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