Proactiveinvestors United Kingdom Mosman Oil And Gas Ltd https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Mosman Oil And Gas Ltd RSS feed en Wed, 22 May 2019 21:36:23 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Mosman Oil and Gas raises funds and commits to two new Champion wells ]]> https://www.proactiveinvestors.co.uk/companies/news/220185/mosman-oil-and-gas-raises-funds-and-commits-to-two-new-champion-wells-220185.html Mosman Oil And Gas Ltd (LON:MSMN) has raised £750,000 of new capital and has agreed to drill two wells at the Champion project, in Texas. The new wells follow the capture of 3D seismic data and the company expects they will provide an increase in production and revenues.

Last week, Mosman struck a farm-out deal to bring new partner Xstate Resources into the Champion project. Now the new partners have agreed to advance Champion with the drilling of two prospects, Falcon and Galaxie.

WATCH: Mosman Oil & Gas's John Barr details Champion farm-out deal

Mosman’s financial contribution to each well is expected to be around £235,000. This commitment is supported by the new share placing announced today – which sees 250mln new shares sold to investors at 0.3p - around a 31% discount to Monday's closing price.

Elsewhere, at the Stanley project, the company has recently upgraded facilities and infrastructure to handle higher volumes of oil production.

The Stanley-1 well continues to flow oil and its output is being constrained to enhance long term performance of the well. In recent days, between 28 April to 12 May 2019, the well produced 135 barrels of oil per day.

Since the recompletion of the well it has produced a total of 2,436 barrels of oil, which was sold at a price of around US$67 per barrel.

Recently drilled Stanley-2, meanwhile, continues to produce mainly gas and is constrained by infrastructure capacity. The well may be recompleted in the future to open it up for oil production.

Two additional Stanley wells could potentially be drilled in the future, though Mosman noted that neither will occur until Stanley-2 is in steady state production.

“The Stanley wells flow naturally and have a low operating cost,” said John Barr, Mosman chairman.

“At current oil price and flow rates, the well costs are recovered quickly, and production is anticipated to continue for years. Additional proposed development drilling at Stanley will be considered by the joint owners once steady state production is achieved at Stanley-2."

Barr added: “Drilling at Champion is now a priority and it is essential that this is properly funded. The decision is fundamental to Mosman's medium term objective of becoming profitable at a corporate level.”

“Mosman remains fully supportive of its other projects in the portfolio, however, the low cost and strong economics of investing in these wells was a significant factor in prioritising the next step for the company."

]]>
Tue, 14 May 2019 07:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220185/mosman-oil-and-gas-raises-funds-and-commits-to-two-new-champion-wells-220185.html
<![CDATA[RNS press release - Champion drilling, fundraising and Stanley update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190514070009_14072450/ Tue, 14 May 2019 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190514070009_14072450/ <![CDATA[Media files - Mosman Oil & Gas's John Barr details Champion farm-out deal ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13256/mosman-oil--gas-s-john-barr-details-champion-farm-out-deal-13256.html Wed, 08 May 2019 12:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13256/mosman-oil--gas-s-john-barr-details-champion-farm-out-deal-13256.html <![CDATA[News - Mosman Oil And Gas boosted by Champion partnership deal ]]> https://www.proactiveinvestors.co.uk/companies/news/219863/mosman-oil-and-gas-boosted-by-champion-partnership-deal-219863.html Mosman Oil And Gas Ltd (LON:MSMN) shares rose in Wednesday’s early deals after announcing a farm-out deal for the Champion project, in east Texas, with ASX-listed Xstate Resources Limited (ASX:XST).

It sees Mosman sell a portion of its 60% stake in Champion in return for project funding commitments.

Xstate will acquire a 25% interest in Champion by first paying US$50,000 and covering 33% of the costs of a new well and the installation of production facilities (its disproportionate outlay will be capped, once gross well costs exceed US$600,000, after which it will pay its 25% share).

WATCH: Mosman's John Barr discusses production growth and Australia plans

Additionally, a 25% interest in a second lease area can be acquired by Xstate if it pays 33% of well drilling costs in that area (with the cap threshold of US$450,000 gross).

Mosman noted that it will retain a material (35%) stake in the Champion leases, and, the deal significantly reduces costs and funding requirements to the AIM-quoted firm.

Champion is among the assets in which Mosman is partnered with Baja Oil & Gas. It is a follow on project from the successful Stanley venture.

"The technical advantage of 3D seismic and directional drilling has been demonstrated at Stanley, and we look forward to applying this technology to drilling at Champion, as well as further development wells at Stanley and Challenger projects in due course," said John Barr, Mosman chairman.

In Wednesday’s early deals on AIM, Mosman shares rose by 8.74% to change hands at 0.52p each.

