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.
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.