Mosman Oil and Gas Limited provided and project update on its Australian project EP 145, (Mosman holds a 100% interest), where it continues to work to secure all required approvals for the next step of exploration. A Farmout Agreement was signed with a subsidiary of Greenvale Energy in October 2023, whereby GRV can earn a 75% interest by funding seismic acquisition and drilling a well (to a cap of AUD 5.5 million). This currently remains subject to completion pending ministerial approval.

GRV have advised that recent meetings with NT departments were positive, and the project remains on track. To avoid any concerns that there was a date when either party could terminate the Farm-in, the parties have agreed to extend that date to 30 April 2024. Two wells have been drilled in EP 145 in the 1980's, both encountered hydrocarbons but were not tested for hydrogen or helium which were not identified in the basin until the mid-2000's. Those wells which have tested for helium have demonstrated significant helium content at various structural levels.

All existing seismic data in the permit has been reprocessed by Mosman and a large structure, which may be an extension of the West Walker anticline, identified. The seismic acquisition programme is planned for the first half of 2024, with results due and a well location announced before end of Permit Year 3 in August 2024, followed by drilling in the following Permit Year.