13th Sep 2024 12:57
(Alliance News) - Mosman Oil & Gas Ltd on Friday celebrated the resolution of a legal claim, and reconfirmed that it has nearly completed the sale of its interest in Nadsoilco LLC.
Mosman is a Millers Point, Australia-based helium, hydrogen and hydrocarbon exploration, development and production company.
Nadsoilco, meanwhile, owns the working interest in Stanley, Greater Stanley, and all of Mosman's interests in the Winters leases in Polk County, Texas in the US.
On Friday, Mosman explained that a court decision in August was made in favour of Nadsoilco in relation to a lawsuit, though it did not elaborate on the nature of the suit.
This decision required documents to be drafted and signed, which the firm added had taken longer than expected but was now complete. Accordingly, the Stanley sale can now proceed.
Mosman expects the sale to happen later in the month.
Shares in Mosman Oil & Gas were trading 2.0% lower at 0.045 pence each in London on Friday afternoon.
By Holly Beveridge, Alliance News senior reporter
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