AIM-listed Mosman Oil and Gas the helium, hydrogen and hydrocarbon exploration, development and production company, announces that it has raised £1.5 million (before expenses) by way of a placing and subscription of ordinary shares of no par value.
- Highlights
- £1.485 million raised (before expenses) through the issue of 4,242,857,144 new ordinary shares of no par value (the "Placing Shares") at a price of 0.035 pence per share (the "Issue Price").
- Directors Andy Carroll and Nigel Harvey will subscribe for a total of £15,000, being 42,857,143 new ordinary shares of no par value ("Subscription Shares"), at the Issue Price (the "Director Subscription"). The Director Subscription will be subject to disclosure as a Related Party Transaction in accordance with the AIM Rules for Companies and the requirements of the Australian Corporations Act, which includes shareholder approval. A further announcement will be made regarding the Director Subscription.
- The net proceeds of the Fundraise will enable Mosman to:
- Pursue and progress identified helium projects, with a view to expanding the Company's helium portfolio; and
- Provide additional working capital.
Andy Carroll, Chief Executive Officer of Mosman, said: 'We would like to thank shareholders and the new institutional investors who supported this fundraise. With a clear strategy to expand Mosman's helium portfolio, as demonstrated with the acquisition of a 20% working interest in the Vecta Helium Project in Colorado and the ongoing activity at both EP 145 and EP(A) 155 in Australia, the Company has also been actively evaluating other highly prospective helium opportunities in the US. With several potential targets identified, this funding will enable the team to progress early-stage technical due diligence during calendar Q4 24.'
Helium Operational Update
Vecta Helium Project - Drilling Schedule
Mosman has been advised by Vecta Oil and Gas Ltd ("Vecta"), its partner on the Vecta Helium Project, that it has commenced the process in order to be able to contract rigs for drilling in October-December 2024. Mosman has a 20% interest in five areas leased and Operated by Vecta in Colorado USA. All five drilling locations are identified and approvals are in place.
EP(A) 155
Mosman has been advised by Georgina Energy plc ("Georgina") that the EP(A) 155 approval process is on track and the meeting with the Central Land Council ('CLC') took place as scheduled earlier this month. Mosman has 100% of EP(A) 155 which may reduce to 25% if Georgina meets certain farm-in conditions, and if Mosman elects to be carried through drilling this may reduce to 10%.
Helium Business Development Activities
The Company has been actively progressing business development opportunities in the USA that fit its search criteria of proven, shallow locations with high helium concentrations with experienced operators. It has entered into a confidentiality agreement with an ASX listed experienced operator that has leased areas in the USA that fits the Company's criteria.
Source: Mosman Oil and Gas
