News blog

Mosman Oil and Gas Ltd

• BY: Andrew Hore |
• POSTED: 02/07/2014 |

Mosman Oil and Gas Ltd has used the sharp rise in its share price on the back of an oil discovery in New Zealand to finance the acquisition of Trident Energy. 

Trident has onshore and offshore oil interests in the Canning, Amadeus and Otway basins in Australia. One Mosman share is being offered for every five Target shares. The deal values Trident at £1.6m – based on a share price of 23p.

Mosman already has a 25% interest in the Officer Basin prospect in Australia as well as the Petroleum Creek project in New Zealand, where oil has been discovered but it has not been confirmed as a commercial discovery.

At 27.13p a share, Mosman is valued at £21.1m. The March 2014 flotation price was 8p a share. Last month, Mosman raised £3m at 23p a share. Mosman plans to raise up to A$2m from a placing following the completion of the acquisition.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2014_57.pdf