Mosman Oil and Gas Limited has raised circa £3,000,000 by way of the placing of 13,043,474 new ordinary shares in the capital of the Company ("New Ordinary Shares) at 23p per share (AUD 0.41 per share) (the "Placing"). The 23p per share price represents a 188% uplift on the 8p Placing Price at IPO in March 2014.
Use of Proceeds
Exploration: The funds raised will be used to increase the exploration programme at the Petroleum Creek Project in New Zealand, with the addition of a potential fourth and fifth exploration well and acquiring seismic in 2014. The additional wells will focus on targets which were identified by our consultant geologist and confirmed in the independent report undertaken by SRK Consulting (Australasia) Pty Ltd. The Directors of Mosman believe this activity will complement the successful Cross Roads-1 Oil Discovery that was announced on 13 June 2014.