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Mosman Oil & Gas #MSMN – Half Year Results

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces its Half Year results to 31 December 2021, a period in which it significantly increased oil and gas production across its US projects.

Summary

· Revenue increased 95% to AUD 745,790 (compared to AUD $383,138 in the six months ending 30 June 2021)

· Gross Profit increased 232% to AUD188,487 (compared to AUD $56,828 in the six months ending 30 June 2021)

· Net loss narrowed to AUD 498,940 (compared to AUD $708,822 in the six months ending 30 June 2021)

· Net Production to Mosman increased 43% to 17,344 BOE

· Completed acquisition of Nadsoilco increasing working interest in Stanley Project, Livingston and Winters leases and became operator of these leases, providing more day to day control

· Acquired additional working interests in Falcon-1 and Cinnabar in East Texas. Completed 3D seismic reprocessing and interpretation and identified potential development drilling locations with multiple Wilcox sand targets at Cinnabar.

1 BOE/boe – barrels of oil equivalent

2 Gross Project Production – means the production of BOE at a total project level (100% basis) before royalties (where Mosman is the Operator) and where Mosman is not the operator the total gross production for the project

3 Net Production – Net to Mosman’s Working interest before royalties

Post Period end

· Completed the construction of a gas network in East Texas in February, enabling the sale of gas from Winters-2 and Stanley-4 and enabling ongoing production optimisation.

· 12 month extension of EP-145 in Australia secured and an on-site environmental survey completed.  

John W Barr, Chairman of Mosman commented: “We remain focussed on delivering on our strategic objectives to build oil and gas production and development upside, delivering solid progress on this objective through the acquisition of Nadsoilco and additional working interests at Falcon-1 and Cinnabar in East Texas.

“Good progress was made across our development projects, increasing production. Revenues have benefitted from the increasing oil and gas prices, which remain very strong. We have identified potential drilling locations to target further increases in production.” 

Enquiries:

 

Mosman Oil & Gas Limited

John W Barr, Executive Chairman Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.com acarroll@mosmanoilandgas.com

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

Alma PR

Justine James / Joe Pederzolli

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

Joint Broker

Monecor (London) Ltd trading as ETX Capital Thomas Smith

020 7392 1432

 

Updates on the Company’s activities are regularly posted on its website:

www.mosmanoilandgas.com

 

Notes to editors

Mosman (AIM:MSMN) is an oil exploration, development, and production company with projects in the US and Australia. 

Mosman’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration of existing exploration permits.

The Company has seven projects in the US: Stanley, Greater Stanley, Livingston, Winters, Challenger and Champion in East Texas and Arkoma in Oklahoma in addition to exploration projects in the Amadeus Basin in Central Australia.

Link here to view the full results announcement and financial statements

UK Investor Magazine Podcast – Barclays, Rio Tinto, and Rising Rates with Alan Green – We cover Rio Tinto #RIO Barclays #BARC Mosman Oil and Gas #MSMN and Blencowe Resources #BRES

investor

 

The UK Investor Magazine Podcast is joined by Alan Green as we explore UK equites and key market themes.

We start by questioning the current narrative and if markets are underestimating the risk of rising rates as investor attention shifts to Eastern Europe.

Rio Tino is one of two FTSE 100 companies reporting record profits on Wednesday as rising commodity prices saw earnings soar and gave the board confidence to hike the dividend, making Rio Tinto one of the FTSE 100’s top dividend payers.

Barclays also reported record profits as the banking group enjoyed strong investment banking activity and the reversal of impairment charges. Income investors will be pleased Barclays is also raising their dividend.

Mosman Oil and Gas recently released a dramatic increase in production figures and has updated the market of developments at exploration projects concerned with Helium resources.

We cover the latest developments at Blencowe Resources which is working to supply the EV market.

Barclays, Rio Tinto, and Rising Rates with Alan Green

Alan Green discusses OnTheMarket #OTMP, Technology Minerals #TM1 & Mosman Oil & Gas #MSMN on Vox Markets podcast

vox podcast

Alan Green discusses OnTheMarket #OTMP, Technology Minerals #TM1 & Mosman Oil & Gas #MSMN with Justin Waite on the Vox Markets podcast.