]]>
Wed, 08 May 2019 08:26:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219863/mosman-oil-and-gas-boosted-by-champion-partnership-deal-219863.html
<![CDATA[RNS press release - Corporate Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190508070501_14065741/ Wed, 08 May 2019 07:05:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190508070501_14065741/ <![CDATA[RNS press release - Farm-out of Champion Project ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190508070004_14065659/ Wed, 08 May 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190508070004_14065659/ <![CDATA[Media files - Mosman Oil & Gas's John Barr discusses Q1 production increase and Australia plans ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13115/mosman-oil--gas-s-john-barr-discusses-q1-production-increase-and-australia-plans-13115.html Fri, 26 Apr 2019 11:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13115/mosman-oil--gas-s-john-barr-discusses-q1-production-increase-and-australia-plans-13115.html <![CDATA[News - Mosman Oil and Gas rallies as quarterly production ramps up ]]> https://www.proactiveinvestors.co.uk/companies/news/219019/mosman-oil-and-gas-rallies-as-quarterly-production-ramps-up-219019.html Mosman Oil And Gas Ltd (LON:MSMN) shares jumped after it reported a 59% increase in quarterly production.

Net production in the three months to the end of March was 6,033 barrels of oil equivalent (BoE), compared to 3,773 BOE in the previous quarter.

READ: Mosman Oil and Gas boosted by Stanley well test results

Daily production has ramped up further following the recent recompletion of the Stanley-1 well and drilling and completion of Stanley-2.

The sale of production from the wells has started.

Mosman said increased production and a current oil price of US$60 per barrel are expected to provide “strong operating cash flow” to the business and it “looks forward to progressing additional development wells to add to the recent success at Stanley”. 

The group is considering additional wells at the Stanley, Champion and Challenger projects. The timing and order of the wells under consideration remain subject to approvals, as well as priorities determined by working interest partners, and funding.

The company is also making applications to acquire additional seismic data for the EP 145 permit in the Amadeus Basin, near where the Dukas well is being drilled to test a large helium and hydrocarbons prospect.

"Mosman set a strategic objective on which it is delivering results,” said chairman John Barr.

“We are on track to further increase production and look forward to updating the market with further developments.”

Shares gained 7% to 0.54p in morning trading.

]]>
Wed, 24 Apr 2019 09:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219019/mosman-oil-and-gas-rallies-as-quarterly-production-ramps-up-219019.html
<![CDATA[RNS press release - Production Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190424090029_14049787/ Wed, 24 Apr 2019 09:00:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190424090029_14049787/ <![CDATA[News - Mosman Oil and Gas boosted by Stanley well test results ]]> https://www.proactiveinvestors.co.uk/companies/news/218840/mosman-oil-and-gas-boosted-by-stanley-well-test-results-218840.html Mosman Oil And Gas Ltd (LON:MSMN) saw its shares rise in Thursday’s early deals as it revealed production testing results from the Stanley-1 and Stanley-2 wells.

The wells are operated by partner Baja Oil and Gas which reported an initial flow rate of 330 barrels of oil per day from the Stanley-1 well, while the Stanley-2 well flowed between 130 to 135 barrels oil equivalent per day.

"These initial flow rates are a demonstration of the excellent production from multiple stacked reservoirs at Stanley,” said John Barr, Mosman chairman.

WATCH: Mosman delighted with positive results from Stanley-2 well

“Mosman will soon receive cash flow from these wells as they can be produced using existing production facilities.

“Further low cost Stanley development wells will be considered in due course.”

Barr added: "Stanley wells add to the production from our existing projects at Welch, Arkoma, and Strawn.

"Mosman is also encouraged by the start of drilling of the Dukas exploration well by Santos Limited in the Northern Territory of Australia.”

]]>
Thu, 18 Apr 2019 09:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218840/mosman-oil-and-gas-boosted-by-stanley-well-test-results-218840.html
<![CDATA[RNS press release - Stanley Production Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190418083828_14046170/ Thu, 18 Apr 2019 08:38:28 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190418083828_14046170/ <![CDATA[Media files - Mosman Oil & Gas delighted with positive results from Stanley-2 well ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12982/mosman-oil--gas-delighted-with-positive-results-from-stanley-2-well-12982.html Fri, 12 Apr 2019 14:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/12982/mosman-oil--gas-delighted-with-positive-results-from-stanley-2-well-12982.html <![CDATA[News - Mosman Oil And Gas shares jump as production from Stanley nears ]]> https://www.proactiveinvestors.co.uk/companies/news/218414/mosman-oil-and-gas-shares-jump-as-production-from-stanley-nears-218414.html Mosman Oil And Gas Ltd (LON:MSMN) shares jumped in Thursday's deals after revealing positive results from the Stanley-2 well.

