REG - Mosman Oil & Gas - Completion of Sale of EP 145

Mosman Oil and GasAnnouncement

06/06/2025 08:00

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RNS Number : 7798L  Mosman Oil and Gas Limited  06 June 2025

6 June 2025

 

Mosman Oil and Gas Limited

("Mosman" or the "Company")

Completion of Sale of EP 145

 

Mosman Oil and Gas Limited (AIM:MSMN) the helium, hydrogen and
hydrocarbon exploration, development and production company, is pleased to
announce completion of the Sale and Purchase Agreement (SPA) and Transfer of
Title on permit EP 145, Amadeus Basin, NT, Australia to Echelon Resources
Limited ("Echelon", ASX:ECH).

 

Summary

 ·             Mosman has today received AU$440,000 (AU$400,000 plus GST) as part of the
               completion of the SPA and Transfer of EP-145 Permit to Echelon
 ·             Mosman retains a 5% royalty on helium and hydrogen
 ·             The contract includes an option for Mosman to re-acquire any area of EP 145
               when Echelon no longer wishes to explore in, or produce from, any area of the
               licence.

 

Echelon is a participant in the Mereenie, Palm Valley and Dingo oil and gas
fields, and is drilling wells and selling hydrocarbon gas to the NT
government. EP-145 is located within Echelon's core asset area in the Amadeus
Basin, Northern Territory with robust infrastructure and identified
exploration opportunities. Echelon has indicated it plans to acquire high
resolution 3D seismic followed by drilling to define the West Walker-1 gas
discovery with the aim of tying any development of the gas resource into the
Northern Territory gas market. This provides the fastest potential path to
production and commercialisation of EP-145.

 

The acquisition of seismic and drilling of wells will add to the geological
understanding of EP-145. Echelon's focus is hydrocarbons and the portion of
EP-145 adjacent to the Mereenie gas field. Once Echelon has further defined
its area of interest and advised Mosman that it does not wish to extend the
exploration licence, Mosman can elect to apply to continue helium exploration
in the other parts of EP-145.

 

Payment from the sale of EP-145 will be used to fund exploration and appraisal
activity in Mosman's US assets. This transaction saves Mosman estimated costs
of approximately AU$2.5 million that would have been required as part of a
Year Three permit work programme commitment.

 

Further details in respect of the sale of EP-145 were included in the
Company's announcement of 14 January 2025.

 

Andy Carroll, Chief Executive Officer of Mosman, said: "Completion of the sale
of EP-145 provides funding to support the ongoing appraisal and exploration at
Mosman's priority projects in the US which have proven helium resources,
located near existing helium production with access to infrastructure and to
markets.

 

"We are pleased to retain a 5% royalty interest in EP-145's helium potential
at no cost to Mosman, with the potential to re-acquire that acreage with the
benefit of further exploration activity having been conducted in EP145 in the
interim."

 

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

 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.

 

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them

In accordance with the requirements of the EU Market Abuse Regulation, the
Company confirms that it has received notification from Mr. Dumbrell in
respect of his appointment as Chairman, and there are no further details to
disclose under the AIM Rules.

 

 

 

 

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