Mosman Oil & Gas (AIM: MSMN), the Australia and New Zealand ("NZ") focussed oil exploration and development company, has reported that it is progressing with its strategy in line with management's expectations.
Petroleum Creek is entering the next stage of drilling and the flow testing programme is beginning this month with further seismic acquisition also underway.
In NZ additional four permit applications are to be lodged next month.
John W Barr, executive chairman of Mosman, commented: "In a short period of time Mosman has made significant progress with the execution of its strategy to build a portfolio of oil and gas assets, growing from two exploration areas at the time of the listing on AIM earlier this year, to four permits in three areas and pending the successful completion of the Trident acquisition, seven permits in five areas.
"As we expand the asset portfolio we are now building the core expertise required for this level of activity, and planning for further growth, without incurring unnecessary overheads. We now have multiple funding options, including farm-out or sale of assets, as well as the potential for cash flow from production.
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