Mosman Oil and Gas Ltd (AIM:MSMN) said plans to start drilling at the Vecta helium project in Colorado, USA (20% WI) by the end of 2024 will not now happen.
Having been advised that drilling would commence in 2024, the project operator has not yet secured a rig.
A rig to drill these five wells is being sought and therefore the operator is not able to provide a definite schedule for drilling.
Once a rig is contracted, drilling could commence within a few days, said Mosman.
In Australia at EP-145, two key approvals have been granted, added Mosman.
Namely, these are the Environmental Management Plan, which was submitted on 26 November, and the Aboriginal Areas Protection Authority (AAPA) Clearance Certificate.
Andy Carroll, chief executive, said: "We are pleased with the progress being made on EP-145 where Mosman is the operator.
“We are disappointed that drilling has not already started on the Vecta project, where we are not the operator, as this was advised as a reasonable expectation when the project was acquired in June this year.
“Notwithstanding this, Vecta remains attractive due to the low cost of drilling, the high helium concentrations produced in this part of Colorado and the proximity to production infrastructure."