Mosman Oil and Gas Limited Falcon Update (6533Y)
January 17 2022 - 3:44AM
UK Regulatory
TIDMMSMN
RNS Number : 6533Y
Mosman Oil and Gas Limited
17 January 2022
17 January 2022
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Falcon Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development, and production company, announces an update in respect
of its Falcon project which forms part of the Champion Project in
East Texas. Mosman holds a 75% working interest in the Falcon-1
well, the first well to be drilled at the project.
At Falcon-1, an additional Frio sand zone has been perforated at
a depth 7,457-7,460 feet. The well has flowed on test at a rate of
1,000 mcfd, but due to the current choke size of 7/64 it has been
producing at an average rate over the last 5 days of 576 mcfd (c
113 boepd gross). To balance short term cashflow and long optimize
gas recovery over time, the production strategy is to periodically
increase the choke size and monitor wellhead pressures. The first
increase in choke size planned for this this week is to increase
the choke to 8/64.
The current production rate is an increase of 23% compared to
average flow rate of c 92 boepd (gross) in the quarter ended 30
September 2021.
John W Barr, Chairman, said: "Mosman is making steady progress
to meet our growth objectives, with another strong step forward
with this strong increase in production at Falcon."
The costs of the recompletion were paid from existing cash
reserves. The current cash position is c AUD 1 million.
Production numbers for the six months ending 31 December should
be available in the next month, once all information has been
received.
Mosman is awaiting results from recent drilling and other
workovers. This information will be published when it is
available.
Qualified 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
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this information is now considered to
be in the public domain.
Enquiries:
Mosman Oil & Gas Limited John NOMAD and Broker
W Barr, Executive Chairman SP Angel Corporate Finance LLP
Andy Carroll, Technical Director Stuart Gledhill / Richard Hail /
jwbarr@mosmanoilandgas.com Adam Cowl
acarroll@mosmanoilandgas.com +44 (0) 20 3470 0470
Alma PR Joint Broker
Justine James / Joe Pederzolli Monecor (London) Ltd trading as ETX
+44 (0) 20 3405 0205 Capital Thomas Smith
+44 (0) 7525 324431 020 7392 1432
mosman@almapr.co.uk
Updates on the Company's activities are regularly posted on its
website:
www.mosmanoilandgas.com
Notes to editors
Mosman (AIM:MSMN) is an oil exploration, development, and
production company with projects in the US and Australia.
Mosman's strategic objectives remain consistent: to identify
opportunities which will provide operating cash flow and have
development upside, in conjunction with progressing exploration of
existing exploration permits.
The Company has seven projects in the US: Stanley, Greater
Stanley, Livingston, Winters, Challenger and Champion in East Texas
and Arkoma in Oklahoma in addition to exploration projects in the
Amadeus Basin in Central Australia.
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END
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