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Mosman Oil And Gas extends option deal for Arkoma project

“The strong flows from the new zone are encouraging and we look forward to reviewing the reserves report ahead of making a decision in November,” said John Barr, executive chairman
oil and gas operations
It now has until November 15

Mosman Oil And Gas Ltd (LON:MSMN) has extended its option deal for the Arkoma project in Oklahoma, where it now has until November 15 to complete its ongoing work programme before making a decision.

The AIM-quoted company highlighted that the extension means it can include encouraging recent results from the Cromwell and Union Valley zones in the resources report.

READ: Mosman Oil and Gas raises £600,000 to support growth plan

Presently, Mosman owns 10% of the Arkoma project and it has options to acquire up to 55%, with the first option allowing it to take an additional 20% in November for US$1mln.

During the extension period, the company expects to test one well in the Union Valley zone and stabilise flow rates in the Cromwell zone and continue ongoing optimisation of production from the Wilcox and Viola areas.

A resources report is due and that will help inform management’s decision.

READ: Mosman Oil and Gas continues to make progress with US operations

“The strong flows from the new zone are encouraging and we look forward to reviewing the Reserves Report ahead of making a decision in November,” said John Barr, executive chairman.

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