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    Mosman Nears Oz JV Deal


The company needs funding for seismic and drilling work at its Amadeus gas project.

by: Joseph Murphy

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Mosman Nears Oz JV Deal

London-listed Mosman Oil & Gas has entered preliminary deals on forming a joint venture to develop its Amadeus gas project in central Australia, it said in a stock exchange filing on November 18.

Mosman said it had recently taken part in presentations in China aimed at securing joint venture funding to collect seismic data and drill a well at its EP145 permit in Australia’s Northern Territory. The company has subsequently signed a memorandum of agreement and a heads of agreement with unidentified parties. A timeframe for negotiations will be set out in due course, it said.

“This is the first step in a potential joint venture for Mosman's Amadeus project,” Mosman chairman John Barr said. “Site visits and detailed data reviews will now be arranged to progress the matter.”

The company said it was still awaiting confirmation that its permit for EP145 would be extended for another year. The permit expired in August, but Mosman previously applied for an extension to give it more time to conduct 100 km of 2D seismic mapping and interpretation as well as well planning.

Mosman estimates EP145 to hold 12.44bn ft3 in P50 conventional recoverable gas, along with 1.456 trillion ft3 in unconventional recoverable gas.