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

Mosman Oil And Gas says GEM revitalisation is gaining momentum

Mosman has a stake in GEM which is in the throes of reorganisation
directors in a meeting
Mosman will provide a AU$1mln loan to GEM

Mosman Oil And Gas Ltd (LON:MSMN) chairman John Barr has said that the revitalisation of Gem International Resources Inc (CVE:GI) is gaining momentum.

The AIM-quoted junior oil firm holds 7.6mln shares in Gem and in February Barr was appointed to the GEM board.

In a stock market statement, Mosman said that GEM’s financial report for the year ended September 30 is currently being audited. The report and all outstanding filings should be completed within the next few days.

READ: Mosman Oil & Gas surges after Amadeus Basin update

Once the documentation is in place, Mosman expects GEM to focus on determining the appropriate business plan and it will call a shareholder meeting to consider matters designed to lay foundations to relaunch the company.

In the meantime, Mosman has agreed to provide GEM an unsecured loan of up to AU$100,000, in return for a AU$10,000 fee and 5% per annum interest. It will be repayable in a year.

“Encouragingly, the new GEM board have recently received several unsolicited enquiries offering capital raisings and potential projects,” said John Barr, Mosman chairman.

“Following completion of the audit, the new GEM Board will then determine an appropriate business plan to present to shareholders as a basis for relaunching GEM as a revitalised company."

View full MSMN profile View Profile

Mosman Oil And Gas Timeline

Related Articles

oil and gas operations
April 26 2018
The Verbier discovery was a breakthrough in 2017, and the 2018 progammes aims to follow up that success.
picture of gas flare
February 13 2018
A new gas generator also came on stream recently and has started to produce the first power from the project
Hurricane
May 17 2018
Value creation may now be a slower burn, compared to high-impact drilling successes of recent years, nonetheless, the delivery of the Lancaster field’s early production system will be a major catalyst for the UK oiler that’s now worth close to £1bn

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