Mosman Oil farm-in partner gets funding grant for EP 145

12th Jun 2024 12:35

(Sharecast News) - Hydrocarbon, helium, and hydrogen exploration, development, and production company Mosman Oil & Gas updated the market on the EP 145 project in the Amadeus Basin of Central Australia on Wednesday, operated by its farm-in partner Greenvale Energy.

The AIM-traded firm said the ASX-listed Greenvale had been awarded a $0.1m co-funding grant as part of round 17 of the NTGS Geophysics and Drilling Collaborations programme.

It said the grant would fund an initial seismic line in EP 145, contributing to the upcoming 2D seismic program.

The seismic data acquisition was set to start in August, aiming to identify ultra-high-grade helium, hydrogen, and hydrocarbon resources in the prospective Amadeus Basin.

Mosman said the development presented an exciting opportunity for Greenvale to become a supplier to the growing helium market, which was currently experiencing significant supply shortages, strong demand growth, and increasing prices.

Mosman retained a 25% interest in EP 145, while 75% had been farmed out to Greenvale.

At 1300 BST, shares in Mosman Oil & Gas were down 7.46% at 0.03p.

Reporting by Josh White for Sharecast.com.