Mosman Prepares for Drilling in the Petroleum Creek Project in NZ

Mosman Oil & Gas Ltd., a New Zealand and Australia focused oil exploration and development company, reported Wednesday that it has now completed the site preparation for the first two wells in the NZ drilling program, Crossroads-1 and Crestal-1 at its Petroleum Creek Project in petroleum exploration permit (PEP) 38526 near Greymouth on New Zealand's South Island.

An all-weather hard stand has been constructed at both sites in preparation for the drilling rig and ancillary equipment by local earth-moving contractors and the access from the road and security of the sites has been secured with new gates and fencing installed. Both sites are ready for the installation of the surface conductor casing scheduled for later this month, prior to the mobilization of the drill rig from Auckland to commence drilling in June.

John W Barr, executive chairman of Mosman commented: "I am pleased that this next step towards drilling in June has been completed on schedule, with continued good relationships with key stakeholders including the West Coast Regional Council and landowners. We are also pleased to be able to provide work for local contractors in an area suffering from unemployment."

Officer Basin Project, Australia

In addition, native title negotiations at the Officer Basin project in Australia are progressing well. Mosman's interest in the Officer Basin Project is its 25 percent shareholder in Australian Petroleum Portfolio Limited, which is the Preferred Applicant for exploration area STP-EPA-0071. The exploration permit will be awarded once an access agreement is reached with Traditional Owners where Native Title claims exist. This process has reached a significant milestone with the on-site meetings May 5 and 6 at Warburton and Cosmo Newberry in Western Australia when Mosman and other oil companies attended the first native title meetings with the Ngaanyatjarra Land Council, traditional owners and other relevant stakeholders. This is a major step forward in the negotiation process.

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