Mosman Oil and Gas Ltd (AIM:MSMN) told investors it continues to progress the exploration of the EP 145 exploration permit in Australia’s Northern Territory.
The permit, which was the subject of a recent airborne gravity survey over its entirety, has potential for hydrocarbons, helium and hydrogen.
An interpretation project was undertaken via consultant Geognostics Australia and the report has now been received by the company. It is said to have significantly improved the understanding of the deep structural elements in the acreage, particularly in areas not currently covered by seismic data.
Mosman said the report also provides better insights into the structural architecture and deformation style in this part of the Amadeus Basin, which Mosman considers may be a potential ‘sweetspot’.
Chairman John Barr, said in a statement: "Mosman is very pleased to see such encouraging results from the first gravity survey and integrated technical report to cover the whole permit resulting in a significant increase in our understanding of its exploration potential.
"This work was a critical step in progressing the permit and is all the more impressive in that it was completed against a background of disruptions from the pandemic."