Mosman Oil and Gas Ltd (AIM:MSMN) told investors that Greenvale Energy, its partner in a helium project in Australia, has now progressed the permitting and approvals process for a proposed seismic programme.
Greenvale, which is earning into the EP 145 helium project, has submitted the 2D Seismic Environmental Management Plan to the Department of Environment, Parks and Water Security (DEPWS), the company noted.
All remaining long-lead items for the seismic program have been ordered, and seismic data acquisition is expected to commence in August.
Data gathered through the exercise will be crucial for the targeting of ‘ultra-high-grade helium, hydrogen, and hydrocarbon resources’, it added.
EP 145 is estimated to hold a prospective resource of 440 billion cubic feet (Bcf) of total gas including 26.4 Bcf of helium and 26.4 Bcf of hydrogen.
"It is encouraging to see Greenvale has progressed the permitting and approvals process for this 2D seismic program for EP 145,” chief executive Andy Carroll said in a statement.
“Seismic is a step before drilling to test the significant potential of this exciting helium and hydrogen asset and we look forward to providing updates as Greenvale progresses."
Greenvale's chief executive Mark Turner, meanwhile, added: "We are pleased that the permitting and approvals process for this 2D seismic program for EP145 is progressing smoothly, with the start of this survey representing a key milestone to allow us to finalise drilling locations to test the significant potential of this exciting asset."
Mosman retains 25% of EP145, whilst Greenvale is ‘earning in’ to a 75% stake.