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.