REG - Mosman Oil & Gas - Exploration Permit Application 155 Update

Mosman Oil and GasAnnouncement

26/10/2023 07:00

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RNS Number : 3428R  Mosman Oil and Gas Limited  26 October 2023

26 October 2023

 
Mosman Oil and Gas Limited

("Mosman" or the "Company")

 

Exploration Permit Application 155 Update

 

Mosman Oil and Gas Limited (AIM:MSMN) the hydrocarbon, helium and hydrogen
exploration, development and production company, advises the Central Land
Council ("CLC") has agreed to extend the negotiating period in respect of the
Company's EPA 155 permit application until October 2024.

 

Mosman owns one granted permit (EP 145) and one application (EPA 155) in the
Amadeus Basin in the Northern Territory of Australia.

 

With respect to EPA 155, Mosman has entered in to a Farmout Agreement with an
Australian company (the "Farminee") Westmarket Oil & Gas Pty Ltd a wholly
owned subsidiary of unlisted public company Georgina Energy Plc, a helium
focused business with various assets in Australia.

 

The Farminee is responsible for Native Title negotiations required for the
permit to be granted. Westmarket has advised the Company that the CLC is
organising the required on-land meeting for early in 2024.

 

The Farminee will also undertake technical work including a Gravity and a
Seismic Survey in accordance with the permit work programme, and thereby earn
a 75% working interest and become operator of the permit. Mosman will retain a
25% working interest in the permit. On drilling of an exploration well, the
Farminee may earn an additional 15% working interest by carrying Mosman
through the cost of the well. In this scenario Mosman would retain a 10%
working interest in the permit. In addition to the forward work programme
obligations set out above, Mosman received A$15,000 from the Farminee in
consideration for past costs and will receive a further A$15,000 following
completion of the required seismic re-processing work. There are various
circumstances that may allow either party to terminate this Farmout Agreement.

 

EP(A)155 Mount Winter

 

Located in the Northern Amadeus Basin between the producing Surprise Oil Field
and Mereenie Oil and Gas Field EP(A)155 has significant prospectivity for
helium, natural hydrogen and hydrocarbons.

 

EP(A)155 lies within the highly prospective Horn Valley Siltstone fairway with
proven hydrocarbon potential as demonstrated by historical wells, Mt Winter-1
& 1A. Exploration data comprises a sparse 2D seismic grid and 2 wells.

 

Mt Winter-1 was drilled to a depth of 2,650m reaching TD in the Proterozoic
Gillen Fm, above the helium and hydrogen prospective targets. Hydrocarbons
were encountered in 2 intervals, the Ordovician Stairway Sandstone (reservoir
at Surprise Field) and Proterozoic Jonny's Creek Beds (reservoir at Ooaramina
discovery, northeastern Amadeus Basin). The well was drilled off structure due
to the limited seismic data available, and re-interpretation of the available
data suggests valid targets at multiple depths down to and including basement.

 

Andy Carroll, CEO, commented: "We are encouraged that the negotiation period
has been extended to enable the grant of the Exploration Permit at no cost to
Mosman."

Enquiries:

 

 Mosman Oil & Gas Limited                           NOMAD and Joint Broker

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

                                                    Stuart Gledhill / Richard Hail / Adam Cowl

                                                    +44 (0) 20 3470 0470
 Alma                                               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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