Update re: Trident Acquisition 90% acceptances

RNS Number : 8343S

Mosman Oil and Gas Limited

29 September 2014

 



29 September 2014

Mosman Oil and Gas Limited

("Mosman" or the "Company")

Trident Energy Limited Bid

Compulsory Acquisition of remaining Shares

Mosman Oil and Gas Limited (AIM: MSMN), the New Zealand and Australia focused oil exploration and development company, is pleased to announce that as of 26 September 2014, Mosman has received acceptances from Trident Energy Limited ("Trident") shareholders that comprise 90.05% of the entire issued capital of Trident.

Following this significant milestone, being the 90% acceptance level required in order for Mosman to proceed with the compulsory acquisition of the remainder of the Trident shares (pursuant to the compulsory acquisition provisions of the Corporations Act 2001 (Cth)), Mosman has today notified Trident that it will proceed with the compulsory acquisition procedure.  Following completion of this procedure, Mosman will own 100% of the issued share capital of Trident and Trident will be a wholly owned subsidiary of Mosman.

John W Barr, Executive Chairman of Mosman commented: "We have completed yet another step in achieving Mosman's objectives, and welcome the Trident Shareholders to Mosman."

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 four permits in New Zealand and Australia.  This number will increase to seven on completion of the Trident 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 with both seismic and a multi-well drilling programme.

Officer Basin Project, Australia

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 one granted Permit and one application in the Amadeus Basin in Central Australia.  These permits are complimentary with the Trident permit, EP145. Mosman's holdings will cover a total of 5,458 sq. km on completion of the Trident acquisition.

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.

 

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