08:00 Thu 20 Jul 2017
Mosman Oil & Gas - USA Operations Update
("Mosman" or the "Company")
USA Operations Update
Mosman Directors and executives from its strategic partner,
Strawn (Texas): 50% interest and Operator
Since commencing as Operator Mosman's US subsidiary,
Individual well production rates are yet to stabilise and as a result steady production rates cannot be established at this stage. Production rates currently average approximately 18 to 20 bopd. As reported previously, there are a range of opportunities being considered to further increase production rates. The work completed so far is under budget.
Mosman's immediate focus remains to gather information to update the geological model and quantify reserves and resources and the site visit reaffirmed that good progress is being made on the geological model. Once complete, this will facilitate a decision in respect to the option held by Mosman to increase its ownership percentage from 10% to 30% that is due to be made in October, with a second option to increase ownership to 55% in 2018.
As part of the acquisition arrangements,
Strategy
As part of its growth strategy, Mosman's strategic objective remains to identify opportunities which will provide operating cash flow and have further development upside, in conjunction with adding value to our existing exploration permits. New projects remain under review.
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
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:
John W Barr, Executive Chairman Andy Carroll, Technical Director
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NOMAD and Broker Stuart Gledhill / Richard Hail +44 (0) 20 3470 0470
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Justine James / John Bick +44 (0) 20 7193 7463 mosman@gablecommunications.com
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