Mosman Oil and Gas #MSMN – Production Update – 43% increase in six month net production

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces its production summary for the six months ended 31 December 2021.

Net Production attributable to Mosman for the six months was 17,344 boe, an increase of 5,201 boe, or 43% increase compared to the six months to June 2021 of 12,143 boe.  This is despite the operational issues experienced in December that reduced the production in the 3 months to 31 December.  This progress reflects the uplift in production from growth of existing projects, the acquisition of Nadsoilco and an increased interest in Falcon. It does not reflect recent increases in production at Falcon which occurred after 31 December 2021, and does not include the Winters-2 well which was drilled in November and was recently recompleted and flowed gas. It also only includes minor production from Stanley-5.

Production Summary

3 Months to

31 December 2021

6 Months to

31 December 2021

boe

boe

Gross Project Production

Net Production to Mosman

Gross Project Production

Net Production to Mosman

Gross boe

Net boe

Gross boe

Net boe

Falcon

5,944

4,458

14,800

11,099

Stanley

5,130

1,741

11,705

4,141

Livingston

172

35

501

100

Winters

173

50

349

101

Greater Stanley

Arkoma

3,362

839

7,617

1,903

Welch (sold)

Total boe

14,781

7,123

34,972

17,344

Production numbers are based on the current best available data and are subject to adjustment upon receipt of final sales invoices from the purchasers of products.

Falcon

There was natural decline in production from the producing zone in October and November that meant it was time to add an additional production zone. The well was shut in to perform the workover.

The well was successfully perforated in December. Production in December was constrained as production facilities were upgraded.

Mosman reported on 17 January 2021 that production was 113 gross boepd with a 7/64 choke

Since adjusting the choke to 8/64 seven days ago, the well has averaged 133 gross boepd, a 64% increase compared to the average gross production for the six months ended 31 December 2021.

Stanley

On the Stanley project, production has been constrained mainly because Stanley-4 is waiting on gas infrastructure to be completed before it can be returned to production. This infrastructure is a combination of existing pipelines controlled by Nadsoilco, new pipelines and connections requiring multiple land access agreements and regulatory approvals. The infrastructure will have significant short term and long term benefits to the Stanley area.

Stanley-5 was drilled and been producing at an average daily rate circa 50 bopd since coming on production in December 2021.

Stanley-3 continues to produce steady oil rates, but the gravel pack on Stanley-1 was not successful and the well will be worked over again. Stanley-2 production has declined and this well is a candidate for recompletion.

Livingston

The Livingston property was one part of the acquisition of Nadsoilco. One well (Davis & Holmes 11) that has been shut-in for over one year was successfully worked over and put on production in December. Nadsoilco owns 20% of the well.

Production has been circa 10 to 20 bopd (gross) with some water, whilst production facilities are being modified to optimize the production rate.

Greater Stanley

The workover of a Duff lease well was carried out. The recompletion was unsuccessful, and  the production strategy on this lease is now under review.

Winters

Winters-2 has been recompleted in the Wilcox sand 6,695-6,700 feet and flowed gas. Flow tests are expected to be conducted later this week and will be reported in due course. Gas infrastructure is being installed to enable gas sales from the Winters and Stanley leases.

Arkoma

Production had  been steady until there was minor damage from a lightning strike in December 2021 which is now repaired. Two wells are shut-in awaiting  workovers. This asset is being held for sale as other projects are preferred for further investment.

Cinnabar

3D seismic data was successfully reprocessed and interpreted, indicating several potential drilling locations. Mosman will seek to farmout at least one well at the annual NAPE Summit 2022 in Houston in February. 

John W Barr, Chairman, said: “Mosman is pleased to report an uplift in production from the previous half year which reflects a daily production rate of 95 boepd for the six months to 31 December 2021.

“Importantly, since 31 December we are seeing growth in production which has been achieved with the recompletion at Falcon, the drilling and start of production at Stanley-5 and the workover of -D&H-11. We anticipate further increases from workovers at Stanley, Stanley-4 returning to production and Winters-2 starting production once gas infrastructure is completed.”

