Mosman Oil and Gas Ltd has confirmed that the Northern Territory Government in Australia has approved an extension to the EP145 licence, covering the company’s Amadeus basin project.
The agreement grants a 12-month suspension to the work obligations at EP145 as Mosman advances its anticipated review and structuring of its Australian interests – which is expected to result in the spin-out of a new separate company (which has been formed and is called Adagio Resources).
Under the newly extended timeline the company will have until 21 August 2024 to acquire 100 kilometres of 2D seismic plus the associated data processing and interpretation, followed by the identification of new well locations, and more detailed well planning.
The drilling obligations will come into the subsequent phases of the permit, with the first well to be completed by August 2025 and the second in the next year’s window.
In the Amadeus basin, the company noted that it continues to actively progress with technical work to advance helium and hydrogen exploration potential.
“I am extremely pleased with the understanding of the Northern Territory Government ongoing endorsement of our continued exploration and look forward to receiving the outcome of SRKs independent review on EP145 and EPA155,” said Mosman chair John Barr.
Mosman noted that it had AU$1.2mln of cash at the bank as of 31 May 2023.
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