REG - Mosman Oil & Gas - Operational, Corporate, and Board Updates

Mosman Oil and GasAnnouncement

26/02/2025 09:45

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RNS Number : 5431Y  Mosman Oil and Gas Limited  26 February 2025

26 February 2025

 

Mosman Oil and Gas Limited

("Mosman" or the "Company")

 

Operational, Corporate,

and Board Updates

 

Mosman Oil and Gas Limited (AIM:MSMN) the helium, hydrogen and
hydrocarbon exploration, development and production company, announces
progress on the sale of its Australian assets and the identification of near
term drilling opportunities in the recently acquired Coyote Wash lease,
Colorado.

 

US Projects Update

 

Coyote Wash (100% Mosman Helium LLC) and Sagebrush (82.5% Mosman Helium LLC
working interest) Projects

 

Mosman operates the Coyote Wash and Sagebrush Projects in Colorado. These
adjacent areas contain a number of drilling targets within the Ismay and
Leadville formations identified on 2D and 3D seismic, on which Mosman and
consultants have commenced technical work and planning is underway for
exploration activities.

 

Recent technical work identified an attractive prospect in the southwest part
of the Coyote Wash project (see map below). An older well encountered oil and
flowed 40 bopd. Analysis indicates this well was likely drilled on the edge of
an algal mound, and is an attractive prospect that could be tested by a follow
up well. An additional untested deeper helium target has been interpreted in
the subsalt Leadville presenting an exciting opportunity for a dual target
test of both oil and helium.

 

Location map of the Coyote Wash and Sagebrush leases

 

Vecta Helium Project (20% Mosman Helium LLC WI)

 

Further to the announcement on 30 January 2025 in which Vecta Oil and Gas Ltd
("Vecta") the Operator of this project, announced it had signed a contract
with Desert Eagle Drilling LLC to drill five wells, Mosman has not received an
update on the timing of drilling. A meeting with Vecta is scheduled for next
week. An update will next be provided once available.

 

Sale of Australian Projects

 

EP-145

 

The sale of EP-145 to Echelon Resources Limited ("Echelon") is progressing,
with the finalisation of a 5% helium and hydrogen Royalty Deed (the "Deed").
The Deed includes an option for Mosman to re-acquire any area of EP 145 f/when
Echelon no longer wish to explore or produce that area.

 

The sale remains subject to government approval, following which Echelon will
pay Mosman the cash consideration of AU$400,000 which will be used to fund
drilling and seismic in the US.

 

Echelon is a participant in the Mereenie oil and gas field and is drilling
wells and selling hydrocarbon gas to the NT government. Echelon has indicated
it plans to acquire seismic and drill, with potential to process and sell gas
via existing infrastructure. This provides the fastest potential path to
production and commercialisation of EP-145.

 

EPA-155

 

As announced on 20 February 2025, a sale contract has been finalised between
Mosman and Westmarket Oil & Gas Pty Ltd for the purchase of Oilco Pty Ltd,
which is the applicant in EPA-155. A deposit of AU$50,000 has been paid to
Mosman and on grant of the permit Mosman will receive a further AU$300,000.

 

Andy Carroll, Chief Executive Officer of Mosman, said: "We are pleased to
report progress on projects where Mosman operates. I am excited by the early
identification of attractive prospects in the Sagebrush and Coyote Wash
projects with existing seismic, road access, and production infrastructure.

 

"We understand shareholders are keen to hear updates on the Vecta project and
we look forward to providing information when advised by the Operator."

 

Board Update

 

Mosman announces the appointment of Mr. Carl Dumbrell as Chairman of the
Board, effective immediately, with Nigel Harvey stepping down as Chairman
whilst remaining on the Board as a Non-Executive Director, continuing to
provide his valuable expertise and guidance to Mosman.

 

Mr. Dumbrell has been a valued member of the Board since his appointment on 28
September 2023. He brings extensive experience in finance and corporate
governance, which will be instrumental in guiding Mosman through its next
phase of growth.

 

For further information on Mr. Dumbrell's background and the Company's Board
of Directors, see the Company 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

 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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