Mosman Oil and Gas Ltd (AIM:MSMN) updated on its asset in the Amadeus Basin in central Australia.
The company, in a statement, said that its exploration activities have been ongoing throughout the current calendar year, including the airborne gradiometry acquisition and related geological interpretation work.
Mosman said that it wishes to undertake a follow-up study and is in talks with its contractor Geognostics about the work. It added that it intends to update the geological model and petroleum/helium play.
It also noted that the pandemic continued to disrupt and delay activities in Australia.
The Central Land Council (CLC) has rescheduled a proposed Sacred Site Clearance visit to the permit which is now expected to take place in November.
Stockbroker SP Angel, in a note, commented: “The survey is an important step in the exploration programme for EP-145 as it is the first time data will be acquired for the whole permit. These studies in the Amadeus Basin will provide important high-resolution data regarding the likely presence and distribution of Helium gas within the lower atmosphere directly above ground level.
“This could represent another significant valuation catalyst for the company in our view, with the current price of Helium at record levels.”