- Mosman Oil and Gas Ltd has, in relation to its acquisition of the South Taranaki Energy Project (STEP), issued a Review Notice to Origin Energy in light of the low price of Brent crude oil.

Brent fell below USD40/bbl on Dec. 10, 2015, and has subsequently remained well below that level.

As outlined in the sale and purchase agreement (SPA), if Brent, as quoted on the Intercontinental Exchange (ICE), remained below USD40/bbl for 15 consecutive (ICE) business days, there is the provision for either party to issue a Review Notice that will lead to good faith negotiations of amendments to the SPA.

If there is no agreement within 30 days of a party's receipt of the Review Notice, either party has the option to terminate the SPA.

The SPA also contains provisions for either party to cancel the SPA if the New Zealand, ("NZ") Government consent conditions are not satisfied by 31 January 2016, unless extended by the mutual consent of all parties. At 9:05am: [LON:MSMN] Mosman Oil And Gas Ltd share price was -0.25p at 2.88p

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