Mosman wins three NZ exploration permits

Dec 09, 2014 12:00 AM

Australasia-focused junior explorer Mosman Oil & Gas announced that it has been awarded three additional permits in the New Zealand government's 2014 Block Offer.

The three exploration permits are named Taramakau, Murchison and East Coast. Mosman has been awarded 100-percent ownership of all three.

Taramakau – which covers 370 square miles – is located on New Zealand's South Island and surrounds Mosman's existing permit at Petroleum Creek. Murchison – covering 190 square miles – is also located on South Island, approximately 60 miles north of Petroleum Creek. The East Coast permit is located on North Island, approximately 90 miles northeast of Wellington, and covers an area of 250 square miles.

Mosman Executive Chairman John W. Barr commented in a company statement: "Mosman is delighted to have been awarded these permits in a competitive bid round. We have already identified prospective targets in the Taramakau permit with initial work in 2015 planned around accumulating further seismic and we believe the enlarged area is fundamental to the organic growth strategy of Mosman alongside our first permit in the South Island.

"We believe the awards demonstrate the New Zealand Government is supportive of Mosman and our drive to commercial oil production. We are pleased to have met the strict criteria for the award of each of these permits and have clearly now established the company as a competent operator.

"We also appreciate the support of our shareholders in funding the prior and future activities required to grow the company in line with our strategy to build a sustainable mid-sized oil company. We are pleased to demonstrate our confidence and commitment to investing in New Zealand as a supportive and politically stable country, and in particular the West Coast area of the South Island as a great place to be exploring."

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