(Alliance News) – Mosman Oil & Gas Ltd said on Wednesday it had submitted a report to the Australian Northern Territory government on the third year of the EP 145 exploration area in the Amadeus Basin.
The Sydney-based oil and gas company, with projects in Australia and the United States, said the current work schedule for the permit would include seismic data collection in early 2024, subject to funding and government approvals.
Mossman added that drilling will be considered after seismic data is obtained and processed.
Mossman was referring to its announcement last October that EP 145 contains 440 billion cubic feet of gas, including 26 billion cubic feet of helium and 26 billion cubic feet of hydrogen.
In late June, Mossman said the Northern Territory Government had agreed to extend the time to complete the third year work program until 21 August 2024.
Mosman shares rose 31% to 0.029 pence per share in London on Wednesday.
Mossman said on Monday that John Barr would step down as chairman at the end of the month, while the company also provided an update on its business plan.
Barr resigned from his position as chairman of the board, effective September 30, Mossman said. Barr also terminated his contract as a director of Kensington Advisory Services Pty Ltd. These have a notice period of six months.
Non-executive director John Young has also resigned and left the board with immediate effect, Mossman said.
The company said it has begun the process of appointing new directors. Further updates will be provided “in due course.”
By Greg Rosenfing, Alliance News reporter
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