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Mosman Oil And Gas gets green light for Amadeus permit extension

The approval gives the company more time to complete its intended work programme

Mosman Oil And Gas Ltd - Mosman Oil And Gas gets greenlight for Amadeus extension

Mosman Oil And Gas Ltd (LON:MSMN) told investors that the Northern Territory Government has given the green light for the company to extend its permit in the Amadeus basin.

In a statement, the company said that it was advised by the relevant minister in the regional government that the application for a suspension and extension to the work programme conditions for the EP145 permit has been approved.

READ: Mosman to raise £400,000 for first well at Champion

“The approval provides additional time to arrange access to the permit area and to conduct further environmental works and preliminary logistics, once the COVID-19 restrictions are lifted,” the company said.

The requested extension will give Mosman permission to suspend its committed programme by 12 months, and, a new permit deadline is set for August 21, 2023.

Last week, Mosman announced it had raised £400,000 through a placing to help it drill the Falcon well at the Champion project in Texas.

The junior has a farm-in agreement with Baja Oil and Gas where it has a 60% working interest but will pay 80% of the first well at the Champion Project. This well has an estimated total cost of US$700,000 to drill and complete.

Quick facts: Mosman Oil And Gas Ltd

Price: 0.1452 GBX

AIM:MSMN
Market: AIM
Market Cap: £2.3 m
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