Mosman Oil and Gas (LON: MSMN) shares are down Thursday after the company said continued delays from the Covid-19 pandemic have impacted EP 145, situated in the Amadeus Basin in central Australia.
Mosman said exploration activities have continued throughout 2021, including the airborne gradiometry acquisition and geological interpretation work.
However, it went on to state that the Covid19 pandemic has disrupted and delayed activities, and it is still causing issues “that must be dealt with.”
Mosman Oil and Gas shares have slipped over 3.77% to 0.1445p so far on Thursday.
Despite the delays, the company said that the gravity and gradiometry data analysed by consultants Geognostics has provided positive clarification of the basement structure and composition.
“Given the results and the excellent work by Geognostics, Mosman wish to undertake a follow-up study and are in discussion with Geognostics regarding this work. The project will aim to further update the geological model and petroleum/helium play,” the company said.
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