Strawn Oil Project Acquisition Completed

RNS Number : 1590E

Mosman Oil and Gas Limited

04 May 2017

 

 4 May 2017

Mosman Oil and Gas Limited

("Mosman" or the "Company")

Strawn Oil Project Acquisition Completed

Mosman Oil and Gas Limited (AIM:MSMN) the oil exploration and development company, announces it has now completed the acquisition of 50% of the Strawn Oil Project ("the Project") located in Young County, Texas for a consideration of USD$75,000, with the total consideration payable of USD$150,000.

The Project will be operated as a joint venture and Mosman's Strategic Alliance Partner Blackstone Oil & Gas, Inc. ("Blackstone") has acquired the other 50% of the Project

Mosman will act as operator on the Project and will immediately commence a detailed programme of maintenance and workovers to order to significantly increase the current rate of oil production.

John W Barr, Chairman, said: "This acquisition is the first to conclude as part of Mosman's growth strategy, and a number of additional projects continue to be reviewed. Completing the Strawn Acquisition in Texas means work on the ground can now commence, and plans for this are well advanced on the work programme which is starting immediately and we look forward to providing an update once the first phase is complete."

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 [phone]
Gable Communications Limited Justine James /  John Bick [phone] [e-mail]

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

  www.mosmanoilandgas.com

 

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