Mosman Oil and Gas Ltd (AIM:MSMN) underlined its focus on helium exploration in the United States, as it agreed to sell its interest in its EP(A) 155 rights in Australia.
Georgina Energy subsidiary Westmarket Capital is to pay AU$350,000 in cash plus a 2.5% royalty interest that could yield further financial returns in the future.
Proceeds will be earmarked for Mosman’s helium efforts in America where in particular it is advancing the Sagebrush and Coyote Wash assets.
"We continue to progress our focus on helium exploration,” chief executive Andy Carroll said in a statement.
“Our view is that projects in the USA have high potential and operations are lower cost coupled with earlier drilling timing compared to Australia.
He added: “I am particularly excited about the near-term potential of Sagebrush with existing production and infrastructure and the adjacent Coyote Wash project.
“Whilst we are disappointed there has not yet been drilling at the Vecta Project, we are confident this low-cost project will provide drilling activity in the near term and potential for early production."