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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.

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