StockMarketWire.com - Oil company Mosman Oil and Gas said it had raised £0.9 million via a share placing to fund well activity in Texas.

New shares in the company were offered at 0.125p each and came with a one-for-two warrant exercisable at 0.25p with a term of 24 months.

The primary use of proceeds would be the proposed drilling of the large Galaxie prospect that was adjacent to Falcon and on the same geological feature, both of which were located within the Champion project in East Texas.

Preparation work would commence immediately and drilling of the well could occur later this year, the company said.

It added that the proceeds would also fund production facilities at the Falcon location, where the Falcon-1 well had recently been successfully drilled and completed.

'Based on the available information, it is anticipated that there will be a requirement for production facilities to be acquired and installed,' Mosman said.

A proportion of the funding would be allocated to progress EP145 in the Amadeus Basin in the Northern Territory, Australia.


At 9:24am: [LON:MSMN] Mosman Oil And Gas Ltd share price was -0.05p at 0.14p



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