18th Dec 2015 11:43
LONDON (Alliance News) - Mosman Oil and Gas Ltd said Friday that it has received a 12 month suspension and extension approval for its EP145 project in the Amadeus Basin in Australia.
The New Zealand and Australia focused oil exploration company said it had applied for the extension in order to plan the next phase of exploration, as it continues to review its priorities for next year.
"Operating in such a challenging market, it is essential to continuously review the operational strategy for 2016. This approval enables us to focus on other core projects, in particular the STEP acquisition early in 2016," said Executive Chairman John Barr in a statement.
The company has recently been focused on completing its acquisition of the South Taranaki Energy Project in New Zealand.
Shares in Mosman were down 0.2% at 2.37 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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