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Mosman Oil And Gas Ltd rallies as it extends deadline for Welch sale


In May, the company agreed to sell Welch asset for US$300,000 and the deal is now expected to complete in July

Mosman Oil And Gas Ltd (LON:MSMN) shares strengthened on Friday as the company announced it has granted an extension to the buyer of its Welch asset in Texas.

The company previously entered into a contract with Eagle Natural Resources LLC for US$300,000 (A$460,000) to buy the Welch project in May, with a non-refundable deposit of US$30,000 paid.

In a statement, Mosman said that the purchaser had asked for a 14-day extension to complete the transaction and said it would increase the deposit amount to US$60,000.

The company added that it now expects full settlement of the transaction on July 3, 2020.

On AIM, Mosman shares gained 10.7% to change hands at 0.14p.

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Read More: Mosman Oil And Gas Ltd rallies as it extends deadline for Welch sale

2020-06-19 08:23:00

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