Quarterly Updates

Going forward Mosman will move to quarterly production updates.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.

Glossary:

boe

 

Barrels of oil equivalent based on calorific value as opposed to dollar value

boepd

Barrels of oil per day of oil equivalent based on calorific value as opposed to dollar value

Gross Project Production

Means the production of BOE at a total project level (100% basis) before royalties (where Mosman is the Operator) and where Mosman is not the operator the total gross production for the project

Net Production

Net to Mosman’s Working interest attributable production means net to Mosman’s working interest before royalties

 

Enquiries: 

Mosman Oil & Gas Limited

John W Barr, Executive Chairman Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.comacarroll@mosmanoilandgas.com

NOMAD and Joint Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

 

Alma PR

Justine James / Joe Pederzolli

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

 

Joint Broker

Monecor (London) Ltd trading as ETX Capital Thomas Smith

020 7392 1432

 

Updates on the Company’s activities are regularly posted on its website:

www.mosmanoilandgas.com

Notes to editors

Mosman (AIM:MSMN) is an oil exploration, development, and production company with projects in the US and Australia. 

Mosman’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration of existing exploration permits. 

The Company has seven projects in the US: Stanley, Greater Stanley, Livingston, Winters, Challenger and Champion in East Texas and Arkoma in Oklahoma in addition to exploration projects in the Amadeus Basin in Central Australia.

Quoted Micro 17 January 2022

AQUIS STOCK EXCHANGE

Failed bidder Ecotricity has requisitioned a general meeting at Good Energy (GOOD) in order to remove Will Whitehorn as a director and to stop the company selling generating assets without shareholder approval. The meeting will be held on 11 February. Ecotricity owns 25% of Good Energy. The sale of the generating assets is an important part of the company’s strategy. The cash would be used to reduce borrowings and invest in newer businesses, such as Zap-Map and other digital businesses.

Samarkand Group (SMK) has signed an exclusive distribution agreement with AIM-quoted Venture Life (VLG). The e-commerce technology platform will be the exclusive distributor of mouthwash Dentyl Dual Action and halitosis mouthwash Ultradex in China for an initial term of five years.

Hydrogen Utopia International (HUI) has signed a letter of intent with RZZO, which is a regional municipal waste management company in Ostrow Wielkopolski in Poland. RZZO will provide a plot of land where a HUI waste plastic to hydrogen plant can be sited and also source the plastic waste. They will seek funding from the EU as well as Polish grants. The heat would be fed into a district heating system.

Eastinco Mining and Exploration (EM.P) has identified 11 new pegmatite zones at its HCK joint venture in Rwanda. These are potential tantalum-niobium bearing zones. The sampling should be completed in February.

Apollon Formularies (APOL) has signed agreements with more than a dozen cannabis cultivators. They all have the appropriate licences. It has also set up the Apollon Kannabiz Cooperative to work with local Jamaican farmers.  Rod McIllree has been appointed as a non-exec director. He owns 29.1% of Apollon.

Western Selection (WESP) cut its stake in Northbridge Industrial Services (NBI) from 9.65% to 6.21%, while Harwood Capital has raised its stake to 16.9% to 20.4%. Western Selection raised £1.7m from the disposal.

EPE Special Opportunities Ltd (ESO) had net assets of 510.95p a share at the end of 2021.

Sativa Wellness Group Inc is changing its name to Goodbody Health Inc (GBDY).

Dispersion Holdings has changed its name to AQRU (AQRU), which is aligned with the brand of its retail online platform for lending cryptocurrencies.

Rutherford Health (RUTH) will leave Aquis on 25 January.

AIM

Frontier IP (FIPP) says the increase in the value of tis stake in the Nasdaq-listed Exscientia will be an important component of the rise in NAV at the end of 2021. NAV was 69.8p a share at the end of June 2021. A small portion of the shareholding has been sold and further sales are likely. This cash can be ploughed back into Frontier IP and help with new investments.

