Mosman Oil and Gas Limited Announce Canning Basin Update
The Directors of Mosman Oil and Gas Limited (“Mosman” or the “Company”) (AIM: MSMN) the New Zealand and Australia focussed oil exploration and development company announced today that the Joint Venture parties in the Canning Basin permit EP478 in WA, Australia recently approved a Joint
Venture Agreement amendment to accommodate the reprocessing and interpretation of seismic in EP478.
Mosman has an option to participate if the Joint Venture elects to drill a well in the permit by paying 25% of well costs to earn 17.5% of the of the first well. Apache Energy Ltd (“Apache”) also has an option to farm-in to this well, and it funded most of the cost of the recent 504km Mount Rosamund 2D seismic acquisition programme as part of their Acacia permit farm-in
In addition Apache is paying for drilling of nearby wells as part of their separate Coastal permit farmin.
John W Barr, Executive Chairman of Mosman commented:
“We are pleased to see continued interest and activity in this area. Mosman has the fortunate position of retaining the option to participate, at our election, on the drilling of a well that may occur in 2015, whilst incurring none of the ongoing costs”.
Competent Person’s Statement
The information contained in this announcement has been reviewed and approved by Andy Carroll,Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr Carroll is a member of the Society of Petroleum Engineers.
Source: Mosman Oil and Gas Limited