Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Mosman Oil and Gas raises £600,000 to support growth plans

An injection of new capital will help fund activities for the recently acquired assets in Texas and Oklahoma.
Onshore oil drilling
Mosman is issuing 42.8mln new shares, priced at 1.4p each.

Mosman Oil And Gas Limited (LON:MSMN) has raised £600,000 though a share placing as it continues efforts to find secure new opportunities.

The injection of capital is also expected to support the group following its recent acquisition of interests in two producing oil properties in the United States.

It said the proceeds will be put towards the ongoing development of the US projects, the Strawn Oil Project in Texas and the Arkoma venture in Oklahoma. The expectation is that these assets can provide production growth and cash flow.

"The placing will provide funding to progress the growth in the operational side of our two recent US onshore production acquisitions,” said John Barr, Mosman executive chairman.

“Our growth strategy remains focused on identifying further opportunities like Strawn and Arkoma that provide operating cash flow and have additional development upside, in conjunction with adding value to our existing exploration permits."

Mosman is issuing 42.8mln new shares, priced at 1.4p each.

In late afternoon trading, Mosman shares were over 9.5%, or 0.15p lower at 1.42p, but still held just above the placing price.

 -- Adds share price -- 

Jamie_55a91591db06b.jpg
Why Invest In Mosman Oil And Gas? Read More Here

Register here to be notified of future MSMN Company articles
View full MSMN profile View Profile

Mosman Oil And Gas Timeline

Related Articles

picture of wind turbines
June 12 2017
The construction of more than 600 wind turbines was funded by securing US$1bn of financing during the year.
onshore oil operation
March 16 2017
“We are now in the process of starting to unlock the inherent value in our asset base,” said chief executive Andrew Knott.
picture of gas pipes
June 14 2017
The Ntorya-3 appraisal well may be delayed in favour of acquiring another batch of 3D seismic over the licence.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use