Mosman Oil and Gas Limited (LON:MSMN) has completed the sale of a stake in the Welch Project, in Texas, for US$420,000.
The company, in a brief statement, noted that the sale was completed with full settlement of the deal consideration in cash.
In early January, Mosman announced it had agreed to a new transaction with Steadfast Energy Partners LLC and Silver Dollar Energy Investments to exit Welch.
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At that time, chairman John Barr had said: “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.
“The sale of Welch will enable management to focus on further development of the projects where we see strong near-term development potential.”