(Sharecast News) - Exploration, development and production company Mosman Oil and Gas said on Monday that the Minister for Mining and Industry in Australia's Northern Territory has approved its application for a suspension and extension to the work programme conditions for licence EP145.
The AIM-traded firm said the approval provided it with additional time to complete the year three work programme on the permit.
It said the work allocated to be completed in permit year three had now been extended an additional 12 months, to 21 August 2023, while work requirements in subsequent permit years were also extended by one year.
"Mosman continues to actively progress with technical work to advance the helium and hydrogen exploration potential, in addition to the previously-known hydrocarbons discovered on the West Walker anticline, an extension of the Mereenie anticline, in EP-145," the board said in its statement.
"The 12-month permit suspension and extension approval by the NT government is a sensible response to the Covid-related delays in Australia."
Mosman said it provided a "realistic schedule" for necessary approvals and seismic acquisition, and the optimisation and planning of a well location based on the acquired data.
"For the project, it is encouraging to see nearby operators Santos and Central Petroleum planning hydrocarbon development and exploration wells in 2022, and deep wells targeting helium to be drilled in 2023."
At 1236 GMT, shares in Mosman Oil and Gas were up 4.26% at 0.08p.
Mosman Oil Gas (MSMN)