{"id":107752,"title":"The Cinnabar project’s footprint has been expanded by Mosman Oil and Gas.","publisher":"Share Talk","author":"sharetalk","published":"2023-04-27T07:16:34+00:00","modified":"2023-04-27T07:16:34+00:00","canonical_url":"https://www.share-talk.com/the-cinnabar-projects-footprint-has-been-expanded-by-mosman-oil-and-gas/","markdown_url":"https://www.share-talk.com/the-cinnabar-projects-footprint-has-been-expanded-by-mosman-oil-and-gas.md","json_url":"https://www.share-talk.com/the-cinnabar-projects-footprint-has-been-expanded-by-mosman-oil-and-gas.json","category":"Energy","categories":["Energy"],"tags":["airborne","Amadeus Basin","Andy Carroll","Australia","Baja Oil and Gas LLC","gas","Gradiometry","Gravity","Helium","John Barr","John W Barr","Mosman Oil and Gas Limited","Mr. Carroll","MSMN","Nadsoilco","Nadsoilco LLC","oil","Stanley-4","Texas","Winters Lease"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"After analyzing the Cinnabar project and interpreting its 3D seismic data, **Mosman Oil and Gas Ltd (AIM: MSMN)** has acquired a new lease adjacent to the project in Texas.\n\nThe data revealed the possibility of extending the Cinnabar field beyond its current 350-acre lease, prompting the firm to apply for an additional 120 acres, which has been granted.\n\n**The principal terms of the lease are:**\n\n1.  Payment of USD 36,000 (AUD 54,000)\n\n2.  Initial term of eighteen months that may be extended by the drilling and production of a well. Whilst there is production, the lease would be “Held by Production”\n\n3.  A Royalty of 25% of gross production (which is standard in this part of Texas)\n\nMosman has identified a preferred drilling location within the new lease, and drilling a well in this area is now the company’s primary focus, according to a statement. Details on timing, location, and costs will be announced in the future.\n\nThe lease was purchased at a cost of US$36,000 plus a 25% royalty on gross production, which the company considers typical for this region of Texas. The lease will have an 18-month initial term, Mosman stated."}