12th Mar 2020 12:21
(Alliance News) - Mosman Oil & Gas PLC said Thursday it is conducting a full review of all its operations as its business is "clearly not immune" to the oil price collapse and market disruption from the Covid-19 pandemic.
The review will have the objective of further reducing the company's costs, protecting income and its cash position, and is expected to be completed in the next 14 days.
Mosman said the review will be difficult, and "hard commercial decisions will be required".
In addition, Mosman noted that the operator at the Stanley project located in the US state of Texas has deferred the drilling of the proposed Stanley-4 well.
Now the last date the operator can start drilling is June 20, unless the well is cancelled altogether.
Shares in Mosman Oil & Gas were 29% lower at 0.08 pence each on Thursday in London.
By Dayo Laniyan; [email protected]
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