(Alliance News) - Mosman Oil & Gas Ltd, an oil explorer and producer based in Sydney, on Friday said it has completed a GBP1.5 million share placing to fund an exploration project in Australia.
The company issued 1.00 billion shares priced at 0.15 pence each. The funds will enable it to develop the EP-145 project in the Amadeus Basin and explore for helium, hydrogen and hydrocarbons, without having to form a joint venture.
Other wells in the Amadeus Basin, in Australia's Northern Territory, have been found to contain some of the highest concentrations of helium in the world, Mosman said.
"Mosman has always seen the potential in EP-145 and with a global shortage of helium and demand increasing, combined with the opportunity to fund this exciting exploration project, we look forward to the results of the next phase of the exploration programme later this year," Mosman Chair John Barr said.
Mosman shares were down 12% at 0.16p each in London.
By Ivan Edwards; ivanedwards@alliancenews.com
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Mosman Oil Gas (MSMN)