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Mosman Oil And Gas jumps on Amadeus farm-out agreement

"We are pleased to have concluded the farmout on EPA 155 so that the project can be progressed at no cost to Mosman,” said chairman John Barr.

Mosman Oil And Gas Ltd - Mosman Oil And Gas jumps on Amadeus farm-out agreement

Mosman Oil And Gas Ltd (LON:MSMN) shares jumped in early deals on Monday following news of a farm-out deal for exploration permit (EP) 155 in the Amadeus basin, in Australia’s Northern Territory.

Westmarket Oil & Gas, a subsidiary of Georgina Energy PLC, has inked a deal to earn a 70% stake by investing in work programmes at the project.

READ: Mosman results for 2019 show successes at Stanley

Mosman will retain 30% and the transaction allows for the AIM-quoted firm to be ‘carried’ in an exploration well in return for a further 15% interest in the project.

The AIM-quoted firm will also receive an immediate A$15,000 payment for past-costs and a further A$15,000 will be payable once seismic data has been reprocessed.

"We are pleased to have concluded the farmout on EPA 155 so that the project can be progressed at no cost to Mosman,” John Barr, Mosman's chairman said in a statement.

“The Farminee interest is an endorsement of the potential of the permit area for both hydrocarbons and helium," he added.

Mosman shares rose by 60% in early deals to trade at 0.088p.

Quick facts: Mosman Oil And Gas Ltd

Price: 0.1525 GBX

AIM:MSMN
Market: AIM
Market Cap: £2.42 m
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Mosman Oil And Gas Ltd's (LON:MSMN) John Barr and Andy Carroll speak at the Proactive One2One Virtual Event. Mosman operates in politically stable countries with a strategy of expansion through organic growth (exploration of existing permits) and strategic growth (acquisition of new permits,...

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