Mosman Oil & Gas - Further Production Increases
("Mosman" or the "Company")
Further Production Increases
- The operator recently recommended at Stanley-1 a gas lift; a gravel pack installation; and a new separator. These tasks have now been completed, and in the very short term operational efforts are now focussed on optimizing lifting parameters in order to maximize production from this well
- Oil production from Stanley-2 continues at c50 bopd (gross)
- Oil production from Stanley-3 is c200 bopd (gross). This now appears to have stabilised.
Current production at each of the three Stanley wells is from one of several potential production zones contained within each well and the longer-term plan remains to recomplete wells as required once lower zones are depleted, at which point the well will be recompleted in higher zones. Going forward, Mosman does not plan to release individual well production rates which is consistent with the manner that other projects are reported. New wells will be reported separately whilst initial production is stabilised.
Production at Welch and Arkoma have remained steady and no significant changes are reported.
New Development Wells
The Stanley-4 development well planning is now complete and is expected to be drilled in
Mosman's participating final interest in the planned Stanley-4 will be similar to the other
The Falcon-1 well preparations in the
Mosman expects to provide a further update on the timing and funding of the Falcon well in due
As previously reported, Mosman's strategic partner,
Mosman has executed a Memorandum of Agreement (MOA) and a Heads of Agreement (HOA) with parties in respect to the
Mosman was recently advised by the relevant Minister in the Northern Territory Government that he has approved a 12 month suspension of the Year 3 work programme commitments for the permit, and a corresponding extension of the permit term.
The next vital step will be the completion of a survey by the
Subsequent to the recent listing of GEM International Resources Inc. (GEM) on the NEX Exchange in
GEM has recently announced a CAN$500,000 capital raising and separately but at the same time a CAN$270,250 debt to equity swap by various parties. The independent Mosman directors (J W Barr holds a directorship with GEM) have agreed to convert CAN$50,000 of the GEM loan into shares in GEM. The remainder of the loan and interest thereon will be repaid. Mosman remains focused on achieving the best return for the investment in GEM.
GEM is continuing to secure an interest in a new project.
Mosman's focus remains delivering on its strategic objective; to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration of existing exploration permits. The increase in production since
Competent Person's Statement
The information contained in this announcement has been reviewed and approved by
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.
John W Barr, Executive Chairman
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Updates on the Company's activities are regularly posted on its website www.mosmanoilandgas.com
Barrels of oil per day
Barrels of oil equivalent
Barrels of oil equivalent per day
Daily Average Gross Production
Average of barrels of oil equivalent per day over the period
Reference to sales is boe that has been sold from the project throughout the period
Net Sales Attributable to Mosman
Mosman's portion of Gross sales less royalties owed to leaseholders
Net Production Attributable to Mosman
Mosman's portion of Total Gross Production less royalties owed to leaseholders.
Total Gross Production
boe produced on the project throughout the period. Includes oil still held as inventory
Total Project Basis
Refers to performance of Sales or Production on a
100% basis of the four projects that Mosman has invested in.
This information is provided by RNS, the news service of the
Quick facts: Mosman Oil and Gas Ltd
Market Cap: £2.66 m
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