"Mosman Oil and Gas Ltd (AIM:MSMN) has agreed a farm-in deal for its EP 145 project in Australia’s Northern Territory with Greenvale Gold.
Greenvale can earn up to a 75% stake in the project through the payment of A$160,000 cash, paying for A$2 million of seismic as part of a work programme and a well with costs capped at A$5.5 million.
Mosman added it had identified a drilling target at 1,500 metres (m) and estimated the cost of drilling that well to be in the order of A$5 million.
Costs above the A$5.5 million cap will be shared 75% by Greenvale and 25% by Mosman.
Regulatory approvals are expected by 30 January 2024, after which the agreement can be terminated by either party if they have not been received.
Mosman added it considers the farm-in the best outcome as it eliminates the need to raise additional capital".
Ann: Notice of Annual General Meeting/Voting Form, page-57
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