- Mosman Oil and Gas said directors have determined that while South Taranaki Energy Project (STEP) remains a good asset with long term development potential, it not longer meets the company's investment criteria at current oil and gas prices.

It said the Sale and Purchase Agreement has been cancelled.

Origin has agreed to repay the deposit of NZD500,000 which will be transferred back to Mosman shortly. The joint venture arrangement with High Peak Royalties Limited will be terminated; and the Ridge Royalty Limited royalty agreement will not proceed.

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