Mosman Oil and Gas Ltd (AIM:MSMN) told investors it has completed the sale of its interest in Nadsoilco, which held its Texas assets, for up to US$1.75 million.
The disposal includes Mosman's assets at Stanley, Greater Stanley, and other properties in Texas.
It marks a shift in the company’s strategic focus toward helium exploration.
Proceeds will be used to fund the company's newly acquired interest in the Vecta Helium project in Colorado, where five wells are planned.
The first of the helium wells will kick off later in this quarter.
At the same time, Mosman will continue evaluating other potential helium exploration opportunities.
"We are pleased to deliver on our goal of commercialising the majority of our existing portfolio of oil and gas assets in the United States by this sale as we seek to take advantage of compelling growth opportunities for Mosman in the helium sector,” chief executive Andy Carroll said in a statement.
He added: "We see great growth potential in helium, as demonstrated with our commitment and progress at EP 145 in Australia and the newly acquired interest in the Vecta Helium Project in USA which offers the proven presence of helium and the low cost of shallow exploration and production wells.
"This sale demonstrates our commitment to deliver on our corporate strategy to achieve growth by focusing on helium opportunities, where we are able to leverage our helium exploration expertise gained over several years in Australia to identify and acquire proven low-cost helium projects.”