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Production Update

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RNS Number : 1813P
Mosman Oil and Gas Limited
06 February 2019
 

6 February 2019

Mosman Oil and Gas Limited

 ("Mosman" or the "Company")

 

Production Update

 

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, provides the following production information for the six months from 1 July 2018 to 31 December 2018.

 

Production Summary

 

Net Production attributable to Mosman increased 47% in this period, compared to the prior six months. The one new well is Stanley-1, which continues to produce mainly gas with some oil.

 

The weather has resulted in lower production than expected, mainly due to wet road conditions affecting access to well sites. For example, production at Welch was limited by some wells not producing due to broken rods (which is a routine workover); and the drilling of Stanley-2 has been delayed as the road needs to be in dry condition for the heavy rig loads. Once the roads dry out, the workovers at Welch and drilling of Stanley-2 can proceed. Both of these activities are expected to further increase production.

 

Production (6 months ended 31 December 2018)

 

Total Gross Production was 18,253 boe an increase of 48.9% (12,260 six months to 30 June 2018).

 

Net Production attributable to Mosman was 6,476 boe an increase of 46.6% (4,417 six months ended 30 June 2018).

 

Net Sales attributable to Mosman were AUD$614,120 an increase of 14.9% (AUD$534,500 six months ended 30 June 2018).

 

Further details are outlined below:

 

 

6 Months to 31 December 2018

 

6 Months to 31 December 2018

 

 

Total Project Basis

Net Production Attributable to Mosman

 

Gross BOE

Net BOE

Stanley (*)

6,071

1,002

Welch

5,137

3,937

Arkoma (**)

5,996

1,117

Strawn

1,049

420

Total BOE

18,253

6,476

 

1.         * Stanley-1 commenced production in September 2018.

2.         **Does not reflect full six months production as wells were not producing while workovers occurred.

 

John W Barr, Chairman, said: "Mosman continues to grow its production and sales consistent with its business plan, despite the challenges of the severe weather delays, oil price falls and operational issues during the period.

 

"Production growth is expected to continue as workovers are completed and new wells drilled.

The horizontal wells at Welch are subject to funding, where options are being reviewed, including a farmout. Planning continues for additional wells."

 

 

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

 

 

 

Production by Project

The below table is an unaudited summary of production by project for the period described. The below figures are prepared by management using established industry practice.

 

 

6 Months to 31 December 2017

 

6 Months to 31 December 2017

 

 

Total Project Basis

Net Production Attributable to Mosman

 

Gross BOE

Net BOE

Strawn

1,716

686

Welch

3,108

2,383

Arkoma

4,781

206

Total BOE

9,604

3,274

 

 

 

6 Months to 31 December 2018

 

6 Months to 31 December 2018

 

 

Total Project Basis

Net Production Attributable to Mosman

 

Gross BOE

Net BOE

Strawn

1,519

608

Welch

4,309

3,303

Arkoma

6,434

507

Total BOE

12,262

4,417

 

 

 

6 Months to 31 December 2018

 

6 Months to 31 December 2018

 

Total Project Basis

Net Production Attributable to Mosman

 

Gross BOE

Net BOE

Stanley

6,071

1,002

Strawn

1,049

420

Welch

5,137

3,937

Arkoma

5,996

1,117

Total BOE

18,253

6,476

 

Definitions

 

boe or BOE                                                          

barrels of oil equivalent

Gross Sales                                            

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

Total Gross Production                                    

boe produced on the project throughout the period. Includes oil still held as inventory

Net Production Attributable to Mosman

Mosman's portion of Total Gross Production less royalties owed to leaseholders .

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 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.
 
END
 
 
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Quick facts: Mosman Oil And Gas Ltd

Price: 0.24

Market: AIM
Market Cap: £2.13 m
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on 12/9/19