Mosman makes slow progress down under

13th Oct 2016 12:11

(ShareCast News) - Oil exploration and development company Mosman Oil and Gas posted an update on Thursday, over its current operations and investments.The AIM-traded firm said exploration work was continuing on existing permits within the restricted expenditure constraints which were implemented following the budget review earlier in the year.In New Zealand, the LIDAR survey was flown over the Murchison Permit and the data set had been received.Interpretation of the data was now underway, which the board said will take some weeks.In Australia, on the Amadeus Basin permits, the previously announced airborne survey contract on EP 156 had been recently approved by all authorities and is scheduled to occur in Q4 of the calendar year 2016.At EP 145 the next phase on field work was scheduled for Q4 of calendar year 2016, with final approval received on Thursday and the work expected to commence shortly.And at EPA 155, discussions were continuing with Central Land Council regarding an on-site meeting to discuss land access, however very recently the key CLC staff member had resigned and no progress is now expected until calendar year 2017."As reported previously Mosman has been seeking suitable opportunities in order to enhance shareholder value," the board said with regard to new projects."This search has been targeted at projects within the oil and gas sector and also opportunities in the broader resources arena, which play to the strengths of the board."The primary focus has been on opportunities that would provide cash flow as well as development upside."Mosman said with current prevailing market conditions in the oil and gas sector, several opportunities had been evaluated and some did not meet requirements, while in other cases the commercial aspects could not be agreed."Undertaking due diligence and negotiating acquisitions is a necessary but time consuming process and we thank our shareholders for their continued patience."The board said a number of potential opportunities remained under review and at various stages of due diligence, though it was not at liberty to divulge any further details.