Mosman Oil and Gas Limited Operations Update (2189N)
August 07 2017 - 2:00AM
UK Regulatory
TIDMMSMN
RNS Number : 2189N
Mosman Oil and Gas Limited
07 August 2017
7 August 2017
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Operations Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development and production company, announces an update on
Operations.
Strategy
Mosman's strategic objective remains to identify opportunities
which will provide operating cash flow and have further development
upside, in conjunction with adding value to our existing
exploration permits.
Two acquisitions were completed in the last quarter and other
potential acquisitions remain under review.
USA
Strawn (Texas): 50% interest and Operator
Since commencing as Operator in May 2017, Mosman's USA
subsidiary has undertaken maintenance on the site in addition to
well workovers, with further workovers scheduled in August.
Oil production for July 2017 was 440 bbls (gross) achieved with
some weekly variability as the workovers were completed. A second
shipment and sale of 177 bbls (gross) was achieved with circa 650
bbls (gross) of oil remaining in the inventory.
Work is continuing on-site to collate information to enable the
existing database to be expanded, in order to facilitate the
ranking of further production enhancement opportunities. Near term
possibilities include surface facility improvements bringing
additional existing wells back on production. Longer term potential
being considered includes infill wells, horizontal wells, and
waterflood.
Arkoma Stacked Pay Project (Oklahoma): 10% interest with options
over a further 45%
Mosman's focus remains the technical work to estimate the
Resources and to make the next investment decision in October 2017.
The 3D Seismic data has been received and the geological model is
being populated with data.
On-site, the Operator continues work to bring more wells on
production and these activities are closely monitored with regular
reporting and site visits by Mosman consultants. Mosman remains
happy with the quality of the work being completed.
AUSTRALIA
Amadeus Basin Permits
Mosman owns and operates two granted permits (EP 145 & 156)
and one application (EPA 155).
The Northern Gas Pipeline ("NGP") that has commenced
construction, and from 2018 will provide access for Northern
Territory gas to markets in Eastern Australia, is progressing.
In EP145: the field geologist report has recently been received.
Importantly, the extensive report extends the geological
information and exploration potential. The next step is to review
the report in more detail and plan the future work programme.
In EP 156: the airborne survey data has been received and will
be shortly interpreted and the data utilised to update the existing
geological model.
In EP155: the next step in is to obtain native title approval,
with a site visit scheduled for later this year.
NEW ZEALAND
Murchison
Mosman remains in discussions with NZPAM regarding the timing of
the planned work programme, and the requested Change of Conditions
for the permit.
Mosman continues to actively pursue farm-in investment to fund
drilling. Marketing of the farm-in is currently being conducted
through industry consultants and a media agency that works with
NZPAM and other companies in New Zealand.
Petroleum Creek
Planning continues for the three wells drilled to be plugged and
abandoned. It is expected that a suitable rig will be available in
the September quarter to complete the tasks.
Competent Person's Statement
The information contained in this announcement has been reviewed
and approved by Andy
Carroll, Technical Director for Mosman, who has over 35 years of
relevant experience in the oil
industry. Mr. Carroll is a member of the Society of Petroleum
Engineers.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Mosman Oil & Gas Limited NOMAD and Broker
John W Barr, Executive SP Angel Corporate Finance
Chairman LLP
Andy Carroll, Technical Stuart Gledhill / Richard
Director Hail
jwbarr@mosmanoilandgas.com +44 (0) 20 3470 0470
acarroll@mosmanoilandgas.com
Gable Communications Limited
Justine James / John Bick
+44 (0) 20 7193 7463
mosman@gablecommunications.com
Updates on the Company's activities are regularly posted on its
website:
www.mosmanoilandgas.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDSSEFUMFWSESA
(END) Dow Jones Newswires
August 07, 2017 02:00 ET (06:00 GMT)
Mosman Oil And Gas (LSE:MSMN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mosman Oil And Gas (LSE:MSMN)
Historical Stock Chart
From Apr 2023 to Apr 2024