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Mosman Oil and Gas to review business as partner defers new Stanley work

The operational review is expected to be concluded in the next 14 days

Mosman Oil And Gas Ltd - Mosman Oil and Gas to review business as partner defers new Stanley work

Mosman Oil And Gas Ltd (LON:MSMN) told investors that the operator of the Stanley project has chosen to defer the drilling of the Stanley-4 well.

The operator had the right to make this decision under the joint venture agreement, and, now the last date that the operator can start drilling Stanley-4 is 20 June 2020.

At the same time, amid oil market turbulence, the company has launched a full review of its operations.

“Mosman is in the process of conducting a full review of all operations, with the express objective of further reducing costs and protecting income and the company's cash position,” Mosman said in a statement.

“The review, which is expected to be concluded in the next 14 days, will be difficult and hard commercial decisions will be required.”

Reflecting on market conditions, the company added: “Mosman's business is clearly not immune to recent economic events including the collapse of the global oil price and disruption in the capital markets resulting from a number of factors including the Covid-19 Pandemic."

“The board of Mosman takes its responsibilities to shareholders, staff, consultants, and partners very seriously and has been assessing the impact to operations and forward planning,” it added.

Quick facts: Mosman Oil and Gas Ltd

Price: 0.16 GBX

Market: AIM
Market Cap: £3.99 m

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