15th Sep 2014 08:24
LONDON (Alliance News) - Mosman Oil & Gas Ltd Monday said it has raised GBP1.3 million via a share placing and said it would start drilling at the Crestal-2 well at the Petroleum Creek Project in New Zealand on Tuesday.
Mosman, the Australia and New Zealand-focused oil and gas company, said it raised GBP1.3m via the conditional placing of 6.3 million shares at 21 pence per share. Mosman shares were down in early trading on Monday, trading at 22.4 pence apiece.
Elsewhere, the company said drilling will start at the Crestal-2 well at the Petroleum Creek Project in New Zealand on Tuesday. The planned programme of works at the site will also include testing at Crestal-2, Cross Roads-1 and Crestal-1 in coming weeks, Mosman said.
John Barr, Executive Chairman of Mosman, said the company was "pleased to be back at Petroleum Creek after a period of corporate activity."
Mosman also briefly noted it has now received acceptances from Trident Energy Ltd shareholders representing 73% of the company issued capital. Mosman launched an all-share offer for Trident in July and the deal remains conditional on it securing acceptances from shareholders representing 90% of Trident's issued share capital.
By Sam Unsted; [email protected]; @SamUAtAlliance
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