Issue of Trident Debt Shares

RNS Number : 6352R

Mosman Oil and Gas Limited

30 June 2015

 



30 June 2015

Mosman Oil and Gas Limited

("Mosman" or the "Company")

Issue of Trident Debt Shares

The Directors of Mosman Oil and Gas Limited (AIM: MSMN) the New Zealand and Australia focussed oil exploration and development company have today issued and allotted 1,109,686 shares ("Trident Debt Shares") at a price of AUD$0.50 (approximately £0.25 per share) in full and final settlement of AUD$554,842.13 of debts owing by its subsidiary, Trident Energy Limited ("Trident"), to former directors of Trident in accordance with the terms and conditions of the Bid Implementation Agreement dated 22 August 2014. The Trident Debt Shares are subject to a 12 month Lock-In.

An application has been made to the London Stock Exchange for the Trident Debt 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. (GMT) on 6 July 2015.

Following the issue of the Trident Debt Shares the Company's total issued share capital will comprise 122,578,068 Ordinary Shares. In accordance with the Financial Conduct Authority Disclosure and Transparency Rules, the Company has 122,578,068 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 122,578,068 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.

The Chairman of Mosman, John W Barr, said: "Following the acquisition of Trident Energy last July that delivered exploration properties in the Otway, Amadeus and Canning Basins in Australia, this issue of shares enables Mosman to settle all outstanding payments leaving a wholly-owned subsidiary debt free.  In the current lower oil price environment, Management are focussed on moving Mosman forward by applying strict criteria to deliver shareholder value and only progressing those existing assets or any of the attractive opportunities that are currently being evaluated that would be transformational with respect to growth."

Enquiries:

Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director [e-mail] [e-mail]	NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail [phone]
Gable Communications Limited John Bick / Justine James [phone] [e-mail]

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 interests in a total of ten permits or accepted permit applications in New Zealand and Australia.

Petroleum Creek Project, (New Zealand)

Mosman owns 100% of permit PEP 38526, the Petroleum Creek Project, which is a 143 sq. km low cost onshore exploration project located near Greymouth on the South Island in the southern extension of the proven Taranaki oil system.

Murchison Permit (New Zealand)

Granted in December 2014 Murchison has become a focus after completion of an independent prospective resource report. Exploration is planned for the second half of 2015.

Taramakau, and East Coast Permits (New Zealand)

These permits were granted in December 2014. Exploration is currently in the advanced planning stage.

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 100% of 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. The results of the 3D seismic survey are now being integrated into a geological model to allow identification and ranking of drilling targets. Within the Otway Basin there is commercial production both onshore and offshore.

 

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