Mosman Completes Sale of EP 145 Permit in Australia
Why we think this is neutral
This RNS announcement is a general update on the completion of the sale of the EP 145 permit in Australia. It does not contain any of the mandatory news types that would require a more detailed analysis.
Key Points
- Mosman has received AU$440,000 as part of the completion of the sale and transfer of EP-145 permit to Echelon
- Mosman retains a 5% royalty on helium and hydrogen from the permit
- The contract includes an option for Mosman to re-acquire any area of EP 145 when Echelon no longer wishes to explore or produce from the licence
Summary
The energy company has completed the sale of its EP 145 permit in Australia, receiving AU$440,000 and retaining a 5% royalty on helium and hydrogen.
Mosman Oil and Gas Limited (AIM:MSMN) has completed the sale of its EP 145 permit in the Amadeus Basin, Northern Territory, Australia to Echelon Resources Limited (ASX:ECH). Mosman has received AU$440,000 as part of the completion, and will retain a 5% royalty on helium and hydrogen. The contract also includes an option for Mosman to re-acquire any area of EP 145 when Echelon no longer wishes to explore or produce from the licence.
GENERAL UPDATE