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.
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.