Mosman Oil and Gas Increases Production at Stanley Project, Texas

2 min read | September 16, 2024 05:48 PM AEST | By Team Kalkine Media

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Mosman Oil and Gas Increases Production at Stanley Project, Texas — Image source: Shutterstock

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Mosman Oil and Gas Ltd is an oil exploration, development, and production company with operations in the US and Australia. The company focuses on identifying opportunities that provide operating cash flow and development potential, while also advancing exploration within its existing permits. Recently, Mosman Oil and Gas Ltd (LSE:MSMN) raised £1.485 million through the issuance of new shares at 0.035 pence per share. The raised capital will be allocated towards advancing identified helium projects and enhancing working capital. Notably, funds will support the Vecta Helium Project in Colorado, where drilling is scheduled between October and December 2024. Mosman holds a 20% interest in five leased areas within this project. In addition to its US ventures, Mosman is progressing the approval process for the EP(A) 155 project in Australia, with a potential holding of up to 25% depending on farm-in conditions. Recent developments include an extension of the EP145 Permit from the Northern Territory Government, which now runs until February 2027 and includes a six-month suspension of work obligations until February 2025. Mosman Oil and Gas Ltd also recently increased its interest in the Vecta helium project in the USA and is actively exploring additional opportunities to optimize its helium exploration portfolio. This strategic shift towards helium exploration has been underscored by CEO Andy Carroll, who highlighted the increasing market demand and rising prices of helium. Furthermore, Mosman has announced a deal to divest its interest in Nadsoilco, which holds oil assets in Texas, for a sum up to $1.75 million. This transaction aligns with the company’s strategy to focus on helium exploration. Carroll noted that the sale of Nadsoilco assets is a crucial step in financing the helium exploration efforts and leveraging the company's geological and drilling expertise, particularly in the EP 145 licence in New South Wales, Australia.

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