REG - Mosman Oil & Gas - Capital Structure and Helium Update

Mosman Oil and GasAnnouncement

05/08/2024 09:15

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RNS Number : 1612Z  Mosman Oil and Gas Limited  05 August 2024

5 August 2024

Mosman Oil and Gas Limited

("Mosman" or the "Company")

Capital Structure and Helium Update

Mosman Oil and Gas Limited (AIM: MSMN) the helium, hydrogen and hydrocarbon
exploration, development and production company, announces an updated summary
of its capital structure, following recent warrant exercises and consequent
share issues and a short helium project update.

 

Shares

 

Number of Shares in issue: 15,151,362,930 (as at 1 August 2024)

Percentage of Shares not in public hands: 1.25%

Number of Shares not in public hands: 190,110,623

 

Warrants

 

 Number of Warrants  Exercisable at  Expiry Date
 180,000,000         0.025p          5 December 2025(1)
 120,000,000         0.025p          8 February 2026(2)
 63,157,895          0.025p          14 February 2026
 428,571,428         0.07p           20 July 2025
 571,428,571         0.15p           2 November 2024

 

1.  Of the 1,000,000,000 warrants issued, 820,000,000 (82%) have been
exercised, resulting in £205,000 in additional capital contributions received
by Mosman.

2.  Of the 1,200,000,000 warrants issued, 1,080,000,000 (90%) have been
exercised, resulting in £270,000 in additional capital contributions receiv
Mosman.

 

Shares Issued to Vecta Oil & Gas Ltd

 

Further to the announcement on 23 July 2024, Mosman confirms that 650,000,000
shares have been issued to Vecta Oil & Gas Ltd ("Vecta"). These shares
reflect a 4.3% holding and are not subject to a lock-in or other restrictions.

 

William Untiedt, Executive Vice President of Vecta commented: "Vecta is
excited about Mosman's prospects and remains a supportive shareholder."

 

EP(A) 155 Farmin Partner Update

 

Mosman noted its EP(A) 155 farmin partner parent company, Georgina Energy Plc
("Georgina", LSE:GEX) has successfully raised £5 million and has published a
prospectus with a Competent Persons Report that details of their two
Australian projects including the Mount Winter Prospect in EP(A) 155:
https://www.londonstockexchange.com/news-article/GEX/completion-of-acquisition-of-georgina-energy-plc/16591828
(https://www.londonstockexchange.com/news-article/GEX/completion-of-acquisition-of-georgina-energy-plc/16591828)

 

Georgina notes: "The Mount Winter Prospect hosts unrisked 2U Prospective
(Recoverable) Resources of c.148 BCFG (148 million MCF) of helium and c.135
BCFG (135 million MCF) of hydrogen, and c.1.22 TCFGE (Trillion Cubic Feet
Equivalent) of hydrocarbons. The Mt Winter-1 well was drilled in 1982 to a
depth of 2,650m TD but did not penetrate the subsalt Heavitree Formation
hydrogen, helium & natural gas reservoir target but reached TD in salt
just above it. All 3 previously drilled wells have penetrated the Heavitree
and encountered high concentrations of helium (up to 9%) and hydrogen (up to
11%). Georgina has an initial programme to complete seismic and then re-enter
the existing well to develop the gases."

By way of clarification on two items referred to by Georgina, the 3 wells with
helium and hydrogen content are in the Amadeus Basin in the NT, Australia, but
not in the EP(A) 155 permit area and, on the Mount Winter Prospect unrisked
Prospective Resources, Mosman has not independently estimated Prospective
Resources for EP(A) 155.

 

Andy Carroll, CEO of Mosman commented: "In recent weeks, the A$935,000
(£475,000) cash received from exercise of warrants has strengthened the
balance sheet. It is encouraging to see the underlying demand for new shares
in Mosman where 2,900,000,000 were issued in the last three months and
absorbed by the market whilst the share price has approximately tripled in
price.

 

"The Mosman team's review of global helium projects highlighted key factors to
be high helium content, low drilling costs and proximity to helium
infrastructure. The Vecta project in Colorado, USA, met these criteria and we
have increased our interest in the Vecta project from 10% to 20%. It was also
an important factor that Vecta was prepared to take Mosman shares rather than
cash to align our interests and enable the Group to continue to have
exploration costs fully funded from existing cash reserves.

 

"At EP(A) 155, we are pleased to see Georgina Energy now listed on the London
Stock Exchange as Farmin partner on the Mount Winter Prospect, with funds
raised to progress its initial exploration programme.

 

"Alongside the above, Mosman continues to review additional opportunities to
optimize its global helium exploration portfolio."

 

 

For further information in relation to Mosman's capital structure please refer
to our website www.mosmanoilandgas.com (http://www.mosmanoilandgas.com) .

 

 

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 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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