LONDON - Mosman Oil and Gas Limited (AIM:MSMN), an exploration and production company, announced a strategic pivot towards helium exploration, capitalizing on opportunities in the United States and advancing projects in Australia. The company revealed its transformation from traditional hydrocarbon production to helium-focused exploration at its upcoming Annual General Meeting (AGM) scheduled for tomorrow.
In a significant shift, Mosman sold its Stanley oil assets and acquired a 20% working interest in the Vecta Helium Project in the U.S. The Vecta project, located in a region with a history of helium production, comprises five leased areas and is set to begin drilling five exploration wells in December 2024. This move aligns with Mosman's acquisition criteria, which prioritizes areas with high helium concentrations and existing infrastructure.
The company's Australian ventures are also progressing, with two projects in the Amadeus (BME:AMA) Basin showing potential for helium, hydrogen, and hydrocarbons. Seismic acquisition for project EP-145 is awaiting approvals, including its Environmental Management Plan. Meanwhile, project EPA-155 is moving forward as Mosman's farm-in partner reprocesses and remaps 2D seismic data.
Mosman's U.S. operations are under the guidance of Howard McLaughlin, with Tim Rynott consulting on helium opportunities. In Australia, exploration activities are led by Doctor Julie Daws. The company emphasizes its strong cash position, which supports the pursuit and development of new projects in the helium sector.
The information presented is based on a press release statement from Mosman Oil and Gas Limited.
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