Mosman Oil and Gas Limited (LON:MSMN) has signed preliminary agreements with undisclosed parties for a potential joint venture at its Amadeus project in Australia.
The AIM-listed firm is looking for partners to fund seismic work, followed by a well, planned for next year.
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The company is currently waiting for approval by the authorities for the extension of the permit, which encompasses an onshore oil and gas development.
“This is the first step in a potential Joint Venture for Mosman's Amadeus Project. Site visits and detailed data reviews will now be arranged to progress the matter,” said chairman John W Barr.
Earlier this month, Mosman said it believed becoming cash flow positive on a company level is an “increasingly achievable” objective.
Mosman shares were up 23% to 0.27p on Monday morning.