RCS - Mosman Oil & Gas - Helium and Hydrogen Exploration update at EP 145

Mosman Oil and GasAnnouncement

04/03/2024 10:00

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RNS Number : 4598F  Mosman Oil and Gas Limited  04 March 2024

RNS Reach

4 March 2024

Mosman Oil and Gas Limited

("Mosman" or the "Company")

 

Helium and Hydrogen Exploration update at EP 145

 

Mosman Oil and Gas Limited (AIM: MSMN) the hydrocarbon, helium and hydrogen
exploration, development, and production company, provides a project update on
its Australian project EP 145 and confirms it has committed to long lead items
for the seismic acquisition.

In Australia, the recent farmin agreement on EP145 with Greenvale Gold Pty Ltd
("Greenvale", ASX:GRV)) remains subject to completion, pending ministerial
approval. The recent Amendment Deed requires Mosman to fund costs until
completion, when Greenvale will re-imburse approved costs.

Mosman has now committed to start acquisition of long lead items for seismic
acquisition. This decision was made given the high confidence in the
completion of the farmin agreement, and with GRV confirming these costs will
be re-imbursed upon completion.

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.

Mosman has published a Prospective Resources estimate of 440 total gas
including 26 bcf of helium and 26 bcf hydrogen.

As Greenvale note in their 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 noted that: the Amadeus Basin has some of the highest
concentrations of helium globally, as well as confirmed hydrogen
accumulations; EP145 sits within recognised play fairways for helium and
hydrogen and contains proven hydrocarbon discoveries;  it lies on-trend with
the producing Merenie Oil & Gas Field; has successful helium wells located
along the margins of the Amadeus Basin at Mt Kitty-1 and Magee-1; and an
existing pipeline infrastructure to Australian East Coast provides opportunity
for early commercialisation.

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

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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