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(Alliance News) - Mosman Oil & Gas Ltd on Monday said it has agreed to a potential joint venture for its Amadeus project, located in central Australia.
The AIM-listed oil exploration, development and production company said it has attended and participated in presentations in China, seeking joint venture funding for EP-145, known as Amadeus, to complete seismic work during 2020 and subsequently drill a well.
As a result, Mosman said it has executed a memorandum of agreement with parties and the formal data review and detailed discussions will shortly be underway.
The timetable for these discussions, which will include a site visit, will be firmed up in "due course", Mosman said.
Mosman said it is awaiting confirmation of the extension of the permit and followed up with the relevant authorities, but it has not been advised of a timeframe of when it will be granted.
"This is the first step in a potential joint venture for Mosman's Amadeus project. Site visits and detailed data reviews will now be arranged to progress the matter," said Chair John Barr.
Mosman shares were trading 5.7% higher in London on Monday at 0.23 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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