StockMarketWire.com - Mosman Oil and Gas said it had sold down a portion of the Champion project in Texas to Australia's Xstate Resources.

Mosman currently owned a 60% working interest in Champion, which contains the Falcon prospect and the Galaxie prospect.

Under the terms of the deal, Xstate would earn a 25% interest in the first lease area drilled by paying $50k.

It would also pay 33% of the well cost to drill, complete and install production facilities, capped at 33% of $600k, and 25% of any additional cost.

It would also earn a 25% interest in the second lease area by paying 33% of the well drilling cost, capped at 33% of $450k, and 25% of any additional cost.

Should Xstate complete its obligations, Mosman's working interest would fall to 35% from 60%.


At 8:13am: [LON:MSMN] Mosman Oil And Gas Ltd share price was +0.05p at 0.51p



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