Mosman Oil and Gas has agreed to acquire OilCo as part of its strategy to develop oil and gas assets in Australia and New Zealand.
OilCo, which is a subsidiary of High Peak Royalties (formally Torrens Energy), holds exploration permit EP156, on which independent consultant SRK outlined several prospective leads.
The company also holds exploration permit application EP(A)155 in the Amadeus Basin in Australia.
Mosman said that EP156 and EP(A)155 compliment Trident Energy’s permit, EP145.
Mosman is currently in the process of acquiring Trident Energy and the company’s holdings in the Amadeus will cover a total of 5,458km².
The company will assume and fund the 2014 minimum work requirement for EP156, which includes a gamma ray survey, gamma ray logging and outcrop mapping and sampling.
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By GlobalDataThe minimum work is required to be completed before 6 November 2014.
Mosman Oil and Gas executive chairman John Barr said: "With Mosman’s strategy to develop oil and gas assets in Australia and New Zealand, this opportunity and commercial terms fit well within our stated growth strategy.
"The OilCo assets in the Amadeus Basin provide a natural complement to Mosman’s Australian exploration assets and are located in a prospective region that is experiencing a surge in exploration and development activity."
EP156, which is located in the Northern Territory of Australia, covers an area of 4,262km² with a five-year grant.
The permit currently has no defined prospects even though there are various leads and an area of unconventional hydrocarbon potential.
EP(A)155is located 135km from EP156, within the prime Horn Valley Siltstone fairway between the Mereenie and Surprise oil fields.
