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COLORADO - Mosman Oil and Gas Limited (AIM:MSMN) has increased its working interest in "The Bard" Area of Mutual Interest from 20% to 90%, the company announced Tuesday in a press release.
The increased stake comes in exchange for Mosman funding 100% of an upcoming drilling operation on the lease. The well is expected to cost less than $200,000 and will be funded from existing cash reserves.
Drilling at The Bard lease area is expected to commence shortly, as the rig crew has returned from a break. The company’s stake in three other AMI areas within the Vecta Project - Garcia, Treasure Hill and Mona Loa - remains unchanged at 20%.
These areas are part of a current five-well drilling campaign targeting helium resources in Colorado.
"I look forward to the results of each of these wells as they are sound geological prospects in an area that has helium production and access to markets," said Andy Carroll, Chief Executive Officer of Mosman.
Mosman Oil and Gas describes itself as a helium, hydrogen and hydrocarbon exploration, development and production company. The announcement comes as part of the company’s ongoing operations in the United States helium sector.
The information was disclosed as part of regulatory requirements for companies listed on London’s AIM market.
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