Mosman Oil and Gas gets approval for Amadeus project
Mosman Oil and Gas Ltd (AIM:MSMN) has received final government approval for its EP 145 farm-in deal, effectively greenlighting its helium and hydrogen project in Australia’s northern territory.
Greenvale Energy is earning a 75% stake in the project through the transaction, by committing to up to A$5.5 million of investment in exploration work.
This will include seismic acquisition and well drilling.
“We are pleased the EP 145 Farmin approvals have now been received and look forward to this exciting helium and hydrogen project progressing through its seismic and drilling programme,” chief executive Andy Carroll said in a statement.
The project, in the Amadeus Basin, is seen to have significant helium content in most of the previously tested wells.
Mosman’s recent seismic data reprocessing, meanwhile, identified a promising structure potentially extending the Mereenie anticline structure. The AIM-quoted firm believes the project has the potential to host billions of cubic feet of gas, alongside substantial helium and hydrogen resources.
The company’s anticipated timeline sees work getting underway in mid-2024, followed by drilling operations in 2025 – aimed at capitalising on anticipated growth in the market for helium which is expected to be significant up to 2030.
Published: 29-04-2024
