Mosman Oil and Gas Ltd (AIM:MSMN) told investors that it has secured a key approval for the Coyote Wash project, part of the Four Corners area in Colorado.
The company, in a statement, said it had secured Tribal Council approval from the Ute Mountain Ute Tribe to lease 4,320 acres covering the project area.
"This is a major new exploration project secured in a very attractive area for helium exploration,” chief executive Andy Carroll said in a statement.
“The Four Corners Area has been a major focus for Mosman, and, at the point this lease is subsequently granted, will complement our existing exploration project portfolio in south-eastern Colorado and Australia."
The agreement covers a three-year period, following a payment of US$129,600 to the Tribe upon lease activation.
Mosman noted it is now finalising a Program of Development (POD), which includes compliance with the National Environmental Policy Act (NEPA) and the National Historic Preservation Act (NHPA).
An environmental consultancy firm has been engaged to assist with documentation for approval by the Bureau of Indian Affairs (BIA).
Mosman said it expects to complete these steps by the end of January 2025.