Proactive Investors - Mosman Oil and Gas Ltd (LON:MSMN) has announced what is described as a sensible minor amendment to its partnership with Greenvale Gas, in Australia.
The company, updating investors on its EP145 asset, told investors that the amendment extends the right to terminate the agreement from 31 January to 30 March 2024, acknowledging the ongoing approval process for the proposed transaction that was announced in October.
Mosman will bear any government costs incurred during this interim period, it noted, and such costs would be reimbursed by GRV upon the completion of the agreement.
The partnership between Mosman and Greenvale remains contingent on the government's approval for a change of Operator and transfer of interest.
"This is a sensible minor amendment given the approval process is progressing,”
“We are still on track to acquire seismic in 2024 and then drill in 2025 to test the helium, hydrogen and hydrocarbon potential in this area."
Mosman confirmed that Greenvale has completed the payment of the stamp duty, for the transfer, and the process now awaits ministerial approval.