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Mosman Oil & Gas #MSMN awards contract at Amadeus Basin Permit EP 145
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, has awarded the contract for an airborne gravity and gradiometry survey over EP 145, in the Amadeus Basin in the Northern Territory of Australia, to CGG Aviation (Australia) Pty. Ltd.
The acquisition of data is planned for mid-June and is a significant step in the exploration programme for EP 145 as it is the first time data will be acquired across the whole permit in order to identify where to focus the seismic programme to enable Mosman to identify a drilling prospect. The survey operation is subject to NT government approval, which was applied for in May.
The cA$300,000 gravity survey will provide valuable data regarding the subsurface geology across the entire 818 sq km permit area. Current subsurface seismic data is limited to the NW and central part of the permit and existing regional gravity data is too sparse to provide sufficient detail of the complex salt related structures which have been identified as hydrocarbon and helium leads within the permit.
The survey will be acquired using the high resolution Falcon Airborne Gravity Gradiometry System which has the ability to image salt and subsalt geometry across a range of depths. The technique measures the density contrast of the different rock layers with a higher level of resolution and sensitivity than standard gravity tools, improving confidence in the interpretation of high density and gravity features including salt related structures. The Falcon system has been used to successfully interpret drill targets across a variety of geological settings around the world including the Canning Basin Western Australia.
John W Barr, Chairman of Mosman commented: “This is a significant step in the exploration of EP 145. We are delighted to have awarded this contract in order for Mosman to be able to use the Falcon gravity and gradiometry data to assist with refinement of the 2D seismic programme in order to focus on potential drill targets in the permit.”
Market Abuse Regulation Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
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:
Mosman Oil & Gas #MSMN Raises AU$102,000 in Warrant Exercise
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces that it has received notification to exercise warrants over a total of 37,500,000 new Ordinary Shares of no par value in the share capital of the Company (the ‘Warrant Shares’) at a price of 0.15 pence per share.
The funds from the exercise of the warrants of circa AUD 102,000 will be added to Mosman’s existing cash reserves.
Total Voting Rights
Application will be made to the London Stock Exchange plc for 37,500,000 new Ordinary Shares to be admitted to trading on the AIM market (“Admission”) with Admission expected to occur on or around 27 May 2021. The new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares including the right to receive any dividend or other distribution thereafter declared, made or paid. There are no Ordinary Shares held in treasury. Following Admission of the 37,500,000 new Ordinary Shares the total number of voting rights in the Company will be 3,684,013,052.
Consequently, the above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Company’s Constitution.
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 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director
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NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470
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Alma PR Justine James +44 (0) 20 3405 0205 +44 (0) 7525 324431
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Updates on the Company’s activities are regularly posted on its website: www.mosmanoilandgas.com |
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Mosman Oil & Gas #MSMN – Amadeus Basin Permit EP145
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces that the relevant Minister in the Northern Territory Government has advised that Mosman’s application for a suspension and extension to the work programme conditions for EP145 has been approved.
Mosman will now engage the airborne gravity data acquisition company and as there are not currently any Covid-19 restrictions this survey is able to proceed in the near future.
This results in the suspension and extension mean that the work allocated to be completed in Permit year 3 and was previously due to be completed by 21 August 2021, is now due by 21 August 2022. Subsequent permit years work requirements have also been extended by one year.
John W Barr, Chairman, said: “All going well the gravity will be flown in June and the interpretation will be completed afterwards. The results from the gravity work will provide important details and will also affect the final Seismic programme which is currently in advanced planning stage.”
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries:
Mosman Oil & Gas Limited
John W Barr, Executive Chairman – jwbarr@mosmanoilandgas.com
Andy Carroll, Technical Director – 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
+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:
Mosman Oil & Gas #MSMN – EP 145 Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, advises an update in respect to EP 145 in the Amadeus Basin in the Northern Territory of Australia (“NT”).
As previously advised, Mosman is now operating in two distinct divisions. Dr Julie Daws, in consultation with the Technical Director, Mr. Andy Carroll, is managing Mosman’s exploration work in Australia, specifically EP 145 airborne gravity and seismic acquisition. Bids have now been received for the airborne gravity data acquisition and are currently being evaluated. As there are not currently any Covid-19 restrictions in the Northern Territory where EP145 is located, and no ground access is required, this survey is able to proceed in the near future once a contractor is selected and equipment is available.
Planning for the seismic acquisition is ongoing. Mr. Andy Carroll and Dr Julie Daws met with the Aboriginal Areas Protection Authority (“APAA”) and the Central Land Council (“CLC”) in Alice Springs to discuss the current work programme. An AAPA Sacred Site Clearance Certificate is required to ensure no damage to sacred sites, and this has been received.
Other requirements prior to the seismic acquisition include the CLC requirement for a heritage survey (needed prior to ground access), where Mosman is awaiting clarity from CLC on timing and also the requirement for an on-ground environmental survey and Environmental Management Plan before the crews can access the area to acquire the seismic data. Given delays related to Covid-19, Mosman no longer considers it feasible to obtain and process the seismic data under the original EP 145 permit seismic schedule of August 2021, and Mosman has applied to the NT Government for an extension.
