Blackstone Strategic Alliance with Mosman Oil & Gas Inc., Project
Blackstone signed a Strategic Alliance with Mosman Oil & Gas Inc., (Mosman), based in Australia trading on the London Stock Exchange. The Strategic Alliance is designed to identify certain oil and gas opportunities in Texas, Oklahoma, and California. These states support a strong history of oil and gas reserves and still represent substantial production present today. Potential acquisitions may include reserves and/or existing production, which are evaluated with regard to medium to long term upside production potential. By combining management experience and economies of scale, the Strategic Alliance is expected to present multiple opportunities identified and vetted by a team of experienced professionals using local operational and asset valuation expertise. The Strategic Alliance is consistent with both Blackstone and Mosman intentions to seek and evaluate new oil and gas development opportunities with reserves, production and/or cash flow. Various potential project opportunities remain under review by Blackstone/Mosman, some of which reach technical due diligence and ongoing review in negotiations through confidentiality agreements. Mosman Operating LLC, is Operator of record of the first Strategic Alliance project acquired (Strawn in 2017) and is governed by a Joint Operating Committee (JOC); consisting of an equal number of representatives from Blackstone and Mosman. JOC oversees the project operator and provides further analysis to individual project opportunities stemming from the Strategic Alliance. Provisions of the Strategic Alliance, however, alternatively provide for Blackstone and Mosman to pursue other projects independently of each other.
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