Mosman Oil and Gas Limited Operations Update (9230F)
March 12 2020 - 6:06AM
UK Regulatory
TIDMMSMN
RNS Number : 9230F
Mosman Oil and Gas Limited
12 March 2020
12 March 2020
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Operations Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development and production company, provides the following update
to operations.
Recent Economic Events
Mosman's business is clearly not immune to recent economic
events including the collapse of the global oil price and
distruption in the capital markets resulting from a number of
factors including the Covid-19 Pandemic. The Board of Mosman takes
its responsibilities to shareholders, staff, consultants, and
partners very seriously and has been assessing the impact to
operations and forward planning.
Corporate Review
Mosman is in the process of conducting a full review of all
operations, with the express objective of further reducing costs
and protecting income and the Company's cash position. The review,
which is expected to be concluded in the next 14 days, will be
difficult and hard commercial decisions will be required.
Mosman has received notice that the operator at the Stanley
project has deferred the drilling of the proposed Stanley-4 well
for a period of time. Under the Joint Venture Agreement already in
place the operator is entitled to make this decision, and now the
last date he can commence drilling is 20 June 2020, unless the well
is cancelled in accordance with the terms of the Joint Venture
Agreement.
Once completed the results of the review will be communicated in
a further announcement.
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 NOMAD and Joint Broker
John W Barr, Executive Chairman SP Angel Corporate Finance LLP
Andy Carroll, Technical Director Stuart Gledhill / Richard Hail
jwbarr@mosmanoilandgas.com / Soltan Tagiev
acarroll@mosmanoilandgas.com +44 (0) 20 3470 0470
Alma PR Joint Broker
Justine James Monecor (London) Ltd trading as ETX Capital
+44 (0) 20 3405 0205 Thomas Smith
+44 (0) 7525 324431 020 7392 1432
mosman@almapr.co.uk
Updates on the Company's activities are regularly posted on its
website: www.mosmanoilandgas.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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