Mosman hits milestones for STEP acquisition

October 8, 2015

Mosman Oil and Gas Limited, the New Zealand and Australia focused oil exploration and development company, has concluded the following contractual milestones for the proposed South Taranaki Energy Project (STEP) acquisition: 

  • 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.
  • A new participation agreement has been signed and executed with High Peak Royalties Ltd (HPR) for HPR's acquisition of a 30% interest in the STEP acquisition.  The prior participation agreement with WRDLS Pty Ltd has been cancelled.

Mosman can now progress its acquisition of a 70% interest in the STEP acquisition to the next stage which is to secure the required government approvals and then move to financial completion, which is anticipated by 31 December 2015.  The final formal legal documents of Mosman's royalty funding agreement with Ridge Royalty Corp. (STEP Royalty) are expected to be completed shortly  following the contractual milestones listed above, which satisfies a key conditions precedent as set out in the announcement of 15 September 2015.

"We are delighted to be moving to the next stage in the STEP acquisition process, seeking government approvals: that will commence next week and is expected to take 60 to 90 days. At the same time detailed transition planning continues,” said John W Barr, chairman of Mosman.

"The new participation agreement with HPR is on the same fundamental terms and conditions as the previous WRDLS agreement and, with HPR's funding in place, it takes us a step forward to completing the STEP acquisition."



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