Legal services provider Gateley (GTLY) reported organic growth of 23% in the six months to October 2021. That partly reflects the weak comparative figures as well as underlying growth. All four divisions grew revenues with only the property division having a small contribution from an acquisition. Utilisation levels improved from 79% to 84%. Underlying pre-tax profit increased from £7.5m to £8.5m. The interim dividend was one-fifth higher at 3p a share. Management is seeking acquisitions to add to organic growth. There is normally a second half weighting to the figures.

Strong trading at Metro Rod and Metro Plumb is the major factor behind the growth at Franchise Brands (FRAN) and the B2C franchise brands are recruiting more franchisees. Full year pre-tax profit is expected to increase from £4.8m to £6.4m. Net cash was £8.6m at the end of 2021.

Corporation Financeiere Europeenne acquired shares in CIP Merchant Capital (CIP) taking its stake to 31.8%. This has sparked a mandatory bid at 55p a share. This is a substantial discount to net assets of 87.6p a share. The plan is to save the costs of being a quoted company.

Cornerstone FS (CSFS) has come to an agreement with Robert Lee concerning the £100,000 convertible loan facility he had promised. Instead of being convertible at a fixed price of 61p a share the convertible could be converted at the average mid-market price of the shares for the five dealing days prior to the drawdown of the loan if this is lower. This will mean that it is much more dilutive unless there is a sharp rise in the share price. The international payments company says 2021 revenues should be £2.3m with more generated by direct sales.

Specialist IFA Frenkel Topping (FEN) is paying up to £10m for Cardinal Management, which provides patient support at hospitals following traumatic events. This provides access to potential clients at an early stage.

Heart disease risk assessment technology developer GENinCode (GENI) has filed a pre-submission for its Cardio inCode-SCORE test with the FDA in the US. This will provide information ahead of a future marketing application. The test combines genetic risk with clinical risk to assess an overall risk of heart problems for a patient.

Oil palm plantations operator Dekel Agri-Vision (DKL) generated record figures in 2021. December crude palm oil production more than doubled and the total production for the year was 39,953 tonnes, up 17.5% on the previous year. Extraction rates are starting to improve. The average crude palm oil price was $868/tonne, which is 44% higher than in 2021. The crude palm oil price is currently more than $1,000/ tonne

Minds + Machines (MMX) decided to return the remaining cash to shareholders and cancel the AIM quotation. There will be 10.4p a share tender offer.

Vector Capital (VCAP) has increased its debt facilities by £5m to £35m. In 2021, the total loan book rose by 27% to £46.3m. This is ahead of expectations.

Capital equipment supplier Mpac Group (MPAC) says it traded in line with expectations in 2021. A pre-tax profit of £8.2m is forecast. The closing order book was £77m. The 2021 results will be published on 14 March.

Holders Technology (HDT) is paying a special dividend of 2p a share on 28 January in addition to a final dividend which will be announced with the 2021 figures. The interim dividend was 0.5p a share. This follows the disposal of some of the company’s PCB assets for around £1.7m.

Mosman Oil and Gas (MSMN) has dropped its plans for a 100-for-one share consolidation after negative feedback from shareholders.

MJ Hudson (MJH) has gained a multimillion contract to advise the ACCESS local government pension scheme over a seven-year period. This covers eleven local authority pension schemes. They have £35bn in pooled assets.

MAIN MARKET

Cash shell Electric Guitar (ELEG) joined the standard list on 11 January. It raised £1.2m at 3p a share and the share price has risen to 3.7p. The current NAV is 1.78p a share, which is effectively all cash. Electric Guitar is a shell seeking acquisitions in the digital advertising sector. There could be opportunities to consolidate smaller agencies. A suitable target will be run by management with a good record, be involved in growth areas, have good quality clients, an existing IT platform and be scalable. It should be near to cash generation. The company acquired would have an enterprise value of at least £5m.

East Star Resources (EST) has gained readmission to the standard list following the acquisition of Discovery Ventures Kazakhstan. A placing raised £3.1m at 5p a share.

Canadian Overseas Petroleum (COPL) has made a significant oil discovery in Wyoming. The discovery has between 1.5 billion and 1.9 billion barrels of oil in place.

PYX Resources Ltd (PYX) has begun sales of rutile from its Mandiri deposit in Indonesia with production of ilmenite and leucoxene starting later in the year.

