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Mosman Oil and Gas continues to make progress with US operations

The company highlighted that at the Strawn project it has trebled production and it is now cash flow positive.
oil and gas operations
"We continue to evaluate additional producing projects on strict criteria."

Mosman Oil And Gas Limited (LON:MSMN) chairman John Barr has told investors that the junior oil company continues to make progress expanding its three US producing operations in North America.

The company said the strategic objective continues to focus on identifying opportunities that provide operating cash flow and further development upside, as well as adding value on existing assets.

Producing assets acquired during 2017 – located in Texas and Oklahoma – continue to move forward effectively, it added.

Specifically, the company highlighted that at the Strawn project it has trebled production and it is now cash flow positive.

“Encouragingly, Strawn production is now steady at 15 to 20 bopd and is cash flow positive net of lease operating expenses,” he said.

“A similar approach will be utilized at Welch where Mosman is also the operator.”

He added: "We continue to evaluate additional producing projects on strict criteria and, given our existing producing operations, we have been introduced to a number of new business opportunities in the Texas and Oklahoma region which would allow Mosman to benefit from expanding its existing activities into a regional hub that would have the potential to deliver operational, general and administrative synergies over time."

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