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Mosman Oil and Gas highlights progress at recently acquired Strawn project

Strawn was the first acquisition in the group’s growth strategy to close, and Mosman said it is continuing to evaluate other oil and gas opportunities.
Onshore oil drilling
Initial work at Strawn is on essential maintenance

Mosman Oil And Gas Ltd (LON:MSMN) told investors that work is underway at the recently acquired Strawn oil project in Texas.

Strawn was the first acquisition in the group’s growth strategy to close, and Mosman said it is continuing to evaluate other oil and gas opportunities.

Initial work at Strawn is on essential maintenance, including repairs to pumping equipment and roads, ahead of well workover programmes.

“The company's plan is to steadily build production and thus cash flow, which will initially be re-invested with a view to increasing production,” Mosman said in a statement.

Mosman’s technical director is due to return to North America shortly meet with the team at Strawn and review progress, as well as evaluating other projects.

Separately, Mosman noted that there’s significant ongoing activity in the region around its Amadeus basin assets in Australia.

“Mosman's permits are strategically located as they are surrounded by, or adjacent to several permits held by major energy suppliers,” it highlighted.

“In particular EP 145 is adjacent to the Mereenie project on which the major Operator, Central Petroleum Limited, has received a takeover offer from Macquarie Bank Limited The Northern Territory Government has granted approval to the NT Gas Pipeline that will take gas from NT to the East Coast markets.”

Mosman noted that a field programme was completed for one of its assets, though it is still awaiting a report as a key consultant has been seriously ill. At another of the Amadeus assets an airborne survey that had been delayed by poor weatheris now expected to get underway “very shortly”.

Meanwhile, permitting and native title issues are the focus of efforts for the third asset in the basin.

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