WELLINGTON: New Zealand oil and gas explorer Mosman Oil & Gas (LON:MSMN) has raised £400,000 just a week after an offer for Aussie oil peer MEO lapsed.
Mosman, which received 2.44% acceptances for its all share offer, has issued the new shares at 2.5p. The money will be used to complete due diligence on a potential acquisition and planning costs for a new well at Te Wiriki on its Murchison prospect.
John Barr, Mosman’s chairman, said: “The ongoing support from our shareholders allows us to progress two exciting new growth opportunities.
“The funds raised will principally be directed towards finalising the review of the potential acquisition. If successful in bidding for this asset, it would be an excellent step to building Mosman’s business.
“In addition, we continue to prioritise the Murchison Permit and are working to complete the planning, implementation and obtaining approvals to drill the proposed well on the shallow oil prospect on the Te Wiriki Anticline that will also allow us to confirm the significant tight gas and condensate potential identified in the SRK Report.
