Mosman Oil & Gas Ltd has announced the extension of ongoing negotiations over its application for a permit to drill in the Amadeus Basin in Australia.
Mosman has entered into a farm-out agreement in relation to the EPA 155 application with Westmarket Oil & Gas Pty Ltd, the company updated on Thursday.
Westmarket Oil & Gas will take charge of negotiations required for the permit to be granted and a meeting with Australia’s Central Land Council due early next year.
EPA 155 is the second permit that Mosman has looked to secure in the area, with EP 145 already having been granted.
Mosman will retain a 25% working interest in the permit under the agreement with Westmarket.
“We are encouraged that the negotiation period has been extended to enable the grant of the exploration permit at no cost to Mosman,” chief executive Andy Carroll said.