(Alliance News) - Mosman Oil & Gas Ltd on Wednesday said it has lodged a report with the Northern Territory government in Australia on the third year of its exploration block EP 145 in the Amadeus basin.
The Sydney-based oil and gas company, with projects in Australia and the US, said the current work schedule on the permit will be acquisition of seismic in early 2024, subject to funding and government approvals.
Drilling would be considered after the seismic acquisition and processing, Mosman added.
Mosman pointed to its announcement last October on EP 145's prospective resource of 440 billion cubic feet in gas, including 26 Bcf of helium and 26 Bcf of hydrogen.
In late June, Mosman said the Northern Territory government approved the extension of time to complete the year rhree work programme until August 21, 2024.
Shares in Mosman closed up 31% to 0.029 pence each in London on Wednesday.
On Monday, Mosman said John Barr will depart as chair at the end of the month, as the company also provided an update on its business plan.
Barr gave notice of his resignation as chair, effective September 30, Mosman said. Barr also has given notice under his executive services contract as a director of Kensington Advisory Services Pty Ltd. This has a six-month termination period.
Mosman said Non-Executive Director John Young also has resigned, leaving the board immediately.
The company said it has begun a process to review and appoint new directors. Further updates will be provided "in due course as appropriate".
By Greg Rosenvinge, Alliance News reporter
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Mosman Oil Gas (MSMN)