Mosman Oil and Gas has evaluated its development strategy for 2016 and will focus on the completion of the South Taranaki Energy Project ('STEP') along with its other core exploration and development projects.

As part of the review, management has elected to cancel its option on the Canning Basin Permit in Australia.

John W Barr, Chairman of Mosman commented: 'The Option over the Canning Basin permit would have required further funding to build Mosman's stake and, with the proposed developments at STEP and drilling plans at Murchison, we believe it is prudent to cancel the option over this permit and focus on these two core projects and our portfolio of exploration projects.'

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