DENVER – Mosman Oil and Gas LLC (AIM: MSMN) has received approval to lease more than 4,000 acres in Colorado for helium exploration, the company announced. The lease, part of the Coyote Wash project, is the result of negotiations with the Ute Mountain Ute Tribe and places Mosman close to existing helium projects in the Four Corners area.
The lease consists of 4,320 acres and follows a detailed technical review by Mossman. The area was scanned in high-resolution 3D, and the data indicates many promising prospects for helium. Mosman's selection of this specific space aims to capitalize on high-quality opportunities.
Mosman's business partner, Four Corners Helium, has cemented a four-year relationship with the Mountain Ute Tribe, gaining access to seismic data and right of first refusal for helium leases within tribal lands. Since then, Mossman has led the renegotiation of favorable contract terms for helium exploration.
Mossman is now set to finalize its development programme, which requires adherence to environmental and historic preservation regulations. The company hired a Durango-based environmental consulting firm to help prepare the necessary documents. The Bureau of Indian Affairs is expected to approve this program by the end of January 2025.
Following approval by the office, Mossman will pay the Ute Mountain Ute Tribe $30 per acre for exploration rights, a total of $129,600, with an initial exploration period of three years.
Mosman CEO Andy Carroll said the project represents a significant new exploration endeavor in a key helium region, enhancing the company's existing portfolio in Colorado and Australia.
This announcement is considered public information under Market Abuse Regulations and has been disclosed by Mosman in compliance with market transparency obligations. The information in this article is based on a press release.
This article was created with the power of artificial intelligence and reviewed by an editor. For more information, see our terms and conditions.
