REG - Mosman Oil & Gas - Progressing Helium & Hydrogen Exploration in E 145

Mosman Oil and GasAnnouncement

28/03/2024 08:15

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RNS Number : 6767I  Mosman Oil and Gas Limited  28 March 2024

28 March 2024

Mosman Oil and Gas Limited

("Mosman" or the "Company")

Progressing Helium and Hydrogen Exploration in EP 145

Mosman Oil and Gas Limited (AIM: MSMN) the hydrocarbon, helium and hydrogen
exploration, development, and production company, provides and project update
on its Australian project EP 145, (Mosman holds a 100% interest), where it
continues to work to secure all required approvals for the next step of
exploration.

A Farmout Agreement was signed with a subsidiary of Greenvale Energy (ASX:GRV)
in October 2023, whereby GRV can earn a 75% interest by funding seismic
acquisition and drilling a well (to a cap of AUD 5.5 million). This currently
remains subject to completion pending ministerial approval. GRV have advised
that recent meetings with NT departments were positive, and the project
remains on track. To avoid any concerns that there was a date when either
party could terminate the Farm-in, the parties have agreed to extend that date
to 30 April 2024.

 

Two wells have been drilled in EP 145 in the 1980's, both encountered
hydrocarbons but were not tested for hydrogen or helium which were not
identified in the basin until the mid-2000's. Those wells which have tested
for helium have demonstrated significant helium content at various structural
levels.

All existing seismic data in the permit has been reprocessed by Mosman and a
large structure, which may be an extension of the West Walker anticline,
identified.  A Prospective Resource estimate for EP-145 was published by
Mosman in October 2022 and is detailed below.

 

 Prospective Resources (Bcf)  Low Estimate  Best Estimate  High Estimate
 Total Gas                    12            440            2,290
 Helium                       0.3           26.4           229
 Hydrogen                     0.24          26.4           275

The seismic acquisition programme is planned for the first half of 2024, with
results due and a well location announced before end of Permit Year 3 in
August 2024, followed by drilling in the following Permit Year.

As Greenvale notes in its ASX announcements, helium has a "Surging Price and
Fast-Growing Market" and "The global helium market is forecast to grow from
US$5 billion in 2023 to over US$8 billion by 2030 with a current price of USD
450/Mscf."

Greenvale also notes "Amadeus Basin has some of the highest concentrations of
helium globally, as well as confirmed hydrogen accumulations."

·      EP 145 sits within recognised play fairways for helium and
hydrogen and contains proven hydrocarbon discoveries

·      Lies on-trend with the producing Mereenie Oil & Gas Field

·      Successful helium wells located along the margins of the Amadeus
Basin at Mt Kitty-1 and Magee-1

·      Existing pipeline infrastructure to Australian East Coast
provides opportunity for early commercialization

Andy Carroll, CEO of Mosman commented: "We are pleased to see continued
progress in EP 145 where we see potential for helium and hydrogen as well as
proven hydrocarbons."

 

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                                             NOMAD and Joint Broker

 Andy Carroll                                                         SP Angel Corporate Finance LLP

 CEO                                                                  Stuart Gledhill / Richard Hail / Adam Cowl

 acarroll@mosmanoilandgas.com (mailto:acarroll@mosmanoilandgas.com)   +44 (0) 20 3470 0470
 Alma                                                                 Joint Broker

 Justine James / Will Merison                                         CMC Markets UK Plc

 +44 (0) 20 3405 0205                                                 Douglas Crippen

 +44 (0) 7525 324431                                                  +44 (0) 020 3003 8632

 mosman@almastrategic.com (mailto:mosman@almapr.co.uk)

 

Updates on the Company's activities are regularly posted on its website:
www.mosmanoilandgas.com (http://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.

 

 

 

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