Page 34 - Oil&Gas-AustralAsia-2015-Issue-4
P. 34
N EW ZEALAND
Mosman buys new South Taranaki
Energy Project ByMarieRYAN
Mosman Oil and Gas has com- pany with resource and energy A 5% deposit was paid by Mos-
pleted a conditional sale and sector experienced personnel, man upon executing the SPA.
purchase agreement to acquire including Dr Ray Shaw. Dr Shaw Mosman’s total contribution
onshore NZ producing oil and has more than 30 years’ experi- towards the consideration for
gas assets for US$6.31 million. ence, including former Director, the Acquisition is subject to final
The Project assets include fully MD and Chairman Roles of percentage ownership.
operational and established oil resource companies listed on the Based on 70% ownership, it
and gas processing facilities, Australian Securities Exchange would be US$4.42 million the
equipment, permits, excellent Ltd. WRDLS has agreed to ac- first tranche being US$3.09
infrastructure, assignment of key quire at least 30% of the Project. million and the second tranche
employee contracts and the as- Mosman’s intention is to own being US$1.33 million.
signment of relevant commercial at least 40% and no more than Mosman’s first tranche of con-
contracts including oil and gas 70% of the Project and is actively sideration will be reduced by the
sales contracts. considering further offers from deposit of US$0.3 million which
It currently produces oil, con- potential JV partners. deposit has been paid by Mos-
densate, gas, LPG and electricity, The Project includes 2P reserves man in full.
which deliver several revenue of 1.9 Bcf gas and 1.4 MMbbl Mosman intends to finance its
streams. oil, 2C resources of 13.7 Bcf gas share of the acquisition through
The facilities were the subject to and 4.1 MMbbl oil. Prospective a combination of existing cash,
a major refurbishment in 2014 resources are estimated at 179 sale of a royalty on future pro-
and since restart in October 2014 Bcf and 166 MMbls. duction, debt, equity, and con-
have been producing an average Historically the Project facility vertible securities.
603boepd which would generate has produced over ten Bcf (10.9 The Chairman of Mosman, John
annual revenue of approximately PJ) gas and 1.58 MMbbl oil and W Barr, said the company was
US$5.05 million based on cur- Mosman has identified 12 low delighted to have signed the SPA
rent production rates, oil price cost projects that could poten- and the STEP agreement on a
and exchange rates. tially significantly increase pro- deal that the Board believes will
The Project will be renamed the duction at an estimated cost of be transformational for Mosman.
South Taranaki Energy Project US$1.64 million. None of these Numerous opportunities to
and will be operated under a projects require the drilling of increase production in the short
joint operating agreement with new wells, which will be consid- term have been identified and
Mosman as operator. ered in due course. there is significant upside in
The assets being acquired include Total consideration of US$6.31 development of the Manutahi
the Rimu Production Station and million to be paid in two tranch- oil field that originally had 30
two petroleum mining permits. es, the first tranche of US$4.42 million barrels of oil in place,”
The company also entered into million is payable upon comple- Mr Barr said.§
a participation agreement with tion of the Acquisition and the
WRDLS Pty Ltd, a private com- second tranche of US$1.8 million
six months following completion.
A A28 OIL & GAS ustral SIA SEPTEMBER/OCTOBER 2015 www.oilandgasaustralasia.com
Mosman buys new South Taranaki
Energy Project ByMarieRYAN
Mosman Oil and Gas has com- pany with resource and energy A 5% deposit was paid by Mos-
pleted a conditional sale and sector experienced personnel, man upon executing the SPA.
purchase agreement to acquire including Dr Ray Shaw. Dr Shaw Mosman’s total contribution
onshore NZ producing oil and has more than 30 years’ experi- towards the consideration for
gas assets for US$6.31 million. ence, including former Director, the Acquisition is subject to final
The Project assets include fully MD and Chairman Roles of percentage ownership.
operational and established oil resource companies listed on the Based on 70% ownership, it
and gas processing facilities, Australian Securities Exchange would be US$4.42 million the
equipment, permits, excellent Ltd. WRDLS has agreed to ac- first tranche being US$3.09
infrastructure, assignment of key quire at least 30% of the Project. million and the second tranche
employee contracts and the as- Mosman’s intention is to own being US$1.33 million.
signment of relevant commercial at least 40% and no more than Mosman’s first tranche of con-
contracts including oil and gas 70% of the Project and is actively sideration will be reduced by the
sales contracts. considering further offers from deposit of US$0.3 million which
It currently produces oil, con- potential JV partners. deposit has been paid by Mos-
densate, gas, LPG and electricity, The Project includes 2P reserves man in full.
which deliver several revenue of 1.9 Bcf gas and 1.4 MMbbl Mosman intends to finance its
streams. oil, 2C resources of 13.7 Bcf gas share of the acquisition through
The facilities were the subject to and 4.1 MMbbl oil. Prospective a combination of existing cash,
a major refurbishment in 2014 resources are estimated at 179 sale of a royalty on future pro-
and since restart in October 2014 Bcf and 166 MMbls. duction, debt, equity, and con-
have been producing an average Historically the Project facility vertible securities.
603boepd which would generate has produced over ten Bcf (10.9 The Chairman of Mosman, John
annual revenue of approximately PJ) gas and 1.58 MMbbl oil and W Barr, said the company was
US$5.05 million based on cur- Mosman has identified 12 low delighted to have signed the SPA
rent production rates, oil price cost projects that could poten- and the STEP agreement on a
and exchange rates. tially significantly increase pro- deal that the Board believes will
The Project will be renamed the duction at an estimated cost of be transformational for Mosman.
South Taranaki Energy Project US$1.64 million. None of these Numerous opportunities to
and will be operated under a projects require the drilling of increase production in the short
joint operating agreement with new wells, which will be consid- term have been identified and
Mosman as operator. ered in due course. there is significant upside in
The assets being acquired include Total consideration of US$6.31 development of the Manutahi
the Rimu Production Station and million to be paid in two tranch- oil field that originally had 30
two petroleum mining permits. es, the first tranche of US$4.42 million barrels of oil in place,”
The company also entered into million is payable upon comple- Mr Barr said.§
a participation agreement with tion of the Acquisition and the
WRDLS Pty Ltd, a private com- second tranche of US$1.8 million
six months following completion.
A A28 OIL & GAS ustral SIA SEPTEMBER/OCTOBER 2015 www.oilandgasaustralasia.com
