Mosman Oil and Gas Ltd - Sydney-based miner focused on helium, hydrogen and hydrocarbon - receives A$440,000 as part of the completion of the sale and purchase agreement and transfer of EP-145 permit to Echelon. Mosman retains a 5% royalty on helium and hydrogen. The contract includes an option for Mosman to re-acquire any area of EP 145 when Echelon no longer wishes to explore in, or produce from, any area of the licence. Proceeds will be used to fund exploration and appraisal activity in Mosman’s US assets. The transaction saves Mosman estimated costs of around A$2.5 million that would have been required as part of a year three permit work programme commitment.
Current stock price: 0.04 pence, up 2.5% in London on Friday
12-month change: up 35%
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