26th Aug 2014 12:56
LONDON (Alliance News) - Mosman Oil and Gas Ltd Tuesday that Trident Energy Ltd has been granted an EP145 permit in the Amadeus Basin in the Northern Territory of Australia.
The New Zealand and Australia-focused oil exploration and development company is in the process of a planned takeover of Trident Energy for USD1.6 million in shares along with a cash loan.
Mosman said the grant of EP145 is a major step forward in the takeover process of Trident
"The Trident acquisition complements Mosman's existing Petroleum Creek and Officer Basin projects, ensuring that Mosman has a diversified asset portfolio in five prospective hydrocarbon regions," said Executive Chairman John Barr in a statement.
Mosman said the exploration of the five permits is fully funded, and it believes the enlarged portfolio will deliver operational activity and exploration milestones in the coming months and years.
The Amadeus Basin contains two producing fields, Mereenie Oil and Gas field and the Palm Valley Gas field.
EPA 145 is close to existing infrastructure, and the permit area contains the West Walker-1 Discovery which flowed 3.5 million cupid feet per day of gas with composition similar to the Mereenie oil field.
Mosman shares were up 3.3% Tuesday afternoon, at 23.50 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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