24th Jul 2015 12:00
LONDON (Alliance News) - Mosman Oil and Gas Ltd Friday said it is actively weighing up its fundraising options, including a potential equity issuance, which would allow it to make an acquisition after being chosen as the preferred buyer by the seller.
In a statement, the exploration and development company said it has completed detailed due diligence on a potential acquisition, and progressed to an advanced stage at which it has been granted a period exclusivity over the potential deal.
"The proposed transaction fits Mosman's strategic objectives and would provide immediate production and cash flow on completion, which would clearly be transformational," the company said in a statement.
Mosman said it will become the operator of an existing project if the deal goes ahead.
The project contains onshore oil and gas producing fields, reserves and resources, and associated processing facilities and infrastructure.
Mosman shares were down 8.2% at 1.95 pence on Friday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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