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Mosman Oil and Gas Limited completes Nadsoil acquisition

Mosman Oil and Gas Limited () said it has completed the acquisition of Nadsoilco in the US and will now assume management control and the planning for the Winters 1 and the Stanley 5 wells.

The objective is to increase production and thus cashflow, it said in a statement.

Mosman added that following the Nadsoil deal and a recent warrant exercise that raised A$214,000, it has cash holdings of A$2.45mln.

In Australia, exploration remains a priority with a gravity survey set to start once a current COVID 19 lockdown expires.

Mosman added it had completed a gas seep study using satellite data over its EP-145 licence and the surrounding area in the Amadeus Basin in Northern Territory.

Wells drilled in the Amadeus Basin have recorded significant levels of helium, Mosman added and it intends further interpretation work in order to tie this data to the prospects mapped on existing 2D seismic and the Falcon gravity gradiometry survey.

This will be acquired later this month once lockdown restrictions ease. 

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2021-07-02 05:40:00

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