Mosman Oil resolves legal hurdle for sale of Nadsoilco

13th Sep 2024 12:53

(Sharecast News) - Mosman Oil and Gas, a company specialising in helium, hydrogen, and hydrocarbon exploration and production, announced the resolution of a legal claim on Friday.

The AIM-traded firm said the settlement cleared the way for it to finalise the sale of its interest in Nadsoilco, which holds working interests in the Stanley and Greater Stanley projects, as well as Mosman's stakes in the Winters leases in Polk County, Texas.

In August, a court decision favoured Nadsoilco in a lawsuit that Mosman had consistently deemed without merit.

While the court ruling required additional documents to be drafted and signed - a process that took longer than expected - those steps had now been completed.

Mosman emphasised that the legal action was resolved at no cost to the company aside from legal fees.

With the legal hurdles now cleared, Mosman reconfirmed that it was close to completing the sale of its interest in Nadsoilco.

The transaction was expected to proceed later in September, with the company planning to issue a further announcement once the sale is finalised.

At 1233 BST, shares in Mosman Oil and Gas were down 0.65% at 0.05p.

Reporting by Josh White for Sharecast.com.