(MENAFN- ProactiveInvestors)-- UPDATES SHARE PRICE -- Mosman Oil and Gas (LON:MSMN) is in advanced talks to make a 'transformational' acquisition. If completed the deal would provide immediate production and cash flow the New Zealand-based oil and gas group said. The explorer would become the operator of a project containing onshore oil and gas producing fields reserves and resources (both 2P + 2C) and associated processing facilities and infrastructure. After three months of evaluations it is now the preferred purchaser and has been given a period of exclusivity by the seller. A deal was flagged in May when the company said it was looking into acquisition opportunities with production assets and cash flow. Last month it raised £400000 partly to complete the due diligence on the acquisition. Mosman said it is 'actively considering fundraising options which may include the issue of equity' to complete the deal. It is also seeking funding a first well on its Murchison prospect in New Zealand later this year. Land access applications have been lodged. The design is expected to be a 1200m vertical well. Shares jumped 30% to 2.75p today.
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