StockMarketWire.com - Mosman Oil & Gas has completed a strategic review on the STEP assets and identified 12 low cost value add projects that can be sped up to hike production. It has also raised almost GBP1.5m.

The operations team continues preparation for drilling at Murchison, and will now start to identify and purchase long lead items.

It has entered into agreements with US institutional investors for the placement of 36.8m new shares at 4p each.

Additionally, for every two shares issued, the institutional investors will also be granted one warrant which may be converted on or before the five year anniversary of the issuance date into new ordinary shares at a price of 5.00 pence per share.

The gross proceeds to Mosman from the sale of the ordinary shares and warrants will be GBP1.47m gross.



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