StockMarketWire.com - Mosman Oil and Gas said it it had raised £0.3m from a share issue and would sell some US assets to narrow its focus on its Stanley prospect in Texas and Amadeus prospect in Australia.

New shares in the company were issued at 0.15p apiece, with a warrant attached to each with a 0.23p exercise price on a 12-month term.

'The decision has been taken to focus on Stanley and other similar projects in East Texas, including Challenger and Champion, and to continue with the exploration in EP 145 in Australia,' Mosman Oil & Gas said.

It would therefore look to sell its Arkoma and Welch interests, in Oklahoma and Texas, respectively.

The company's total production for the six months through December rose about 13% to 13,253 barrels of oil equivalent.

Near-term work would involve conducting work-overs and re-completions at Stanley to increase production and cash-flow from existing wells.

Regular additional drilling would start with the Stanley-4 well in February, with Stanley-5 expected to follow in the second quarter of 2020.

The company was also looking to sell down part of its stakes in the Australian asset and others.

'The great success at Stanley has enabled us to clearly define our focus as we build our production and development projects,' chairman John W Barr said.

'We are now identifying further opportunities with a more streamlined focus and are implementing a funding plan in order to progress.'


At 1:55pm: [LON:MSMN] Mosman Oil And Gas Ltd share price was -0.09p at 0.16p



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