Mosman Oil and Gas Ltd's (AIM:MSMN) partner in the Amadeus Basin, Greenvale Energy Ltd (ASX:GRV, OTC:GVLMF) (ASX: GRV), has been awarded a A$100,000 co-funding grant.
It came via the NTGS Geophysics and Drilling Collaborations program, and, will be used to support the funding of an upcoming 2D seismic programme.
It is expected that the seismic data acquisition will commence in August, aiming to provide a crucial dataset for targeting ultra-high-grade helium, hydrogen, and hydrocarbon resources within the Amadeus Basin.
It is an exciting opportunity for Greenvale to become a key supplier in the helium market, which is currently facing severe supply shortages alongside strong demand and pricing growth, Mosman noted.
Mosman retains a 25% interest in the project, in Australia’s Northern Territory, while Greenvale holds a 75% interest.
Greenvale is covering the costs of seismic acquisition in line with the terms of the farm-in agreement.