Update: STEP change
Mosman has signed a sale and purchase agreement (SPA) with Origin Energy to secure the Rimu, Kauri and Manutahi production facility (to be renamed STEP) and upside field development potential. The deal, once closed, will see Mosman become the operator and hold a 40-70% working interest in the asset. The deal is conditional on securing funding, which needs to be achieved by the end of September 2015, but Mosman now appears to have funding in place to acquire 70% of the STEP project following the farm-out of 30%, innovative Ridge Royalty deal and equity issue. The upside for the company is considerable should the development of 2P+2C (and prospective resources) be realised. We estimate that RENAV lies at 8.2p/share, assuming a 70% interest in the 2P reserves of the STEP project.Mosman Oil and Gas is a New Zealand and Australia oil exploration and development company. Co. is engaged in examining resource opportunities in overlooked and emerging resource areas. Co. objective is to discover economic oil and gas reserves and realize value through the development, joint venture or sale of its oil and gas interests.
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