Mosman Oil and Gas Ltd (AIM:MSMN) has bolstered its capital position, raising £300,000 before expenses through a placing of shares.
The junior energy firm, in a statement, said proceeds from this placing will support Mosman's helium and hydrogen exploration projects (EP145 and EPA155), in Australia.
It comes as a farm-out process is being progressed, and the company expects that ongoing costs at the projects will be reimbursed upon the completion of the agreement with incoming partner Greenvale Energy Ltd.
In the field, Mosman is planning a programme of seismic data acquisition slated for the first half of 2024, to identify well locations for programmes before the end of ‘Permit Year 3’, which is in August 2024.
A total of 2.4 billion new shares are being issued for 0.0125p.