20th Jun 2014 10:08
LONDON (Alliance News) - Mosman Oil & Gas Ltd Friday said it has raised GBP3.0 million by way of a placing of 13.0 million shares at a price of 23 pence per share, which it will use to increase its exploration programme.
The New Zealand and Australia focused oil exploration and development company said it will use the funds raised to increase the exploration programme at the Petroleum Creek project in New Zealand, with the addition of a potential fourth and fifth exploration well and the acquisition of seismic data this year.
The additional wells will focus on targets which were identified by Mosman's consultant geologist and confirmed in the independent report undertaken by SRK Consulting (Australasia) Pty Ltd.
In addition, Mosman said it will bid for further permits in the 2014 block offer being conducted by New Zealand Petroleum & Minerals, which manages the New Zealand government's oil, gas, mineral and coal resources.
"One of the important considerations in the 2014 block offer applications is financial capability, and the funds will greatly strengthen Mosman's credentials in that respect," Mosman said.
Mosman Oil & Gas shares were quoted down 19% at 26.50 pence Friday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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