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LONDON - Mosman Oil and Gas Limited (AIM:MSMN), an exploration and production company specializing in helium, hydrogen, and hydrocarbons, has announced it is in discussions regarding the sale of the first well and associated contractual rights in the Billy Goat lease area within the Vecta Project in Colorado, U.S.
The company drilled the first well to approximately 720 feet total depth and set casing on Monday. However, Mosman has not disclosed further well details pending the outcome of negotiations. The local helium business expressing interest in acquiring these assets could potentially expedite the path to production and commercialization if helium is discovered in the area.
Andy Carroll, CEO of Mosman, commented on the potential deal, stating, "We are pleased that this potential opportunity has arisen. Mosman will only agree to a change that it considers more favorable to the Company and shareholders." He indicated that further updates would be provided once discussions have concluded.
This announcement is in line with the Market Abuse Regulation disclosure requirements, implying that the information shared is now in the public domain.
The potential transaction could mark a significant step for Mosman in its efforts to develop and monetize its assets within the Vecta Project. The company’s decision to entertain the offer reflects its strategy to prioritize routes that may lead to faster production and commercial outcomes.
As the situation develops, Mosman’s shareholders and the market are anticipating further information on the discussions and the potential impact on the company’s operations and financial position.
This news is based on a press release statement from Mosman Oil and Gas Limited.
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