logo-loader
viewMosman Oil And Gas Ltd

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: 0.12 GBX

AIM:MSMN
Market: AIM
Market Cap: £1.35 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Mosman Oil And Gas Ltd named herein, including the promotion by the Company of Mosman Oil And Gas Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Mosman Oil and Gas Ltd's John Barr updates on farm-out and Welch sale

Mosman Oil And Gas Ltd's (LON:MSMN) John Barr speaks to Proactive London's Andrew Scott after announcing a deal to sell its stake in the Welch oil field in Texas, for US$300,000. He also details the recent farm-out deal which has been agreed for exploration permit (EP) 155 in the Amadeus basin,...

2 days, 18 hours ago

2 min read