Mosman Oil and Gas sees no fresh reason for share price surge

Mosman Oil and Gas noted the surge in its share price on Friday and said it’s not aware of any reason for the move other than the agreement with Origin Energy that was announced on 3 September.

Mosman said it is currently in talks with various providers regarding the financing for the deal, which will see the company acquire up to a 70% interest in New Zealand producing oil and gas assets which include the Rimu, Kauri and Manutahi fields from Origin Energy.

It said the deal would be financed through a combination of existing cash, the sale of a royalty on future production, debt, equity, and convertible securities.

At 1055 BST, shares in the New Zealand and Australia focused oil exploration and development company were up 39.5% at 7.15p.