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(Sharecast News) - UK-listed shares of Mosman fell on Tuesday after the oil and gas outfit revealed that drilling had not yet started on a part-owned project in Colarado, US.
The Vecta helium project, in which Mosman has a 20% working interest, was supposed to commence drilling this year, but the operator has not yet secured a rig.
Five wells have been identified and the operator is actively seeking a rig to drill these locations, Mosman said.
"We are disappointed that drilling has not already started on the Vecta project, where we are not the operator, as this was advised as a reasonable expectation when the project was acquired in June this year," said chief executive Andy Carroll.
"Notwithstanding this, Vecta remains attractive due to the low cost of drilling, the high helium concentrations produced in this part of Colorado and the proximity to production infrastructure."
In another update, Mosman said that its 100%-owned EP-145 project in Australia's Amadeus Basin has had two key approvals granted: the Environmental Management Plan and the Aboriginal Areas Protection Authority Clearance Certificate.
Shares were down 4.3% at 0.029p by 1142 GMT.
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