Mosman Oil and Gas Ltd (AIM:MSMN) has provided further details regarding its intended spin-out of prospective helium assets in Australia, including the commissioning of a new review that aims to better define the project.
The company appointed industry consultant SRK to review the asset, which comprises the EP 145 and EPA 155 licences in central Australia, and this work could be followed by a formal independent competent persons report.
At the same time, Mosman is making changes to the corporate structure including a transfer of the Australian assets into a new wholly owned subsidiary called Adagio Resources Ltd.
Further corporate matters including tax, structuring, potential share lock-up periods and the potential distribution of shares have yet to be finalised.
The company, in a statement, also noted that it is presently working to extend the exploration licence to enable the planned work proceed.
In the field, at a nearby third-party project, the company and its investors well keep a keen eye on Georgina Energy and its venture partners which plan to drill up to three wells in the coming months.
Mosman noted that it intends to make final decisions regarding the potential spin-out in the coming months.
"I am pleased to report the corporate review has given a focus to progress our projects in the Amadeus basin and look forward to the next key milestone of SRK's Report,” said chair John Barr.
“We continue to build in the US and look forward to updating on our progress in both territories."