The subsalt play is a focus of exploration across the Amadeus Basin, including Mosman operated EP145. Two wells in the Amadeus Basin, Magee-1 in EP38 (Pacific O&G, 1992) and Mt Kitty-1 in EP125 (Santos, 2014), encountered hydrocarbons with up to 9% helium within this interval and other significant structures have been identified including Dukas-1 in EP112 (Santos, 2019) and the Zevon lead in EP115 (Central Petroleum) which is located close to EP145.
In addition to the subsalt prospectivity, EP145 contains the West Walker-1 gas discovery which lies on trend with the Mereenie oil and gas field which produces from the Ordovician Pacoota Sandstone unit and the Palm Valley gas field that have both been under production for over 30 years.
Two wells have been drilled in EP145, the first West Walker -1 (1982) tested the western end of an anticlinal feature and flowed wet gas to surface at a rate of 3.5MMscf/d from the Pacoota Sandstone, also the main producing reservoir in the Mereenie Field. A follow up well drilled, called Tent Hill -1 (1984), located to the southeast on the same anticline was deemed unsuccessful, although oil was observed weeping from cores.
As previously announced, independent resource estimates by SRK (2016) support prospective resources of 22Bcf in the Pacoota Sandstone play and additional unconventional prospective resources of 1,456Bcf in the Horn Valley Siltstone (SRK report 2016, P50 gross unrisked) on EP145.
Mr. Andy Carroll and Dr Julie Daws attended the Annual Geoscience Exploration Seminar 2021 Conference in Alice Springs on 19-20 April. The presentations included Federal and State Minister speeches with government supporting investment in exploration and infrastructure. Part of the State $9 million per annum pledge of support includes a 50% grant for geophysical work (up to $100,000 per survey) and Mosman has applied for this grant.
There was also a presentation of the SEEBASE basement map for the whole of N Northern Territory, which will help Mosman integrate the local data obtained in EP 145 with regional geophysical data.
Further details of timing will be provided once known.
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
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
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:
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 2020.
Summary
· With a clear focus on the higher margin operations, Mosman took the decision to sell the Welch project and shares in Norseman.
· Proceeds applied to drilling, completing, and installing production facilities at Falcon and workovers at Stanley and Greater Stanley.
· COVID-19 constraints and some production challenges resulted in lower production, which was also impacted by a volatile oil price further affecting revenue
· Revenue of AUD380,000 and Gross Profit AUD56,828
· Net loss of AUD0.7m impacted by production challenges and the volatile oil price in 2020
· Gross Project Production 34,569 BOE 1
· Net Production to Mosman 9,871 BOE 1
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 after royalties
Post period events
· Sold remaining shares in Norseman Silver Inc for AUD208,000
· Completed the sales of the Welch asset for AUD546,611
· Raised £1.5m to be used for Helium, Hydrogen and Hydrocarbon exploration on EP 145 in Central Australia
· Acquired an additional 20% of the Greater Stanley (Duff lease), increasing Mosman’s working interest in Duff to 40%.
John W Barr, Chairman of Mosman commented: “Whilst the first half of FY21 was extremely challenging with continued economic uncertainty, volatile oil price movements and production challenges, we remained resolute that we would weather the storm. We have started Q3 with renewed vigour having completed the disposal of the Welch project to enable us to focus on drilling activity and are look forward to the opportunity our increased working interest in Greater Stanley in the US will bring.
“We are well funded to deliver our exploration and development plan and expect to benefit from the recovery in energy prices. This coupled with the planned exploration at EP145 in Australia, where drilling results in nearby permits have demonstrated the commercial production of hydrocarbons reinforcing the potential for successful helium and hydrogen exploration, sets out an encouraging programme for the months ahead.
“Once again, we thank our shareholders for their support whilst reassuring them of our continued confidence to achieve growth in both production and value for the business.”
Link here for the full financial statements
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director
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NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470
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Alma PR Justine James +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
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Updates on the Company’s activities are regularly posted on its website: www.mosmanoilandgas.com |
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Mosman Oil & Gas Limited #MSMN- Greater Stanley Workover
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces an update on its Greater Stanley Project in East Texas.
The Operator has confirmed that the proposed workover has now commenced to re-complete the Duff-2 well in a zone which has produced oil at the adjacent Stanley Project.
Mosman recently acquired an additional 20% interest to move from 20% to a 40% working interest. The cost of the workover is estimated to be circa US$50,000 (gross), US$20,000 net to Mosman.
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
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
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:
Alan Green discusses Emmerson #EML & Mosman Oil & Gas #MSMN on his weekly Stockbox Media Research talk
Alan Green discusses Emmerson #EML & Mosman Oil & Gas #MSMN on his weekly Stockbox Media Research talk.
