Mosman Oil secures extension and suspension of Amadeus permit
By Josh White
Date: Wednesday 29 Jan 2025
(Sharecast News) - Mosman Oil and Gas announced on Wednesday that it has secured a six-month suspension and extension of its EP-145 exploration permit in the Amadeus Basin, with approval granted by the Northern Territory Minister for Mining and Energy.
The AIM-traded firm said the permit, in the third year of its five-year term, was extended until 21 August 2027, with an exploration well commitment required in the fourth year.
It said the extension maintained the permit in good standing as Mosman progressed the previously-announced sale of EP-145 to the ASX-listed Echelon Resources.
The company said it expected the transaction to be finalised in the coming months.
Mosman confirmed that the suspension deferred the year three work programme until 21 August this year, allowing additional time for the permit's transition as part of the sale process.
"We are pleased that the extension has been awarded at EP-145, further smoothing the sale process, as the team focuses on developing its helium projects in the US," said chief executive officer Andy Carroll.
At 1031 GMT, shares in Mosman Oil & Gas were down 0.77% at 0.03p.
Reporting by Josh White for Sharecast.com.
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