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Mosman Oil and Gas extends option deadline for the Arkoma acquisition

"Whilst Mosman was keen to conclude the decision at Arkoma, this is a significant fiscal decision and it must be based on the best and most complete information available,” said John Barr, Mosman executive chairman
oil and gas operations
The new deadline moves to February

Mosman Oil And Gas Limited (LON:MSMN) is taking more time to make a decision on the Arkoma project in Oklahoma.

The company has moved its first option to acquire Arkoma to February 28 from November 15 but the second option deadline is still in March.

READ: Mosman Oil And Gas extends option deal for Arkoma project

In a stock market statement, the company said it needs to carry out more work to inform its decision. It highlighted that testing work is continuing for the multi-zone project, with the Wilcox zone flow tested in four wells though other zones have yet to be assessed fully.

"Whilst Mosman was keen to conclude the decision at Arkoma, this is a significant fiscal decision and it must be based on the best and most complete information available,” said John Barr, Mosman executive chairman.

READ: Mosman Oil and Gas raises £600,000 to support growth plan

“We had hoped the Wilcox oil alone would have been enough to make the option exercise decision, howeve

r we would like more detailed information to enable Moyes to conclude the report on which we will make our decisions and believe this is in the best interest of shareholders."

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