Amadeus Basin EP145 Update

RNS Number : 5754J

Mosman Oil and Gas Limited

18 December 2015

 



18 December 2015

Mosman Oil and Gas Limited

("Mosman" or the "Company")

Amadeus Basin EP145 Suspension and Extension Approved

Mosman Oil and Gas Limited ("Mosman" or the "Company") (AIM: MSMN) the New Zealand and Australia focussed oil exploration and development company has applied for and received a 12 month Suspension and Extension approval from the Department of Mines and Energy of the Northern Territory Government for EP145 in the Amadeus Basin in Australia.   

The Amadeus Basin Projects comprise three projects, two 100% owned granted permits, of which one is EP145 and the other is EP156 and it also includes one application, EPA155.

Mosman applied for the 12 month Suspension of Permit Conditions and Extension of the Term of Petroleum Exploration Permit - EP145 in order to enable the team to plan the next phase of exploration  and continues to review its priorities for next year.

John W Barr, Executive Chairman of Mosman commented: "Operating in such a challenging market, it is essential to continuously review the operational strategy for 2016.  This approval enables us to focus on other core projects, in particular the STEP acquisition early in 2016."

Enquiries:

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 websitewww.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, prior to the STEP acquisition being completed, Mosman has an interest in nine permits or accepted permit applications.

Production

Mosman is proceeding with the acquisition of 70% of STEP, located onshore NZ. The acquisition is expected to complete after all approvals are secured.

STEP currently produces oil, condensate, gas, LPG and electricity, which deliver several revenue streams with payments being received in both US$ and NZ$.

The Project will be operated under a joint operating agreement and Mosman will be the operator. The assets being acquired include the Rimu Production Station and two petroleum mining permits.

Exploration

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.

Taramakau, Murchison and East Coast Permits, New Zealand

These permits were granted to Mosman on in 2014 as part of the 2014 Block Offer. At Murchison a 13 TCF contingent resource has been identified.

Officer Basin Project, Australia (Application)

Mosman has a 25% investment in the Officer Basin Project, a 22,527 sq. km large land holding with 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.

 

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