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Mosman shares surge as finance discussions continue

Published: 11:14 11 Sep 2015 BST

MadagascarOil-(Resized)
Mosman intends to finance its share of up to a 70% interest through a combination of existing cash, sale of a royalty on future production, debt, equity, and convertible securities..

Mosman Oil & Gas (LON:MSMN) shares surged around 40% on Friday morning and the firm said it knew of no reason why apart from its recently announced acquisition.

Earlier this month, the group said it had signed an agreement for the acquisition of a stake in producing assets, known as the South Taranaki Energy Project (STEP),  in New Zealand for NZ$10mln which equates to about £4.2mln.

An agreement was also reached that will see WRDLS Ltd, a private company, take at least 30% of the project.

Mosman intends to finance its share of up to a 70% interest through a combination of existing cash, sale of a royalty on future production, debt, equity, and convertible securities.

The firm added it is progressing discussions with various finance providers and will provide further updates to the market as appropriate.

Mosman shares are up 39.02% to 7.125p at the time of writing.

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