Mosman Oil and Gas Issues Review Notice to Origin Energy
05 Janeiro 2016 - 6:53AM
Dow Jones News
LONDON--Mosman Oil and Gas Ltd. (MSMN.LN), a New Zealand and
Australian focused oil exploration and development company, said
Tuesday it has issue a review notice to Origin Energy Ltd. (ORG.AU)
under the deal to buy the South Taranaki Energy project in New
Zealand.
The notice follows the fall in the Brent oil price, moving below
$40 a barrel on Dec. 10, and has remained below that level since
then.
As outlined in the original agreement with Origin, if the Brent
oil price, as quoted on the Intercontinental Exchange, remains
below $40/bbl for 15 consecutive business days, there is the
provision for either party to issue a review notice that will lead
to good faith negotiations of amendments to the agreement.
If there is no agreement within 30 days of a party's receipt of
the review notice, either party has the option to terminate the
agreement, Mosman said.
Mosman shares at 0820 GMT unchanged at 3.13 pence.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
January 05, 2016 03:38 ET (08:38 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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