One Heritage Group (OHG) is acquiring Seaton House in Stockport for £675,000. This is an office building, and the plan would be to convert it into up to 30 apartments. The gross development value is £5.6m.

Andrew Hore

Mosman Oil & Gas #MSMN – AGM and Proposed Share Consolidation

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, confirms that the Notice of Annual General Meeting has been sent to shareholders today.  

The Annual General Meeting will be held at 10.00am (AEDT) on 28 January 2022 at Suite 305, Level 3, 35 Lime Street, Sydney NSW 2000 Australia. 

The Notice of Meeting details two Resolutions which include a notice of an intended share consolidation on the terms and indicative timetable as per the explanatory memorandum attached to the Notice of Meeting.

Proposed Share Consolidation

Mosman is proposing to conduct a consolidation to reduce the number of Shares on issue in the Company to a number more appropriate, and to better align the Company’s trading price to an amount that is broadly comparable to its peer group of companies.

The Company currently has 3,845,138,052 Shares on issue and as at 29 December 2021 was last traded at 0.085 of 1 pence per Share.

If the resolution for a share consolidation is passed, the number of Shares on issue in the Company will reduce by a factor of 100:1, which equates to a resulting issued share capital of ~38,451,3811.

As the share consolidation applies equally to all Shares and Shareholders, all shareholdings will be reduced in the same ratio as the total number of shares (subject to the rounding of fractions) and accordingly there will be no material effect on the percentage interest of each Shareholder in the Company. Similarly, the aggregate value of each Shareholder’s holding and the Company’s market capitalisation will not, in principle, change as a result of the consolidation.

The Company will make a further announcement in respect of the number of shares on issue as a result of fractional shares (if applicable) being rounded up following the Share Consolidation.

Indicative Timetable

Date

Detail

30 December 2021

Announcement of AGM and share consolidation

25 January 2022

Application to London Stock Exchange for admission of consolidation shares to replace current shares

28 January 2022

AGM and approval of shareholders for consolidation

6.00pm UK time: record date for consolidation

31 January 2022

Estimated consolidation effective date and trading on AIM of the consolidated shares commences

AGM Attendance

Mosman’s priority is the health and wellbeing of its team and shareholders and as a result of the current measures, shareholders who are not able to attend the AGM, are strongly encouraged to submit their votes by proxy as soon as possible.  

The Explanatory Memorandum and Proxy Forms are available on the Company’s website: www.mosmanoilandgas.com

Enquiries:

 

Mosman Oil & Gas Limited

John W Barr, Executive Chairman

Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.com

acarroll@mosmanoilandgas.com

 

NOMAD and Joint Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

 

Alma PR

Justine James / Joe Pederzolli

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

Joint Broker

Monecor (London) Ltd

trading as ETX Capital

Thomas Smith

+44 (0) 20 7392 1432

 

Updates on the Company’s activities are regularly posted on its website: www.mosmanoilandgas.com 

Mosman Oil & Gas #MSMN – Final Results

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces its final results for the year ended 30 June 2021. 

Summary

· Gross Project Production 76,673 BOE 1

· Net Production to Mosman 22,824 BOE 1  

· Revenue $0.82m

· Gross Profit $0.32m

· Net loss for the year of $1.2m

1 ,BOE/boe – barrels of oil equivalent based on calorific value as opposed to dollar value

2. Gross Project Production – means the production of BOE at a total project level (100% basis) before royalties (where Mosman is the Operator) and where Mosman is not the operator the total gross production for the project

3. Net Production – Net to Mosman’s Working interest after royalties

Post period highlights

· Completed acquisition of Nadsoilco LLC for $1.1m, boosting production base and potential cash flow and providing multiple near term drilling and development opportunities for FY22

· Increased production base through acquisition of additional 25% WI in Falcon lease

· Drilled Winters-2 and Stanley-5 wells as part of ongoing development plans

· Quarter ended 30 September delivered a 77% increase in production to 110 boepd, as a result of Falcon 1 and Nadsoilco acquisition

The Company expects to publish its annual report today which will be posted and made available on the Company’s website at www.mosmanoilandgas.com/financial-reports . 

