Business
Oil Price Update
Oil Price Update.
About this update from Quantum Helium Limited
[{"type":"text","content":"\n \nRNS Number : 8295K Mosman Oil and Gas Limited 05 January 2016 \n\n \n 05 January 2016\n \nMosman Oil and Gas Limited\n(\"Mosman\" or the \"Company\")\n \nOil Price Update\n \nMosman Oil and Gas Limited (AIM: MSMN) the New Zealand and Australian focussed oil exploration and development company, has noted the fall in the Brent Oil Price, moving below USD40/bbl on 10 December 2015 and has remained below that level since then, with regard to its acquisition of the South Taranaki Energy Project (\"STEP\") in New Zealand. As a consequence, Mosman has elected to issue a Review Notice to Origin Energy Limited, (\"Origin\") under the terms of the Origin sale and purchase agreement (\"SPA\"). \n \nAs outlined in the SPA if the Brent Oil Price, as quoted on the Intercontinental Exchange (\"ICE\"), remains below USD 40/bbl for 15 consecutive (ICE) business days, there is the provision for either party to issue a Review Notice that will lead to good faith negotiations of amendments to the SPA. If there is no agreement within 30 days of a party's receipt of the Review Notice, either party has the option to terminate the SPA. \n \nThe SPA also contains provisions for either party to cancel the SPA if the New Zealand, (\"NZ\") Government consent conditions are not satisfied by 31 January 2016, unless extended by the mutual consent of all parties. \n \n \nEnquiries\n \n\n\n\n\nMosman Oil & Gas Limited\nJohn W Barr, Executive Chairman\nAndy Carroll, Technical Director\[email protected]\[email protected]\n \n\n\nNOMAD and Broker\nSP Angel Corporate Finance LLP\nStuart Gledhill / Richard Hail\n+44 (0) 20 3470 0470\n \n\n\n\n\nGable Communications Limited\nJohn Bick / Justine James\n+44 (0) 20 7193 7463\[email protected]\n \n\n\n \n\n\n\n\n \n \nUpdates on the Company's activities are regularly posted on its websitewww.mosmanoilandgas.com\n \nAbout Mosman\n \nMosman (AIM: MSMN) is an Australia and New Zealand focused oil exploration and development company with a strategy to build a sustainable mid-tier oil and gas business by acquisition and organic growth. Currently, prior to the STEP acquisition being completed, Mosman has an interest in nine permits or accepted permit applications.\n \nProd...