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Mosman Oil & Gas: Wizards of Oz...and New Zealand
By Ian Lyall
January 27 2014, 3:56pm
Seen above is the previous producing well head at the Petroleum Creek Project where oil can be seen rising to surface.
Don’t let the modest IPO valuation fool you. Mosman Oil & Gas is expected to hit the ground running when it lists this quarter.
Behind the company is resource sector entrepreneur John Barr (one of the original directors behind Aquarius Platinum, TNG and Thor Mining), who’s teamed up with Andy Carroll, an engineer with over three decades' experience in oil and gas including BP and InterOil. The former will be chairman, with the latter taking the role of technical director.
Mosman will have a £6mln market capitalisation on listing and is raising £2.5mln. Amazingly, this is enough to fund the firm for the next two years.
The cash will be used develop a highly prospective oil asset in New Zealand where it will drill several wells in the first-half of 2014, while completing native title negotiations on a significant land package in one of Australia’s emerging hydrocarbons basins.
Management has put its head on the chopping block financially by pumping £600,000 of cash and £500,000 of assets into the company to get it to this stage.