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)

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