14th Mar 2018 13:31
LONDON (Alliance News) - Mosman Oil & Gas Ltd said Wednesday it has successfully improved its database on an Australian permit, whilst also securing time to integrate an airborne survey into the model for another permit.
On EP 145, located on the Amadeus basin in central Australia, Mosman has reprocessed seismic data which has improved the existing database ahead of new seismic interpretation.
The new interpretation should be ready, it said, by the end of March.
At EP 145, Mosman has received approval from the Northern Territory government to defer its year three work programme to year four, which ends in November. This will allow Mosman to integrate its airborne survey into the existing geological model before November.
Mosman said initial results from the airborne survey were "encouraging", identifying some "interesting" features.
Chairman John Barr said: "We are pleased with the increasing level of activity in the NT area driven in large part by higher Australian east coast gas prices.
"We remain focused on our strategically important and high-impact production and development assets in the USA and in parallel in Australia, we are making meaningful progress on technical work on our exploration permits in the NT and look forward to receiving the report and the final geological model on EP156 from Synterra incorporating the airborne survey acquired in 2017 where initial interpretations look encouraging."
Shares in Mosman were down 2.9% in London on Wednesday at 0.752 pence each.
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