Mosman Oil and Gas Limited, the New Zealand and Australia focused oil exploration and development company, disclosed Tuesday that EP145 in Australia's Northern Territory has been granted to Trident Energy Limited (Trident) by the Delegate of the Northern Territory Minister for Mines and Energy.
The grant of EP145 before the end of the Offer Period is a Condition of the off market takeover offer by Mosman for Trident on the terms and conditions detailed in the Bidder's Statement. The grant of EP145 has now satisfied this Condition to the Offer.
EP 145: Amadeus Basin, Northern Territory (100 percent)
EP 145 is a permit in the Amadeus Basin in the Northern Territory of Australia. A deed for exploration between Trident and the Central Land Council (CLC) for native title matters has been successfully negotiated and executed.
The Amadeus Basin comprises 65,637 square miles (170,000 square kilometers) and is one of Australia’s least explored basins, which contains two producing fields, Mereenie Oil and Gas field and the Palm Valley Gas field. Recently, Central Petroleum has developed the Surprise Oil Field, demonstrating oil as well as gas in the western part of the basin.
EPA 145 is close to existing infrastructure, and the permit area contains the West Walker-1 Discovery which flowed 3.5 million cubic feet per day (MMcf/d) gas with composition similar to the Mereenie oil field.
John W Barr, executive chairman of Mosman commented: “The grant of EP145 is a major step forward in the Takeover process of Trident, and satisfied an important Condition to the Offer.
The Trident acquisition complements Mosman’s existing Petroleum Creek and Officer Basin projects, ensuring that Mosman has a diversified asset portfolio in 5 prospective hydrocarbon regions.
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