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Mosman Oil and Gas Limited (MSMN) provided an exploration update on 13 December 2024 for its Amadeus Basin permits, EP-145 and EPA-155. For EP-145, the agreement to transfer 100% interest and operatorship back to its subsidiary, Trident Energy, has been registered, "Transfer of Title" was submitted in November 2024, and seismic acquisition is scheduled for early 2025 with a six-month permit extension requested to August 2025. For EPA-155, Mosman's subsidiary Oilco Limited is the applicant, and a farmout agreement with Georgina Energy PLC may result in GEX earning a 75% interest.
| Date | 13 Dec 2024 |
| Time | 09:30:35 |
| Category | Corporate updates |
| ID | 0459Q |
13 December 2024
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Exploration Update, Amadeus Basin Central Australia
Mosman Oil and Gas Limited (AIM: MSMN) the helium, hydrogen and hydrocarbon exploration, development and production company, holds 100% working interest in one granted permit, EP-145 and one permit application, EPA-155 in the highly prospective Amadeus Basin, Central Australia.
EP-145 update
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Significant helium, hydrogen and hydrocarbon potential has been identified in this permit area. |
|
Prospective Resources (Bcf) |
Low Estimate |
Best Estimate |
|
Total Gas of |
12 |
440 |
|
Helium |
0.3 |
26.4 |
|
Hydrogen |
0.24 |
26.4 |
Source: Mosman Oil and Gas Ltd, October 2022
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Seismic acquisition is scheduled for early 2025. Following receipt of necessary government approvals the agreement to the transfer of the EP-145 interest and operatorship back to Mosman's wholly owned subsidiary, Trident Energy, has been registered and stamped. |
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"Transfer of Title" paperwork was submitted to the Northern Territory Government in November 2024 and is awaiting approval. |
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An Environmental Management Plan for the Wildhorse 2D seismic project was submitted on 26 November 2024 and Mosman anticipates approval approximately 30 days from submission, subject to receipt of the AAPA heritage certificate which was requested in March 2024. |
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Given the time it takes to get the approvals listed above, a six month "suspension and extension" of Permit Year Three has been requested to extend from February to August 2025. |
EPA-155 update
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Mosman's wholly owned subsidiary company Oilco Limited ("Oilco") is the Applicant for the exploration permit 155. |
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Mosman has a farmout agreement with Georgina Energy PLC (GEX) whereby GEX may earn a 75% interest in EPA-155 by completing all the conditions of that agreement, including grant of the permit and technical work. This means Mosman is carried through the near term with an option to subsequently be carried through drilling the first well and retain 10% interest. |
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Traditional Owners have agreed to progress negotiations which are being handled by the farm-in partner Georgina Energy PLC (GEX). |
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For further information please refer to www.georginaenergy.com/investors/regulatory-news-alerts/ |
Andy Carroll, Chief Executive Officer of Mosman, said: "We are pleased with the progress being made across both these projects in Australia, which are cornerstones of our exploration portfolio. These developments demonstrate progress in our strategy to deliver on our exploration projects to meet both growing global demand for helium and to replace declining hydrocarbon supply in the Northern Territory."
Enquiries:
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Mosman Oil & Gas Limited Andy Carroll CEO |
NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma Justine James / Will Merison +44 (0) 20 3405 0205 +44 (0) 7525 324431
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Joint Broker CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 |
Updates on the Company's activities are regularly posted on its website: www.mosmanoilandgas.com
Notes to editors
Mosman (AIM: MSMN) is a helium, hydrogen and hydrocarbon 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. The Company has several projects in the US, in addition to exploration projects in the Amadeus Basin in Central Australia.