Mosman Oil and Gas plans to buy Trident Energy

2nd Jul 2014 13:53

Mosman Oil and Gas has announced it plans to acquire Trident Energy for £1.6m to expand its regional exploration portfolio.Trident Energy has three exploration assets located in Canning, Amadeus and Otway basins which is expected to provide the group oil and gas opportunities in the region.The firm, which will pay a Trident a loan 0f $0.75m, believes the acquisition represents a "low entry price" for a five-permit portfolio.Trident's assets include VIC/P62 -Otway Basin, Victoria which has a 70% interest and funded a 3D seismic survey in 2013 at $4.5m.Chairman John W Barr said: "The Trident acquisition complements Mosman's existing Petroleum Creek and Officer Basin projects, ensuring that Mosman has a diversified asset portfolio in five prospective hydrocarbon regions. "Exploration of the 5 permits is fully funded and we believe the enlarged portfolio will deliver operational activity and exploration milestones in the coming months and years."In the financial year ended June 2013, Trident had audited losses of $0.258m before tax and net liabilities of $0.855m.As of 14:47 the share price had risen 9.44% to 24.5p.WS