Australasian focused exploration firm Mosman said it expects its acquisition of the South Taranaki Energy Project (STEP) in New Zealand to complete early next year with the only outstanding matter being Government approval.
Submissions have been lodged and requests for addition information from the relevant agencies have been answered.
A team is now in place in New Plymouth working with Origin on all the transition tasks required in order for Mosman to operate STEP.
Mosman said selling by US funds following its recent £1.47million placing had been responsible for a dip in the share price. The board did not know the reason for the sales.
The company said its longer term plan is to access the US capital markets whilst remaining committed to its UK shareholders which have supported Mosman since it joined the AIM market.
A chief operating officer is to be appointed to manage the company’s growing operations with increasing workload from STEP and drilling at Murchison anticipated in 2016.
Mosman has recently completed field studies in the Amadeus basin which were encouraging and the results are currently being incorporated in to the geological models as the next stage of exploration is being planned.
The planning for the 2015 AGM is complete and the notice of meeting is expected to be despatched shortly.