John W Barr, Chairman of Mosman commented: Whilst 2021 has undoubtedly continued to be challenging, Mosman remains resolute in delivering on its strategic objectives with a clear plan for 2022, to continue to build the oil and gas production base in the USA and to progress hydrocarbon, helium and hydrogen exploration in Australia.    Our determination has been reinforced by the 77% production increase to 110boepd in the September quarter, compared to the previous year. Production results were published in the Annual Report for the year and the September quarter.”

“Our lean team remains nimble and have avoided COVID related down time, however some of our suppliers and consultants have been impacted, inevitably slowing progress in our development. Mosman is determined and focused on delivering a more robust performance in the year ahead with the support of our valued partners.”

“We would like to take this opportunity to thank shareholders for their continued support whilst reassuring them of our confidence and greater optimism to achieve growth in both production and value for the business.”

Enquiries:

 

Mosman Oil & Gas Limited

John W Barr, Executive Chairman

Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.com

acarroll@mosmanoilandgas.com

 

NOMAD and Joint Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

 

Alma PR

Justine James / Joe Pederzolli

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

Joint Broker

Monecor (London) Ltd

trading as ETX Capital

Thomas Smith

+44 (0) 20 7392 1432

For Chairman’s statement and financial statements, link here

Mosman Oil & Gas #MSMN – Winters-2 and Stanley-5 Update

MSMNMosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces an update on the Winters-2 and Stanley-5 wells in Polk County, East Texas.

The Winters-2 well is being recompleted in the upper few feet of the current Wilcox zone to limit the production of water. This zone has demonstrated the potential to produce oil, gas and water but it is believed that the water is coming from the lower part of the perforated zone. Mosman plans to cement squeeze the lower perforations to limit the water influx. If this is not successful, the well will be recompleted in another zone.

At the Stanley-5 well, testing has been carried out on the first potential zone in the lower most part of the well which produced mainly water with some gas at sub-economic rates from a depth of approximately 4850 feet. The well will be reperforated up-hole to a Yegua zone at an approximate depth of 4800 feet. The sand has been known to produce oil in surrounding wells and Mosman expects the test will be carried out in the coming days. There are multiple potential hydrocarbon bearing sands in this well and it is normal oilfield practice to start testing from the lowermost zone.

There is one service rig being used on Winters-2 which will be moved to recomplete Stanley-5. Once work is complete, it can then be used on other workovers which, as previously noted, continue to be considered in order to boost production, including wells on the Stanley and Duff leases.

Qualified Person’s Statement

The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this information is now considered to be in the public domain.

Enquiries:

Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.com acarroll@mosmanoilandgas.com

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

Alma PR

Justine James / Joe Pederzolli

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

Joint Broker

Monecor (London) Ltd trading as ETX Capital Thomas Smith

020 7392 1432

Mosman Oil & Gas #MSMN – Encouraging results from the first EP 145 gravity survey and integrated technical report to cover the whole permit

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces an update on the EP 145 exploration permit in NT, Australia.

Mosman continues to progress the exploration of this 100% owned permit which has potential for Hydrocarbons, Helium and Hydrogen. Following the recent airborne gravity survey over the entire permit, Mosman undertook a detailed SEEBASE ® interpretation project with Geognostics Australia Pty Ltd (“Geognostics”), independent geological experts, who recently re-evaluated the basement geology across the whole Northern Territory for NT Geoscience.  

The project undertaken by Geognostics for Mosman, and its resulting report dated October 2021 (“Amadeus Basin, EP145 SEEBASE Update”), has integrated gravity, magnetic, seismic and well data to produce a high-resolution geological model across the entire permit. This report has now been officially received and has significantly improved the understanding of the deep structural elements, particularly in areas not currently covered by seismic; “higher definition in the geometry, depth and structure of the Walker Creek Anticline and region surrounding EP145”.

