26 February 2025
Mosman
Oil and Gas Limited
("Mosman"
or the "Company")
Operational, Corporate,
and Board
Updates
Mosman Oil and Gas Limited
(AIM:MSMN) the helium, hydrogen and
hydrocarbon exploration, development and production company,
announces progress on the sale of its Australian assets and the
identification of near term drilling opportunities in the recently
acquired Coyote Wash lease, Colorado.
US Projects Update
Coyote Wash (100% Mosman Helium LLC)
and Sagebrush (82.5% Mosman Helium LLC working interest)
Projects
Mosman operates the Coyote Wash and
Sagebrush Projects in Colorado. These adjacent areas contain a
number of drilling targets within the Ismay and Leadville
formations identified on 2D and 3D seismic, on which Mosman and
consultants have commenced technical work and planning is underway
for exploration activities.
Recent technical work identified an
attractive prospect in the southwest part of the Coyote Wash
project (see map below). An older well encountered oil and flowed
40 bopd. Analysis indicates this well was likely drilled on the
edge of an algal mound, and is an attractive prospect that could be
tested by a follow up well. An additional untested deeper helium
target has been interpreted in the subsalt Leadville presenting an
exciting opportunity for a dual target test of both oil and
helium.
Location map of the Coyote Wash and
Sagebrush leases
Vecta Helium Project (20% Mosman
Helium LLC WI)
Further to the announcement on 30
January 2025 in which Vecta Oil and Gas Ltd ("Vecta") the Operator
of this project, announced it had signed a contract with Desert
Eagle Drilling LLC to drill five wells, Mosman has not received an
update on the timing of drilling. A meeting with Vecta is scheduled
for next week. An update will next be provided once
available.
Sale of Australian
Projects
EP-145
The sale of EP-145 to Echelon
Resources Limited ("Echelon") is progressing, with the finalisation
of a 5% helium and hydrogen Royalty Deed (the "Deed"). The Deed
includes an option for Mosman to re-acquire any area of EP 145
f/when Echelon no longer wish to explore or produce that
area.
The sale remains subject to
government approval, following which Echelon will pay Mosman the
cash consideration of AU$400,000 which will be used to fund
drilling and seismic in the US.
Echelon is a participant in the
Mereenie oil and gas field and is drilling wells and selling
hydrocarbon gas to the NT government. Echelon has indicated it
plans to acquire seismic and drill, with potential to process and
sell gas via existing infrastructure. This provides the fastest
potential path to production and commercialisation of
EP-145.
EPA-155
As announced on 20 February 2025, a
sale contract has been finalised between Mosman and Westmarket Oil
& Gas Pty Ltd for the purchase of Oilco Pty Ltd, which is the
applicant in EPA-155. A deposit of AU$50,000 has been paid to
Mosman and on grant of the permit Mosman will receive a further
AU$300,000.
Andy Carroll, Chief Executive Officer of Mosman,
said: "We are pleased to report
progress on projects where Mosman operates. I am excited by the
early identification of attractive prospects in the Sagebrush and
Coyote Wash projects with existing seismic, road access, and
production infrastructure.
"We understand shareholders are keen
to hear updates on the Vecta project and we look forward to
providing information when advised by the Operator."
Board Update
Mosman announces the appointment of
Mr. Carl Dumbrell as Chairman of the Board, effective immediately,
with Nigel Harvey stepping down as Chairman whilst remaining on the
Board as a Non-Executive Director, continuing to provide his
valuable expertise and guidance to Mosman.
Mr. Dumbrell has been a valued
member of the Board since his appointment on 28 September 2023. He
brings extensive experience in finance and corporate governance,
which will be instrumental in guiding Mosman through its next phase
of growth.
For further information on Mr.
Dumbrell's background and the Company's Board of Directors, see the
Company website www.mosmanoilandgas.com
Enquiries:
|
Mosman Oil & Gas Limited
Andy Carroll
CEO
acarroll@mosmanoilandgas.com
|
NOMAD and Joint Broker
SP Angel Corporate Finance
LLP
Stuart Gledhill / Richard Hail / Adam
Cowl
+44 (0) 20 3470 0470
|
|
Alma
Justine James / Will
Merison
+44 (0) 20 3405 0205
mosman@almastrategic.com
|
Joint Broker
CMC Markets UK Plc
Douglas Crippen
+44 (0) 020 3003 8632
|
Updates on the Company's activities
are regularly posted on its website: www.mosmanoilandgas.com
Notes to editors
Mosman (AIM: MSMN) is a helium,
hydrogen and hydrocarbon exploration, development, and production
company with projects in the US and Australia. Mosman's strategic
objectives remain consistent: to identify opportunities which will
provide operating cash flow and have development upside, in
conjunction with progressing exploration. The Company has several
projects in the US, in addition to exploration projects in the
Amadeus Basin in Central Australia.
