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LONDON - Mosman Oil and Gas Limited (AIM:MSMN), an exploration and production company focused on helium, hydrogen, and hydrocarbons, has provided an update on its operations in the United States, including progress on the Vecta helium project and the acquisition of the Sagebrush project.
The company announced that Vecta Oil and Gas Ltd, in which Mosman holds a 20% working interest (WI), has signed a drilling contract with Desert Eagle Drilling LLC to commence drilling five wells. Desert Eagle Drilling is part of Desert Eagle Operating LLC, which has a track record of successful helium production at the Red Rock field wells in Colorado. The drilling is set to begin as soon as logistics and weather conditions permit, with further details to be announced later.
In addition, Mosman has completed due diligence for the acquisition of an 82.5% working interest in the Sagebrush Project from Seeley Oil Company. The completion process is underway, and although the transaction may be finalized on January 31, the announcement could be delayed until February 3 due to time zone differences between the USA and Australia.
Andy Carroll, CEO of Mosman, expressed satisfaction with the developments, noting the signing of the drilling contract for the Vecta project and the impending completion of the Sagebrush acquisition. He highlighted the significant helium potential and additional oil prospects at Sagebrush, where existing oil wells are expected to generate revenue to support further exploration and development.
These updates are considered public information following their disclosure via a Regulatory Information Service, in line with the Market Abuse Regulation (MAR) requirements.
The information in this article is based on a press release statement from Mosman Oil and Gas Limited.
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