Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Mosman Oil and Gas earmarks £500,000 of new funds for evaluation of new opportunities

The junior oil firm is issuing a total of 45.45mln new shares at 1.1p each
oil and gas operations
It comes after a detailed project update earlier this year

Mosman Oil And Gas Limited (LON:MSMN) has raised £500,000 in working capital through the issue of new shares in a placing.

The junior oil firm is issuing a total of 45.45mln new shares at a price of 1.1p each. In late afternoon trading, the shares were traded at that issue price, down 21% on last night's close, albeit with the stock having gained strongly this week following bullish updates.

According to Mosman, the funds will be put towards its evaluation of new acquisition opportunities and general purposes.

Earlier this week, the company gave investors a detailed project update for its US operations – including the news that it is generating positive cash flows at the Welch project in Texas, where it produced a total of 3,558 barrels of oil in the four months to January.

The first phase of workovers at Welch has established production of up to 40 barrels per day. An investment decision on a horizontal drilling programme will be taken later this year after a reserves report.

 -- Adds share price --

View full MSMN profile View Profile

Mosman Oil And Gas Timeline

Related Articles

oil and gas operations
September 05 2018
New exploration efforts are coming into the spotlight over the coming months as conventional drilling is slated for 2019
oil well
August 22 2018
Production in the six months to June rose 64% following a workover campaign on the three producing wells
oil and gas operations
Thu
Spirit Energy, majority-owned by British Gas parent Centrica, is to fund a programme of new wells and cover Hurricane's costs for initial field development work for the Greater Warwick Area

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors 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