Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, has executed a Memorandum of Agreement (MOA) and a Heads of Agreement (HOA) in respect to a potential Joint Venture for its Amadeus Project located in Central Australia.

Mosman recently attended and participated in presentations in China on the invitation from the Northern Territory Government. The objective of the presentations was to seek joint venture funding on EP-145 in order to enable seismic work to be completed during the 2020 year and subsequently drill a well.

The outcome is that Mosman has now executed a Memorandum of Agreement (MOA) and a Heads of Agreement (HOA) with parties and the formal data review and detailed discussions will shortly be underway. The timetable for these discussions, which will include a site visit, will be firmed up in due course and following this and a data review in Sydney, we will then be able to determine the outcome.

Mosman is awaiting confirmation of the extension of the permit and followed up with the relevant authorities, however Mosman has not been advised of a timeframe of when it will be granted.

John W Barr, Chairman, said: “This is the first step in a potential Joint Venture for Mosman’s Amadeus Project. Site visits and detailed data reviews will now be arranged to progress the matter.

“Mosman appreciates the assistance of the Northern Territory Government Departments who arranged the presentations and assisted in subsequent discussions and expresses its thanks for all concerned.”