leadf
logo-loader
viewMosman Oil and Gas Ltd

Mosman Oil and Gas agrees new deal to exit Welch project

“The sale of Welch will enable management to focus on further development of the projects where we see strong near-term development potential"

Mosman Oil and Gas Ltd - Mosman Oil and Gas agrees new deal to exit Welch project

Mosman Oil and Gas Ltd (LON:MSMN) has agreed to sell its interest in the Welch project, Texas, in a cash deal worth US$420,000, after a prior deal failed to close.

The new deal is with Steadfast Energy Partners LLC and Silver Dollar Energy Investments LLC. This transaction is expected to close on January 15, 2021.

READ: Mosman's Duff-2 well is back on production

The company pointed out that project ranking in its recent strategic review prioritised assets with lower operating costs.

"The intention to sell Welch was first announced in February 2020, and a sale contract was signed in March, however despite time extensions, the counter-party did not complete that sale contract,” said John Barr, Mosman chairman in a statement.

"Welch was a valuable stepping-stone for Mosman in terms of experience and building a production base in the US while we built a position in East Texas. The sale of Welch will enable management to focus on further development of the projects where we see strong near-term development potential," he added.

Quick facts: Mosman Oil and Gas Ltd

Price: 0.1525 GBX

AIM:MSMN
Market: AIM
Market Cap: £4.04 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

SP Angel hail the restructuring of Mosman Oil and Gas and their 2020...

Mosman Oil and Gas Ltd's (LON:MSMN) is given a 'buy' recommendation by SP Angel analyst Sam Wahab who takes Proactive through his research on the company.  2020 was a year of operational development against a challenging market backdrop, the company successfully transitioned into a low...

on 28/1/21

2 min read