Mosman Commits to Next Permit Year for its NZ's Petroleum Creek Asset

Petroleum Creek Exploration Summary

• Cross Roads-1 Well: Spud - June 6; Total depth - 797 feet; Status - June 30: Discovery - Eight Mile; July 3: Discovery – Cobden limestone; Current Status - Appraisal including seismic
• Crestal-1 Well: Spud - July 3; Total depth - 823 feet; Status - July 11: Discovery - Eight Mile and Cobden limestone; Current Status - Appraisal including seismic
• Crestal-2 Well: Spud - Sept.
• 2-4 additional wells: Spud - Oct./Nov.

Trident Energy Limited; Acquisition

As announced July 2, Mosman is proceeding with the acquisition of Trident Energy, which has 3 exploration permits located in the prospective Canning, Amadeus and Otway basins. These assets provide exposure to both conventional and unconventional oil and gas opportunities located across the Otway, Amadeus and Canning Basins in Australia, and increases Mosman’s portfolio from 2 to 5 permits.

The updated timetable for completion of the acquisition is as follows:

• Aug. 6: Mosman lodges Bidder's Statement with ASIC and announces lodgement on AIM
• Aug. 20: Trident lodges Target's Statement with ASIC and Mosman announces lodgement on AIM
• Aug. 27: Mosman's Bidder's Statement and Trident's Target's Statement sent to Trident shareholders. Takeover Offer Period commences
• Sept. 24: Takeover Offer closes

The Trident Bidder Statement has been slightly delayed, as is often the case, as there are Australian corporate law requirements to be resolved. In the meantime, several conditions have already been met and the overall schedule has not changed significantly The acquisition is subject to various conditions, which Mosman may waive and has recently waived the conditions in respect to the renewal of the Otway Basin permit which has now been renewed and an equity raising as currently Mosman is sufficiently funded.

John W Barr, executive chairman of Mosman commented: "Since listing on AIM Mosman has made significant progress on all fronts and we have a very busy work program scheduled for the second half of the year including the appraisal of our first two discovery wells, further seismic and additional wells on the Petroleum Creek asset. We are excited about the three new exploration assets with the Trident Energy acquisition and in parallel continue to seek additional assets to acquire which fit into our strict investment criteria.”