Arkoma Stacked Pay Acquisition Completed

RNS Number : 3306G
Mosman Oil and Gas Limited
26 May 2017
 

 

 

26 May 2017

 

                                                                                                                                          

Mosman Oil and Gas Limited

("Mosman" or the "Company")

 

 

Arkoma Stacked Pay Acquisition Completed

 

Mosman Oil and Gas Limited (AIM:MSMN) the oil exploration, development and production company, announces it has today closed on the acquisition of the initial 10% interest in the Arkoma Stacked Pay Acquisition ("the Project") located in Okfuskee County, Oklahoma for a consideration of USD$500,000.

 

As announced on 23 May 2017, Mosman holds two options to acquire a further 20% of the Project in October 2017 and 25% in March 2018, which have now been fully executed.  In addition, Mosman's Strategic Alliance Partner Blackstone Oil & Gas, Inc. ("Blackstone") has also fully executed an option to acquire 45% of the Project.

 

Inland estimates the gross reserves and resources of the area to be 8.48 Mmboe, based on 3D seismic and Mosman has commissioned an independent reserves and resource report to verify the vendor estimates, the results of which will be announced once complete.

 

John W Barr, Chairman, said: "This acquisition delivers production and resources with upside potential at an economically acceptable cost, meeting our investment criteria and enabling us to take a further step in delivering on our strategy to build production and cash flow.  

 

"Completing the Arkoma Stacked Pay Acquisition in Oklahoma means work on the independent resource report can now commence. We look forward to further developments onsite as an additional two wells are shortly being brought onto production. In parallel Mosman is also continuing to review other opportunities."

    

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

jwbarr@mosmanoilandgas.com

acarroll@mosmanoilandgas.com

 

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail

+44 (0) 20 3470 0470

 

Gable Communications Limited

Justine James /  John Bick

+44 (0) 20 7193 7463

mosman@gablecommunications.com

 


  Updates on the Company's activities are regularly posted on its website

  www.mosmanoilandgas.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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