REG - Mosman Oil & Gas - £1.25m Placing

Mosman Oil and GasAnnouncement

16/05/2025 09:01

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RNS Number : 0068J  Mosman Oil and Gas Limited  16 May 2025

16 May 2025

Mosman Oil and Gas Limited

("Mosman" or the "Company")

£1.25m Placing

Mosman Oil and Gas Limited (AIM: MSMN) the hydrocarbon, helium and hydrogen
exploration, development, and production company, confirms it has today raised
£1,250,000 (before expenses) by way of a placing of 2,777,777,778 ordinary
shares (the "Placing Shares") at a placing price of 0.045p per share (the
"Placing Price") (the "Placing").

In addition to the Placing, as the Company greatly values the support of its
retail shareholders, the Company also intends to offer its existing retail
shareholders a "Retail Offer" of new Ordinary Shares at the same Issue Price
as the Placing for up to £300,000.

The Company will release a separate announcement regarding the Retail Offer
and its terms. For the avoidance of doubt, the Placing is separate from and
does not form part of the Retail Offer.

Progressing Helium Projects

Mosman has a portfolio of helium projects in US and Australia, with each of
these projects at a different stage.

Current activity includes drilling the first well of the five well exploration
drilling campaign at the Vecta project in Colorado, USA. The first well is
expected to complete drilling in the next few days, to be followed by
drilling of another four wells, each targeting a separate geological prospect
in the area of Colorado where there is helium production, development, helium
plants and a market for helium.

Mosman is also progressing the development of the Contingent Resources at its
Sagebrush project in Colorado in which it has an 82.5% working interest.

Details of the Placing

The Company has raised £1,250,000 (before expenses) by way of a placing of
2,777,777,778 new ordinary shares of no-par value in the capital of the
Company ("Placing Shares") through CMC Markets UK Plc ("CMC"), at 0.045p per
share. As at 30 April 2025, the cash position was AUD 822,000.

 

The net funds from the Placing will be used for:

 ·             Extended flow test of helium zone at Sagebrush-1 well
 ·             Progressing putting Sagebrush-1 well on production
 ·             Progressing development of Sagebrush area
 ·             Helium business development
 ·             Working capital requirements.

Andy Carroll, CEO of Mosman commented: "The evidence of helium at Sagebrush-1
means we have moved from exploration to development of this resource and this
Placing supports the acceleration of this project.

"In addition, it provides additional funding to enable Mosman to be in a
position to move on new opportunities, as demonstrated by the recent increase
in our interest in the Billy Goat lease area from 20% to 90%."

Admission to AIM and Total Voting Rights

The Placing is conditional on, inter alia, the Placing Shares being admitted
to trading on AIM. Application has been made to the London Stock Exchange for
the Placing Shares, which will rank pari passu with the Company's existing
issued ordinary shares, to be admitted to trading on AIM and dealings are
expected to commence at 8:00 a.m. on or about 22 May 2025. A further
announcement will be made regarding the Retail Offer.

Following the issue of the Placing Shares, the Company's total voting rights
will comprise 22,314,854,996 Ordinary Shares of no par value and the Company
does not hold any shares in treasury. Consequently, the above figure may be
used by shareholders in the Company as the denominator for the calculations by
which they will determine if they are required to notify their interest in, or
a change to their interest in, the share capital of the Company in accordance
with the Companies' Articles.

 

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

 mosman@almastrategic.com (mailto:mosman@almapr.co.uk)                +44 (0) 020 3003 8632

 

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 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.

 

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