Mosman Oil and Gas says Gem International Resources deal delayed

Writer, Stock Market Wire
Tuesday, February 12, 2019 - 13:19

Mosman Oil and Gas said a company in which it had invested, Gem International Resources, had experienced delays in finalising an acquisition that could 'revitalise' the company.

Mosman had announced in September that Gem was well advanced in finalising a letter of intent with an unrelated third party.

'There are a number of complicating factors associated with the proposed acquisition by Gem, resulting in an extended timeline whilst these are resolved,' Mosman said Tuesday.

'The timing remains uncertain, however the board are working towards a conclusion in order that the letter of intent may be signed this quarter.'

'Mosman has been informed that there remain several key conditions that are required to be satisfied, and whilst these remain outstanding there is no clear timeline or guarantee of a conclusion.'

'Mosman's objective remains to recover the value of its investment and loan.'

At 1:19pm: (LON:MSMN) Mosman Oil And Gas Ltd share price was 0p at 0.28p

Related content

Mosman Oil and Gas production rises 59% in first quarter

Mosman Oil and Gas said it boosted production by 59% in the first quarter and expected a further boost from new wells in Texas.


Wed, 24/04/2019 - 09:12

Mosman Oil and Gas completes drilling of well in Texas

Mosman Oil and Gas said that its Stanley-2 well in Texas had completed drilling at 5,000 feet.

Next operations would be electric logging and running...

Mon, 01/04/2019 - 07:35

Mosman Oil and Gas well in Texas nears completion

Mosman Oil and Gas said a key well in Texas was proceeding to plan and expected to reach its target depth in a few days....

Mon, 25/03/2019 - 13:37

Mosman Oil and Gas starts drilling new Texas well as weather clears

Mosman Oil and Gas said drilling had commenced at its Stanley-2 well in Texas.

The well was expected to take around 14 days to drill...

Tue, 19/03/2019 - 09:56

Mosman Oil and Gas switches focus of Texas well after poor gas flows

Mosman Oil and Gas said it and partner Baja Oil & Gas were re-completing a well in Texas after production was constrained by limited gas...

Wed, 13/03/2019 - 13:20