(Alliance News) - Mosman Oil & Gas Ltd on Thursday said it has raised GBP300,000 through a placing of 857.1 million new shares at a price of 0.035 pence per share.
The placing shares represent a 30% discount to the closing price of 0.050p on Wednesday, the last business day before the announcement.
Mosman Oil & Gas is a Sydney-based oil and gas company with projects in Australia and the US. Its shares were down 32% to 0.034p each in London on Thursday afternoon.
Mosman said it plans to use the proceeds for management of EP 145 activities including soil and water sampling for hydrogen and helium; Central Land Council annual fees; and another Aboriginal Areas Protection Authority approval process fee required ahead of future seismic acquisition. It also will use them to fund additional investment at Cinnabar, to provide gas lift at existing wells and optimise production.
1.6 million barrels of oil equivalent of reserves have been established at the Cinnabar project in Texas. Meanwhile in Northern Territory, Australia, progress continues on securing all required approvals in order to progress exploration activity at EP 145.
By Sophie Rose, Alliance News reporter
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Mosman Oil Gas (MSMN)