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| Date | 27 Apr 2023 |
| Time | 07:00:04 |
| Category | Miscellaneous |
| ID | 6035X |
27 April 2023
("Mosman" or the "Company")
Acquisition of Additional Acreage
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, advises that it has secured a new lease adjacent to the Cinnabar lease in Texas, USA. Mosman is the Operator and Mosman will have a 78% working interest.
Acquisition
When Mosman acquired the Cinnabar lease it undertook a detailed review, including the acquisition and interpretation of 3D seismic data.
The technical work identified the potential for the field to extend beyond the circa 350 acre Cinnabar lease. Mosman applied to BPX Energy ("BPX") to lease 120 acres of available acreage adjacent to the Cinnabar lease and BPX have now agreed to lease this area to Mosman et al.
The principal terms of the lease are:
1. Payment of USD 36,000 (AUD 54,000)
2. Initial term of eighteen months that may be extended by the drilling and production of a well. Whilst there is production, the lease would be "Held by Production"
3. A Royalty of 25% of gross production (which is standard in this part of Texas)
Mosman's technical work has identified a preferred drilling location within the new lease. The drilling of a well on this lease is now the focus of attention for Mosman and the Joint Venture parties. Further details of timing, location and costings will be announced in due course. Funding of the well will be considered as part of the current Corporate Review that is underway.
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:
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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 |
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Alma PR Justine James / Pippa Crabtree +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
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Updates on the Company's activities are regularly posted on its website:
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.