New Zealand and Australia-focused explorer Mosman Oil and Gas is looking to grow its regional portfolio via a planned acquisition of Trident Energy Limited.
The company is set to buy the Australian unlisted public company for the total consideration of around $2.75million, based on a binding bid implementation agreement.
The acquisition would add three exploration assets to Mosman’s portfolio in the “highly prospective” Canning, Amadeus and Otway basins, with conventional and unconventional hydrocarbon potential.
“The Trident acquisition complements Mosman’s existing Petroleum Creek and Officer Basin projects, ensuring that Mosman has a diversified asset portfolio in five prospective hydrocarbon regions,” said John Barr, Mosman’s executive chairman.
“Exploration of the five permits is fully funded and we believe the enlarged portfolio will deliver operational activity and exploration milestones in the coming months and years.
“As we stated at IPO in March, Mosman’s strategy is to develop the business organically and by acquisition, which we are delivering both in only four months since IPO, having achieved the recent oil discovery at Cross Roads-1 and now our first acquisition.”