that there was an error in the 11 May 2020 Announcement which incorrectly noted that GE's initial interest would be 70 per cent. and that Mosman would retain a 15 per cent. interest).
Additionally, Mosman has received confirmation that the period of time for negotiating the Native Title Agreement associated with EP(A)155 has been extended by one year to 31 October 2023.
Enquiries:
|
Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
|
Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd, trading as OvalX Thomas Smith 020 7392 1432 |
Updates on the Company's activities are regularly posted on its website: