Mosman Oil & Gas (LON:MSMN) told investors that the terms of a permit in Australia’s Canning Basin has been amended to accommodate the reprocessing and interpretation of seismic data.
The company has an option to participate in the joint venture, potentially earning 17.5%, by paying a quarter of the costs for the first well on the project.
Another potential partner Apache Energy has the option to farm into the joint venture, by paying most of the costs of a recent 2D seismic acquisition programme.
For Apache it is part of a broader programme which also sees the company pay for wells on other permits in the area.
Mosman executive chairman John Barr said: "We are pleased to see continued interest and activity in this area.
“Mosman has the fortunate position of retaining the option to participate, at our election, on the drilling of a well that may occur in 2015, whilst incurring none of the ongoing costs."
