Amadeus potential Joint Venture

RNS Number : 7048T

Mosman Oil and Gas Limited

18 November 2019

 

18 November 2019

Mosman Oil and Gas Limited

("Mosman" or the "Company")

Amadeus potential Joint Venture

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, has executed a Memorandum of Agreement (MOA) and a Heads of Agreement (HOA) in respect to a potential Joint Venture for its Amadeus Project located in Central Australia.

Mosman recently attended and participated in presentations in China on the invitation from the Northern Territory Government. The objective of the presentations was to seek joint venture funding on EP-145 in order to enable seismic work to be completed during the 2020 year and subsequently drill a well.

The outcome is that Mosman has now executed a Memorandum of Agreement (MOA) and a Heads of Agreement (HOA) with parties and the formal data review and detailed discussions will shortly be underway. The timetable for these discussions, which will include a site visit, will be firmed up in due course and following this and a data review in Sydney, we will then be able to determine the outcome. 

Mosman is awaiting confirmation of the extension of the permit and followed up with the relevant authorities, however Mosman has not been advised of a timeframe of when it will be granted. 

John W Barr, Chairman, said: "This is the first step in a potential Joint Venture for Mosman's Amadeus Project. Site visits and detailed data reviews will now be arranged to progress the matter.

"Mosman appreciates the assistance of the Northern Territory Government Departments who arranged the presentations and assisted in subsequent discussions and expresses its thanks for all concerned."

Competent Person's Statement

The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside

information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

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 / Soltan Tagiev [phone]
Alma PR Justine James [phone] [phone] [e-mail]

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

 

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