Mosman Oil and Gas became the latest junior explorer to float on London's Alternative Investment Market as it announced it had raised $2.5 million (GBP 1.5 million) in a share placing Thursday. Mosman joins fellow New Zealand-focused Kea Petroleum on AIM, which is London's stockmarket for smaller companies.
Mosman plans to use the funds raised for a drilling program at its Petroleum Creek Project in New Zealand as well as to help advance native title negotiations at its Officer Basin Project in Australia. Petroleum Creek is an exploration project estimated to have prospective resources of between 4.8 million and 59.2 million barrels of recoverable oil.
The firm's near-term objectives include the drilling of at least two wells at Petroleum Creek in 2014 and the acquisition of an additional 25 miles of seismic data over the area in 2015.
Mosman Chairman John Barr commented in a company statement:
"We are delighted to have secured our two cornerstone assets in New Zealand and Australia and following the placing and AIM admission today are now able to focus on the next phase of development for Mosman. The directors have made a significant investment in Mosman to date and look forward to starting drilling on the Petroleum Creek Project in New Zealand, with the objective that an oil discovery could lead to early first production.
"This is complemented with the large Officer Basin Project, which is one of the last remaining onshore frontier exploration areas where large petroleum discoveries may still be made."
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