Mosman Oil and Gas Ltd - helium, hydrogen, and hydrocarbon exploration company - raises £1.3 million via a placing of at 0.045 pence each. Net funds from the placing with be used for the extended flow test of the helium zone at its Sagebrush-1 well; to progress putting Sagebrush-1 on production; to progress the development of the Sagebrush area, and for other working capital requirements. Mosman also intends to launch a retail offer at the same issue price for up to £300,000.
Chief Executive Andy Carroll says: ‘The evidence of helium at Sagebrush-1 means we have moved from exploration to development of this resource and this placing supports the acceleration of this project. In addition, it provides additional funding to enable Mosman to be in a position to move on new opportunities, as demonstrated by the recent increase in our interest in the Billy Goat lease area from 20% to 90%.’
Current stock price: 0.045 pence, down 26% in London on Friday
12-month change: more than doubled
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