Mosman Oil and Gas Limited Cinnabar-1 pipeline completed & regular oil sales (8033M)
January 16 2023 - 2:00AM
UK Regulatory
TIDMMSMN
RNS Number : 8033M
Mosman Oil and Gas Limited
16 January 2023
16 January 2023
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Cinnabar-1 pipeline completed and regular oil sales
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development, and production company, confirms that the pipeline
connecting the recently drilled Cinnabar-1 well to the existing
production facility in Texas has been completed. Mosman owns a
c.75% working interest in the well and the 350-acre lease. Mosman
Operating LLC, a 100% owned subsidiary of Mosman, is the Operator
of the lease.
The Cinnabar-1 well has been producing since 29 December 2022
with average oil production of 128 barrels of oil per day (bopd).
Regular oil sales have now commenced utilising road tankers. In
addition to the oil production, the gas was tested and measured at
180 Mcfd (c. 30 boepd). The gas will be used to gas lift oil from
the existing G-1 well and also sold.
John W Barr, Chairman, said: "I am pleased to report solid
progress at Cinnabar. The work to increase overall production is
progressing well and in the near term there is also potential
upside from workovers of the two older production wells, which is
why gas lifting at G-1 has been prioritised.
"We have already commissioned an update to the Reserve Report,
which is an important step in understanding and communicating the
size and value of Cinnabar, and in planning the full development of
the lease. The updated report is expected to be completed in the
next thirty days."
Mosman has a portfolio of development and exploration projects,
with a clear focus on maximising the opportunity for further
production growth and increasing cashflow. In addition
to its US projects, Mosman has two exploration areas in
Australia which are well positioned to
take advantage of the increasing demand for Helium and Hydrogen,
in addition to Oil and Gas.
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 Joint 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 Monecor (London) Ltd trading as OvalX
+44 (0) 20 3405 0205 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 several projects in the US. In addition to
exploration projects in the Amadeus Basin in Central Australia.
Glossary
boe Barrels of oil equivalent based on calorific value as
opposed to dollar value
boepd Barrels of oil per day of oil equivalent based on calorific
value as opposed to dollar value
--------------------------------------------------------------
bopd Barrels of oil per day
--------------------------------------------------------------
Gross Project Means the production of BOE at a total project level
Production (100% basis) before royalties (where Mosman is the Operator)
and where Mosman is not the operator the total gross
production for the project
--------------------------------------------------------------
Mcf Thousand cubic feet
--------------------------------------------------------------
Mmcfd Million cubic feet
--------------------------------------------------------------
Bcf Billion cubic feet
--------------------------------------------------------------
Mcfpd Thousand cubic feet per day
--------------------------------------------------------------
MBtu One thousand British Thermal Units
--------------------------------------------------------------
MBtupd One thousand British Thermal Units per day
--------------------------------------------------------------
MMBtu One million British Thermal Units
--------------------------------------------------------------
MMBtupd One million British Thermal Units per day
--------------------------------------------------------------
Net Production Net to Mosman's Working Interest; Net Production attributable
to Mosman means net to Mosman's Working Interest before
royalties
--------------------------------------------------------------
SPE Society of Petroleum Engineers
--------------------------------------------------------------
SPE PRMS A standard for the definition, classification, and estimation
of hydrocarbon resources developed by the Oil and Gas
Reserves Committee of the Society of Petroleum Engineers
and named the Petroleum Resource Management System
--------------------------------------------------------------
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END
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