Mosman Oil and Gas Limited Stanley Project Update (6831D)
June 27 2019 - 7:38AM
UK Regulatory
TIDMMSMN
RNS Number : 6831D
Mosman Oil and Gas Limited
27 June 2019
27 June 2019
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Stanley Project Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development and production company, advises additional information
in respect to the Stanley project in Texas.
Stanley-1
The Stanley-1 well was originally drilled in July 2018 and was
recompleted in March 2019.
Total cumulative gross oil production from Stanley-1 now exceeds
10,000 barrels. This is a significant milestone and reflects the
strength of production since the recompletion.
Recently, average daily gross production has exceeded 155
barrels of oil per day.
Mosman has a 16.5% working interest in this well. Mosman remains
optimistic that strong production will continue at Stanley-1 for
some time.
Stanley-2
Stanley-2 was drilled in March 2019 and the initial zone
completed flowed mainly gas. Since the existing infrastructure has
limited gas handling capacity, it was decided to recomplete the
well in an oil zone. The well has now been recompleted in a
different zone and is flowing oil. Flow rates will be advised when
steady state production has been achieved.
Mosman has an 18.5% working interest in this well. The cost to
Mosman of the recompletion was less than USD10,000 and has been
funded from existing cash reserves.
Stanley-3
Given the success at the first two Stanley wells, planning is
now underway in order that Stanley-3 is drilled in August 2019.
Mosman has recently committed to its 16.5% working interest in the
Stanley-3 and the cost of the well will be funded from existing
cash reserves.
John W Barr, Chairman, said: "The Board is pleased to see the
growth potential at the Stanley project which continues to deliver
increasing oil production, reinforcing the strategic move in the US
and Mosman's investment decisions on the Stanley Project. In
addition, the Baja Strategic Alliance continues to be a valuable
partnership as it continues to deliver attractive projects to
Mosman.
"Mosman looks forward to drilling Stanley-3 in August 2019, to
be followed by Falcon-1, the first well at the Champion
project."
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 Chairman SP Angel Corporate Finance LLP
Andy Carroll, Technical Director Stuart Gledhill / Richard Hail
jwbarr@mosmanoilandgas.com / Soltan Tagiev
acarroll@mosmanoilandgas.com +44 (0) 20 3470 0470
Gable Communications Limited Joint Broker
Justine James / John Bick SVS Securities Plc
+44 (0) 20 7193 7463 Tom Curran / Ben Tadd
mosman@gablecommunications.com +44 (0) 203 700 0078
Updates on the Company's activities are regularly posted on its
website www.mosmanoilandgas.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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