After Georgina Energy's update on the progress of the EPA-155 permit. Mosman Oil and Gas Ltd (AIM:MSMN) confirmed that the two companies have entered into a formal share sale and purchase agreement, with completion subject to government approvals.
Mosman said it has received the AU$50,000 non-refundable deposit.
Chief executive Andy Carroll said "This is a further step in commercialising Mosman's broad portfolio by securing royalties whilst reducing operating costs and potential capital expenditure.
"This will enable management to focus and facilitate capital allocation to lower cost exploration in the USA where there is also established helium infrastructure and growing markets."