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Mosman Oil And Gas Ltd

Stanley-2 Initial Production

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RNS Number : 4980F
Mosman Oil and Gas Limited
15 July 2019
 

 

15 July 2019

 

Mosman Oil and Gas Limited

 ("Mosman" or the "Company")

 

Stanley-2 Initial Production

 

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, advises that the Stanley-2 well in Texas is now on production in accordance with the operator's planning.

 

Stanley-2 was drilled in March 2019 where the initial zone completed flowed mainly gas and consequently it was decided to recomplete the well in an oil zone. The well has now been recompleted and is flowing oil and has been placed on production, with in excess of 535 BBLs of oil from Stanley-2 already sold. The current oil producing zone is one of several further potential production zones.

 

Since being placed on production a heater-treater circuit has been added along with the additional injection of chemical de-emulsifier at the well head.  Following these works, Mosman has been advised that average gross production from the last seven days was 63.5 BOPD. Mosman currently has an 18.5% working interest in this well.

 

The Stanley-2 well production rates are yet to fully settle. With this type of well the Operator monitors and periodically adjusts choke settings and production equipment to optimise oil production. Further announcements may be made in due course to provide updates in respect of any material changes to the production profile.

 

The next potential increase in production is anticipated to be the drilling and completion of Stanley-3 in August and Falcon-1 in this quarter. These wells will be financed from existing cash resources.

 

John W Barr, Chairman, said: "The flow rates from Stanley-2 are satisfying and fully justify the investment in the Stanley project. With oil production now established from multiple zones this demonstrates the potentially successful long-term nature of the Stanley Field overall.

 

"The Company continues to meet its objectives, and very much looks forward to the next wells being drilled shortly."

 

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

 

Technical Glossary

BBLs                                                          

barrel / barrels

BOPD

barrels of oil per day

TVD

(True Vertical Depth)

the vertical distance from a point in the well  to a point at the surface.

MD   

(Measured Depth)                                  

the length of the wellbore, as if determined by a measuring stick

MCFGPD

thousand cubic feet of gas per day

 


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

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Market Cap: £2.29 m
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