The modelling presented in the Geognostics report provides detailed definition of the basement structure and topography where Hydrocarbons, Helium and Hydrogen are proposed to be trapped. It also confirms the structural and stratigraphic similarities between the Walker Anticline in EP145 and the Mereenie Anticline (which includes the Mereenie oil and gas field) to the northwest results suggest “in profile, the structure of the Walker Creek Anticline is similar (although separate) to the Mereenie trend to the northwest”. Basement modelling confirms the presence of granitoid bodies within and surrounding the permit which are a potential Helium source and suggests likely up dip migration paths into closures along the Walker Creek Anticline .

The other key ingredient for a successful subsalt play, the presence of an evaporite seal, was not a primary objective in this report. The gravity modelling analysed the density of the stratigraphic units including the Gillen Fm, an interbedded evaporite, carbonate and shale unit, which forms the seal in this play. The modelling suggests that massive, low density salt bodies as observed in the south of the basin are not present in the core of the anticline but that interbedded carbonates and evaporites are more likely to be present and still have the potential to form an effective seal. As noted by in the report Geognostics, the chaotic seismic character is “more likely to be faulted and fractured sediments due to deformation folding over the anticline” and “While the presence of massive, mobile salt (halite) bodies has been tested with the gravity models, the presence of thinner salt beds and related evaporite facies near basement is still viable”.

The Geognostics SEEBASE® model provides better insights into the structural architecture and deformation style in this part of the Amadeus Basin. Mosman considers this area may be a potential sweetspot   with all the ingredients for hydrocarbons, helium and hydrogen exploration targets are present.  

Mosman presented some results from the Geognostics Report at the recent NT Resources Conference (SEAAOC) and this presentation is available at
https://www.mosmanoilandgas.com/sites/default/files/26-10-21%20SEAAOC%20presentation_FINAL%20%28abridged%29_0.pdf

The next step for Mosman will be to progress the technical work to further define the prospectivity of the permit. Acquisition and interpretation of 2D seismic will comprise the next significant exploration activity in the current permit year (expiring August 2022), prior to identifying a drilling location and drilling an exploration well (by August 2023). It is a requirement that prior to any field projects, including the 2D seismic noted above, a Sacred Site Clearance Survey (“Survey”) is acquired by the Central Land Council (CLC). This was agreed and scheduled by Mosman and the CLC for November 2021. Unfortunately, Mosman has been advised by the CLC very recently that the Survey will not now happen until April 2022. All seismic and drilling activities are subject to obtaining the necessary planning approvals from the NT Department of Industry and Resources, which are currently being coordinated by the project manager (ResourceGeo). In anticipation of any further delays to project approval Mosman may seek an extension and suspension to the current permit year.

John W Barr, the Chairman of Mosman commented: “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.”

Qualified Person’s Statement

The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this information is now considered to be in the public domain.

Enquiries:

Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.com acarroll@mosmanoilandgas.com

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

Alma PR

Justine James / Joe Pederzolli

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

Joint Broker

Monecor (London) Ltd trading as ETX Capital Thomas Smith

020 7392 1432

Updates on the Company’s activities are regularly posted on its website:

www.mosmanoilandgas.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Mosman Oil & Gas #MSMN – Stanley-5 Update

MSMNMosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces an update on the Stanley-5 well in Polk County, East Texas.

Stanley-5 has been drilled to the target depth, logged and cased. Several Yegua sands from 4200-4800 feet have been identified as oil bearing from logs and sidewall cores. The well be completed for production and flow rates will be published when available.

Commenting on progress, John W Barr, Chairman, said: “This fifth successful well at Stanley is the next step to building on our delivery against the strategic objective to increase production, in addition to the recent successful wells drilled at Falcon and Winters.

“The combination of these developments, increased equity at our Stanley and Falcon projects and the much stronger oil and gas sales prices, means increased revenues and growth.  The higher prices should also increase the potential value of the Cinnabar redevelopment project, where technical work continues to identify drilling locations.”

Qualified Person’s Statement

The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute

inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.

Enquiries:

Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.comacarroll@mosmanoilandgas.com

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

Alma PR

Justine James / Joe Pederzolli

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

Joint Broker

Monecor (London) Ltd trading as ETX Capital Thomas Smith

020 7392 1432

Updates on the Company’s activities are regularly posted on its website:

www.mosmanoilandgas.com

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