Proactive Investors - Run By Investors For Investors

Mosman Oil and Gas increases stake in Challenger project

The oil exploration firm said it acquired an additional 30.83% interest in the project for a cash consideration of US$35,760, taking its total ownership of the project to 46.83%
Oil derrick
Mosman acquired an initial 16% stake in the project in 2018

Mosman Oil And Gas Limited (LON:MSMN) has increased its stake in the Challenger project in East Texas.

The oil exploration firm said it acquired an additional 30.83% interest in the project for a cash consideration of US$35,760, taking its total ownership of the project to 46.83% from 16% previously.

READ: Mosman O&G reports near 47% rise in net attributable production for the six months to 31 December

Following the purchase, Mosman said it would become operator of the project.

John W Barr, chairman of Mosman, said the company maintained the objective of increasing production at its project, with technical work carried out at the Challenger project “encouraging”.

"The next step for Challenger is to make final technical decisions on the wells to be drilled and then consider the various funding alternatives that are available", Barr added.

In late-morning trading Thursday, Mosman shares were steady at 0.25p.

View full MSMN profile View Profile

Mosman Oil And Gas Ltd Timeline

Related Articles

Egypt
April 08 2019
The South Disouq project has been pushed back towards the end of 2019
oil rig
May 29 2019
Wressle public inquiry scheduled for 5 November 2019 and expected to last six days.
Hydrogen fuel gauge
April 05 2019
The company’s technology, DMG, uses a process of small scale gasification to turn waste products into energy rich clean synthetic gas from which electrical power and hydrogen can be produced

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use