Mosman Oil and Gas Ltd (AIM:MSMN) has increased its working interest in the Vecta helium project to 20%.
The company acquired an additional 10% interest from Vecta Oil and Gas, issuing shares worth approximately US$587,000.
The Vecta Helium Project, located in Las Animas County, Colorado, encompasses 51,000 acres with five helium prospects currently identified.
Mosman plans to drill exploration wells on each of these prospects in 2024.
"From our initial evaluation, we see great potential in the Vecta Helium project and are pleased to be able to increase our interest in this project with near-term drilling and a clear plan for the development of discoveries near existing infrastructure,” chief executive Andy Carroll said in a statement.
He added, "Vecta's agreement to take shares is a strong statement of support for Mosman and the potential of the drilling prospects."