RCS - Mosman Oil & Gas - EP 145 Update

Mosman Oil and GasAnnouncement

06/09/2023 07:00

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RNS Number : 4858L  Mosman Oil and Gas Limited  06 September 2023

6 September 2023

Mosman Oil and Gas Limited

("Mosman" or the "Company")

 

EP 145 Update

 

Mosman Oil and Gas Limited (AIM: MSMN) the oil and gas exploration,
development, and production company, announces the Year Three report on EP
145, its exploration block in the Amadeus Basin in central Australia, has been
lodged with the Norther Territory Government.

 

The current work schedule on the permit will be acquisition of seismic in
early 2024, subject to funding and APAA and government approvals. Drilling
would be considered after the seismic acquisition and processing.

 

The Prospective Resource was announced on 24 October 2022 with "Best Estimate"
per SPE PRMS of 440 Billion cubic feet ("Bcf") Total Gas, including 26 Bcf of
Helium and 26 Bcf of Hydrogen.

 

The Company announced on 26 June 2023 that the NT Government has approved the
extension of time to complete the Year Three work program until 21 August
2024.

 

The full report will be posted on the Mosman website and an excerpt from the
Executive Summary is below:

 

EXECUTIVE SUMMARY

 

Mosman completed Native Title negotiations, acquired Sacred Site Clearances
('SSC'), Government permits and approvals and conducted geological fieldwork
studies to complete the year 1 and 2 programs.

 

Following the promising results of the field work the company made the
decision to prioritize geotechnical understanding of the prospectivity by
reprocessing all vintage 2D data within the permit and conducting a technical
re-evaluation. This work was undertaken in addition to the permit work program
commitments.

 

The new data has highlighted additional, previously untested, prospectivity
for hydrocarbons, helium and hydrogen in the deeper stratigraphy. The Year
Three 2D seismic acquisition program has been designed to acquire data which
will test the viability of the deeper prospectivity in EP145. The planning
process has involved detailed discussions with the CLC, landowners and AAPA
regarding acquisition techniques with significant delays occurring as a result
of the Covid pandemic. AAPA approval for the survey was granted in December
2019 and Mosman submitted an application to the CLC to undertake a sacred site
survey in early 2020 to be ready for seismic acquisition late 2020.

 

Following this unforeseen delay Mosman has restarted the approvals process for
the 2D seismic acquisition program and has been granted a CLC sacred site
survey (March 2023) and submitted a new application to APPA as the previous
certificate expired in December 2021. Whilst on ground activities could not be
carried out Mosman has continued to undertake valuable planning and
preparation for 2D seismic acquisition, which is the primary commitment for
the Year Three work program. New technical evaluations have also been
conducted with Amadeus Basin experts, Geognostics, using permit and regional
geophysical and well data. This work has significantly improved understanding
of the hydrocarbon, helium, and hydrogen prospectivity in EP145.

 

Andy Carroll, Technical Director commented: "We are pleased with the
significant technical work managed by Dr Julie Daws. We look forward to
increased drilling activity from third parties in the Amadeus Basin with
several wells scheduled to commence later in 2023."

 

Enquiries:

 

 Mosman Oil & Gas Limited                                        NOMAD and Joint Broker

 Andy Carroll, Technical Director acarroll@mosmanoilandgas.com   SP Angel Corporate Finance LLP
 (mailto:acarroll@mosmanoilandgas.com)

                                                                 Stuart Gledhill / Richard Hail / Adam Cowl

                                                                 +44 (0) 20 3470 0470
 Alma PR                                                         Joint Broker

 Justine James                                                   CMC Markets UK Plc

 +44 (0) 20 3405 0205                                            Douglas Crippen

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

 mosman@almapr.co.uk (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
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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