Alan Green talks UK equity re ratings, plus Ananda Developments #ANA, Mosman Oil & Gas #MSMN & Kavango Resources #KAV on UK Investor Magazine podcast
Recent data from the The Investment Association revealed UK retail investors took a further £1 billion out of UK Equity Funds in February. This means retail investors have removed a total of £18 billion from UK Equity Fund since 2016 and the decision to leave the EU.
We question whether Retail investor are simply driven more by sentiment around the UK or misunderstand the composition of UK markets given the significant level of revenue earned outside of the UK by FTSE 100 companies.
Whilst investors took cash out of UK Funds they added to Global Funds meaning UK Retail investors may be under exposed to rerating in UK Equity as its lags other major indices that have enjoyed recent rallies.
All the plus Ananda Developments #ANA, Mosman Oil & Gas #MSMN & Kavango Resources #KAV with Jonathan Roy on the UK Investor Magazine podcast
Mosman Oil & Gas #MSMN – Increase interest in Greater Stanley and Falcon Well Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces an update on its Greater Stanley Project and Falcon well in East Texas.
Acquisition
Mosman has acquired an additional 20% interest in the Duff lease, an existing oil producing lease covering 36 acres which forms part of the Greater Stanley Project, adjacent to the Stanley Project. This increases Mosman’s working interest in Duff to 40%, following acquisition of the initial 20% in February 2020.
The Operator has proposed a workover to re-complete the Duff-2 well in a zone which has previously been productive at Greater Stanley and Mosman has agreed to a workover well in order to raise production rates.
Mosman’s share of the workover (USD20,000) and the acquisition cost (USD15,000) are being funded out of the Company’s existing cash resources.
Greater Stanley Project
This Project currently comprises two leases, Duff and Kimes. There is not currently any independent report to quantify resources or reserves at the Greater Stanley Project. The Duff lease has two currently producing wells, and produces about 160-180 bbls /month. Contour Exploration and Production is the operator.
Falcon well update
Despite a 6-day shut in for freezing weather, Falcon produced 12,405 Mcf (gross) of gas with a thermal value of 13,942 MMBtu (gross) in February 2021. Additionally, 180 Barrels of oil (gross) were produced and sold from site. This compares to the January production of 21,805 Mcf (gross) of gas with a thermal value 23,475 MMBtu (gross) and production and sale of 365 Barrels of oil (gross).
As previously notified, hydrocarbon production has been adversely affected since the beginning of March due to increasing water production which is adversely affecting the economic return on the well.
The Operator at the Falcon Project, in which Mosman has a 50% interest, has reviewed the recently acquired production logs, and has recommended the well be completed in a higher zone.
Production logs identified that the water is flowing through the well’s lowest perforation and thought to be coming from a lower water bearing zone. The Operator recommends that the JV re-completes the well in a higher zone with the potential to possibly return to the current zone later. There are two additional hydrocarbon bearing sands above the current producing zone. These two zones have indicated gas pay from wireline logs and have flowed gas from nearby wells. The recompletion plan would entail squeezing the current zone with cement and perforating the next zone.
The estimated cost of the workover is USD 20,000 (gross) will be paid from the existing cashflow from Falcon.
If the JV supports the recommendation the Operator expects to undertake the workover in the near future.
John W Barr, Chairman, said: “Mosman is pleased to acquire an additional interest at Greater Stanley which continues the strategy of building on the core assets of proven conventional oil production in East Texas.
“At Falcon, whilst the well has been impacted by weather conditions and the current production is lower than anticipated, we are encouraged by the proposal from the Operator to recomplete at a higher level to resolve production.”
Qualification 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
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
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:
Mosman Oil & Gas #MSMN – Monecor (London) Ltd now has a 15.2% shareholding
TR-1: Standard form for notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii : |
Mosman Oil and Gas |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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Non-UK issuer |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
X |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify)iii: |
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3. Details of person subject to the notification obligation iv |
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Name |
Monecor (London) Limited |
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City and country of registered office (if applicable) |
London, UK |
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4. Full name of shareholder(s) (if different from 3.) v |
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Name |
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City and country of registered office (if applicable) |
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5. Date on which the threshold was crossed or reached vi : |
25/03/2021 |
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6. Date on which issuer notified (DD/MM/YYYY): |
26/03/2021 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights of issuer vii |
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Resulting situation on the date on which threshold was crossed or reached |
15.225 |
– |
15.225 |
3,646,513,052 |
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Position of previous notification (if applicable) |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rights ix |
% of voting rights |
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Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
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Ordinary Shares AU0000XINET1
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555,196,968 |
– |
15.225 |
– |
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SUBTOTAL 8. A |
555,196,968 |
15.225 |
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B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash settlement xii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
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Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii |
X |
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Full chain of controlled undertakings through which the voting rights and/or the |
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Name xv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional information xvi |
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Place of completion |
London, UK |
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Date of completion |
26/03/2021 |