Business
Falcon Lease Disposal
Falcon Lease Disposal.
About this update from Quantum Helium Limited
[{"type":"text","content":"\n\n \n7 September 2023\nMosman Oil and Gas Limited\n(\"Mosman\" or the \"Company\")\n \nFalcon Lease Disposal\n \nMosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, advises the company has completed an evaluation on further workovers at Falcon-1 in the US, which has been shut in this year, and determined not to invest additional resources in this project.\n \nMosman has now reached an agreement to transfer the Falcon lease to 84 Energy Corp in exchange for the equipment on the lease. This means Mosman is not liable for potential future abandonment costs estimated to be up to US$200,000.\n \nIn addition, the undeveloped Galaxie exploration lease has not been renewed and has expired with no liabilities.\n \nThe Falcon lease generated AU$636,387 revenue and a gross profit of AU$286,528 in the year ending 30 June 2022. The Falcon and Galaxie leases, had a carrying value of AU$471,730 as at 31 December 2022 and this will be written off in the end of financial year accounts.\n \nMosman's Technical Director, Andy Carroll, said: \"Mosman's priority areas in Texas continue to be at the Cinnabar and Stanley projects, and this transaction enables the team to focus on building production at these higher value areas.\"\n \nMarket Abuse Regulation (MAR) Disclosure\n \nThe information contained within this announcement is deemed by the Company to constitute\ninside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR')\nwhich has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon\nthe publication of this announcement via Regulatory Information Service ('RIS'), this information is now considered to be in the public domain.\n \n\n\n\nMosman Oil & Gas Limited\nAndy Carroll, Technical Director\[email protected]\n \n\n\nNOMAD and Joint Broker\nSP Angel Corporate Finance LLP\nStuart Gledhill / Richard Hail / Adam Cowl\n+44 (0) 20 3470 0470\n \n\n\n\n\nAlma PR\nJustine James\n+44 (0) 20 3405 0205\n+44 (0) 7525 324431\[email protected]\n\n\nJoint Broker\nCMC Markets UK Plc\nDouglas Crippen\n+ 44 (0)20 3003 8632\n\n\n\n \nUpdates on the Company's activities are regularly posted on its website:\nwww.mosmanoilandgas.com\n \nNotes to editors\nMosman (AIM: MSMN) ...