14th Mar 2016 09:03
LONDON (Alliance News) - Mosman Oil and Gas Ltd Monday said a report from SRK Consulting Australia into the prospective resources contained in its EP 145 permit in Australia "highlights the significant gas potential" of its Amadeus permits.
The EP 145 permit is part of Mosman's Amadeus Basin project in the Northern Territory of Australia.
The report from SRK Consulting highlights the potential for both conventional oil and gas resources in proven reservoirs within the West Walker Anticline and unconventional gas resources in the Horn Valley Siltstone at the project, Mosman said.
"We are pleased with the prospective resource quantification from the SRK Report that highlights the significant gas potential in our Amadeus permits, which are located adjacent to existing producing oil and gas fields," said Executive Chairman John Barr in a statement.
"Mosman believes the Amadeus Basin could one day be a potentially important strategic source of gas production for the East Coast of Australia and this report will greatly assist us in prioritising future exploration activity. Our exploration activities in the Amadeus Basin are being undertaken in a methodical and cost-effective manner and this same approach is applied across all our exploration licences," Barr added.
Shares in Mosman were up 3.2% at 0.800 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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