Completion of Trident Acquisition

RNS Number : 5896W

Mosman Oil and Gas Limited

10 November 2014

 



10 November 2014

Mosman Oil and Gas Limited

("Mosman" or the "Company")

Trident Energy Limited ("Trident") - Completion of Takeover and Issue of Shares

The Directors of Mosman oil and Gas Limited ("Mosman" or the "Company") (AIM: MSMN) the New Zealand and Australia focussed oil exploration and development company have today issued and allotted 96,533 Consideration Shares for the remaining 3.34% of Trident Shares that Mosman had not already acquired. Of the 96,533 Consideration Shares, 80% representing 77,225 shares are subject to a 12 month holding lock with the balance of 20% representing 19,308 shares being freely transferrable.

This completes the takeover of Trident and as such Trident is now a wholly owned subsidiary of Mosman.

The issue of the Consideration Shares is conditional on the 96,533 New Ordinary Shares in the capital of the Company (the "Consideration Shares") being admitted to trading on AIM.

The Company has also issued 265,858 Shares ("Trident Creditor Shares") to various creditors of Trident in full and final settlement of amounts owing by Trident to the respective creditors. 225,858 Trident Creditor Shares are subject to 12 month holding lock.

An application has been made to the London Stock Exchange for the Consideration Shares and Trident Creditor Shares, which will rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading and dealings are expected to commence at 8:00 a.m. (BST) on 14 November 2014.

Following the issue of the Consideration Shares and Trident Creditor Shares the Company's total issued share capital will comprise 90,804,308 Ordinary Shares. In accordance with the Financial Conduct Authority Disclosure and Transparency Rules, the Company has 90,804,308 Ordinary Shares in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in Treasury.

The above figure of 90,804,308 Ordinary Shares 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 under the Financial Conduct Authority's Disclosure and Transparency Rules.

Enquiries:

Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director [e-mail] [e-mail]	SI Capital Limited Nick Emerson/Andy Thacker [phone]
Gable Communications John Bick [phone] [e-mail]	ZAI Corporate Finance Limited Tom Price/John Simpson [phone]

Updates on the Company's activities are regularly posted on its website www.mosmanoilandgas.com

About Mosman

Mosman (AIM: MSMN) is an Australia and New Zealand focused oil exploration and development company with a strategy to build a sustainable mid-tier oil and gas business by acquisition and organic growth.

Currently, Mosman has a total of seven permits or accepted permit applications in New Zealand and Australia.  In addition four new applications have been made in New Zealand as part of the recent 2014 Block Offer.

Petroleum Creek Project, New Zealand

The Petroleum Creek Project is a 143.6 sq. km low cost onshore exploration project located near Greymouth on the South Island in the southern extension of the proven Taranaki oil system. The project has a Mean Unrisked Recoverable Prospective Resource of 26.6 million barrels.  In the first month of drilling, oil was discovered at Cross Roads-1 well which declared an Oil Discovery in June 2014 and at Crestal-1 which declared an Oil Discovery in July 2014.  In H2 2014, the focus is on the appraisal of existing discoveries and additional exploration.

Officer Basin Project, Australia (Application)

Mosman has a 25% investment in the Officer Basin Project, a 22,527 sq. km large land holding with significant exploration potential, which lies in one of the more explored parts of the Basin with road access. The project area is in the Western Australian part of the Officer Basin and offers both conventional and unconventional potential with hydrocarbon shows reported and all elements of a petroleum system are present.

Amadeus Basin Projects, Australia

Mosman owns two granted Permits and one application in the Amadeus Basin in Central Australia which total of 5,458 sq. km. The Amadeus Basin is considered one of the most prospective onshore areas in the Northern Territory of Australia for both conventional and unconventional oil and gas, and hosts the producing Mereenie, Palm Valley and Surprise fields.

Otway Basin Project, Australia

Mosman owns 30% of VIC/P62 in the Otway Basin. The permit was recently renewed and is in relatively shallow water. The 70% permit holder funded a 3D seismic survey in 2013.

Within the Otway Basin there is commercial production both onshore and offshore.

 

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