Recently listed Mosman Oil & Gas (LON:MSMN) has raised £3 million ($5.1 million), and, as a result, has decided to expand its drill program at the Petroleum Creek project in New Zealand. This decision comes after the company announced a discovery in its first well, just a week ago.
With the extra cash in hand Mosman will drill two more exploration wells (adding a fourth and fifth well to the current program) and will shoot new seismic this year. At the same time, work is continuing to analyze the discovery in the Cross Roads well, and the company has begun negotiations regarding locations and access for two sites for potential appraisal wells.
Mosman is also mulling several potential acquisitions, with due diligence underway. The company says the additional funding helps this process and also strengthens the group's hand as it bids for new assets via New Zealand's pending block offer.