Mosman Oil & Gas Ltd - Australia and US-focused oil and gas explorer - Signs a contract with Steadfast Energy Partners LLC and Silver Dollar Energy Investments LLC to sell the Welch oil field project in the US state of Texas for USD420,000 in cash. Says the sale will result in "a surplus over current carrying value of USD84,000", and the money from the sale will be put towards investment in target growth areas.
"The intention to sell Welch was first announced in February 2020, and a sale contract was signed in March, however despite time extensions, the counter-party did not complete that sale contract. We are pleased to have secured a new sale agreement at a 40% premium. The sale of Welch will enable management to focus on further development of the projects where we see strong near-term development potential," says Chair John Barr.
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By Zoe Wickens; zoewickens@alliancenews.com
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Mosman Oil Gas (MSMN)