Mosman Oil and Gas Limited is pleased to provide an update on the proposed South Taranaki Energy Project acquisition, having concluded the following important contractual milestones:

•Origin Energy Limited has confirmed that it is satisfied that Mosman has provided it with reasonable financial assurance and accepted Mosman's financial capacity and, as a result, the STEP Acquisition is now formally proceeding. •In addition, a new participation agreement has been signed and executed with High Peak Royalties Ltd for HPR's acquisition of a 30% interest in the STEP Acquisition. The prior participation agreement with WRDLS Pty Ltd has been cancelled.

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