Business
Acquisition of OilCo Pty Ltd
Acquisition of OilCo Pty Ltd.
About this update from Quantum Helium Limited
[{"type":"text","content":"\n \nRNS Number : 0877Q Mosman Oil and Gas Limited 27 August 2014 \n \n\n \n27 August 2014\nMosman Oil and Gas Limited\n(\"Mosman\" or the \"Company\")\n \nAcquisition of OilCo Pty Ltd\n \nMosman Oil & Gas Limited (AIM: MSMN), the Australia and New Zealand focussed oil exploration and development company, advises that it has entered into an agreement to acquire the entire issued share capital of OilCo Pty Ltd (\"OilCo\"), a wholly owned subsidiary of High Peak Royalties Limited ('HPR\") (formally Torrens Energy Limited).\n \nHighlights\n· OilCo is the holder of one exploration permit (EP156), on which a number of prospective leads have been outlined by SRK, and one exploration permit application EP(A)155 in the Amadeus Basin in Australia;\n· EP156 and EP(A)155 are complimentary with Trident Energy Limited's (\"Trident\") permit, EP145. The Company is currently in the process of acquiring Trident. Mosman's holdings in the Amadeus will cover a total of 5,458 sq. kms following the successful acquisition of Trident;\n· Mosman will assume and fund the 2014 Minimum Work Requirement for EP156 which includes a gamma ray survey, gamma ray logging, and outcrop mapping and sampling. This Minimum Work Requirement must be completed before 6 November 2014, and previously had an estimated expenditure of A$425,000;\n· Mosman will also reimburse HPR A$10,000 for the guarantee previously lodged with the Minister for Mines and Energy in respect of EP156, in compliance with section 79 of the Petroleum Act; and\n· HPR has been granted a 2% gross overriding royalty on all recovered petroleum from both EP156 and EP(A)155.\n \nThe Amadeus Basin is considered one of the most prospective onshore areas in the Northern Territory of Australia for both conventional and unconventional oil and gas, and hosts the producing Mereenie, Palm Valley and Surprise fields.\n \nJohn W Barr, Executive Chairman of Mosman commented: \"With Mosman's strategy to develop oil and gas assets in Australia and New Zealand, this opportunity and commercial terms fit well within our stated growth strategy. The OilCo assets in the Amadeus Basin provide a natural complement to Mosman's Australian exploration a...