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Mosman Oil & Gas - Recompletion of Stanley-1

RNS Number : 7242S
Mosman Oil and Gas Limited
13 March 2019
 

13 March 2019

Mosman Oil and Gas Limited

 ("Mosman" or the "Company")

 

Recompletion of Stanley-1 

 

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, advises that the Stanley-1 well recompletion is now underway and is expected to take 3 to 4 days.

 

Stanley-1 in Texas, was the first well to be drilled as part of the Strategic Alliance with the privately-owned Baja Oil & Gas, LLC ("Baja"). As previously reported, it has been flowing gas and some oil since initial completion in the Wilcox, however production has been constrained by limited gas infrastructure.

 

The recompletion of Stanley-1 is designed to produce oil from the Sparta zone. Initial flow results will be reported when available.

 

The Wilcox zone will be cemented off and may be re-entered in due course.

 

Mosman will pay circa USD6,000 for its share of re-completion costs from existing cash resources.

 

John W Barr, Chairman, said: "The decision was made to re-complete the well to focus on oil production until the gas infrastructure is improved. It is good to have work commence on site after the winter rain season and the Board of Mosman very much look forward to the detailed results and to updating shareholders as soon as possible."

 

 

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 Society of Petroleum Engineers.

 

 

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:

 

Mosman Oil & Gas Limited

John W Barr, Executive Chairman

Andy Carroll, Technical Director

[email protected]

[email protected]

 

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Soltan Tagiev

+44 (0) 20 3470 0470

 

Gable Communications Limited

Justine James / John Bick

+44 (0) 20 7193 7463

[email protected]

Joint Broker

SVS Securities Plc

Tom Curran / Ben Tadd

+44 (0) 203 700 0078

 

 

Updates on the Company's activities are regularly posted on its website www.mosmanoilandgas.com

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 0.155

Market: AIM
Market Cap: £1.37 m
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