The company told investors that analysis of logs and cores from the well identified multiple potential production zones. It includes several Yegua sands which are described as a prolific sequence in the region.

READ: Mosman Oil And Gas looks forward with confidence

Data from two wells drilled at Stanley have been used in a detailed evaluation in order to optimise short-term oil production, whilst maximising long-term reservoir management.

Mosman said that the initial completion zone has now been proposed and highlighted that a nearby well, with a completion in the same zone, saw an initial test rate of around 100 bopd, and initial production rates came in between 64 bopd and 51,000 cubic feet of gas per day.

Separately, Mosman added that at the Stanley-1 well, four cores from its initial completion zones has confirmed good oil saturation.

The company noted that this zone was the principal productive zone for the first seven wells in the area, and, could therefore be partially depleted though the operator does not expect this to be the case. Also, the operator has identified a secondary completion zone for the future.

John Barr, Mosman chairman, said: "Mosman is delighted with the results from Stanley, which are a strong endorsement of the original investment decision by the Mosman board.

"Stanley-2 and Stanley-1 production will add to the strong production profile from our existing projects at Welch, Arkoma, and Strawn.”

Barr added: "The board's attention now turns to the next well to be drilled and are evaluating whether to proceed at the Champion or the Challenger projects.

“Discussions are currently underway with our strategic alliance partner, Baja Oil and Gas, and, subject to funding, a decision will be made in the near term."

By mid-morning, Mosman shares were up 25% at 0.37p.

]]>
Thu, 11 Apr 2019 10:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218414/mosman-oil-and-gas-shares-jump-as-production-from-stanley-nears-218414.html
<![CDATA[RNS press release - Stanley Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190411100326_14037596/ Thu, 11 Apr 2019 10:03:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190411100326_14037596/ <![CDATA[News - Mosman Oil and Gas completes Stanley-2 drilling ]]> https://www.proactiveinvestors.co.uk/companies/news/217609/mosman-oil-and-gas-completes-stanley-2-drilling-217609.html Mosman Oil And Gas Ltd (LON:MSMN) told investors that it has completed the drilling of the Stanley-2 well, in Texas.

The well was drilled down to a depth of 5,000 feet, and, it encountered the targeted Eocene aged sands including the Yegua sands.

READ: Mosman Oil And Gas looks forward with confidence

Its next operations will include electric logging, and it will also run well casing. A period of evaluation will now start, ahead of work to bring the well into production.

The company noted that the purpose of the well was to penetrate several Eocene sand targets up-dip from Stanley-1, to optimise the oil production and recovery from these zones identified in 3D seismic data.

In last week’s financial results statement Mosman said: “Overall, the expectation for 2019 is for higher revenues and lower costs from the existing producing asset base coupled with further potential production upside from the re-completion at Stanley-1, and the drilling of Stanley 2 and from the potential drilling of other well targets already identified in our US portfolio.”

Stanley is one of four assets that contribute to Mosman’s net production in 2018 - the others are Welch and Strawn in Texas and Arkoma, in Oklahoma.

In a note to clients, analysts at SPAngel said: “News that the Company has completed drilling is positive, as it has been completed on time and without incident.

“The logging of the asset will be the crucial next step, as this will provide more information on the structure of the asset, and enhance the technical interpretation, which will be vital to understanding how to access the liquid zones preferentially.”

They added that, with the technical interpretation continuing, they reiterate their US$6.32mln, or 0.78p per share valuation on the company.

In afternoon trading, shares in Mosman O&G were 1.9% higher at 0.28p.

 -- Adds analysts comment, share price -- 

 

]]>
Mon, 01 Apr 2019 07:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/217609/mosman-oil-and-gas-completes-stanley-2-drilling-217609.html
<![CDATA[RNS press release - Stanley-2 Drilling Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190401070006_14022471/ Mon, 01 Apr 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190401070006_14022471/ <![CDATA[News - Mosman Oil And Gas looks forward with confidence at the remainder of the financial year and beyond ]]> https://www.proactiveinvestors.co.uk/companies/news/217421/mosman-oil-and-gas-looks-forward-with-confidence-at-the-remainder-of-the-financial-year-and-beyond-217421.html Mosman Oil And Gas Ltd (LON:MSMN) has told investors that it is looking forward with confidence at the remainder of the financial year and beyond.

The company, in its interim financial results statement, said that it is anticipating continued production growth in the next 12 months.

Earlier this week, Mosman revealed that drilling at the Stanley-2 well will be completed in the next ‘few days’.

READ: Mosman looks forward to completion of Stanley 2 drilling in coming days

Mosman noted at that time, that drilling began on 19 March and by 24 March, the well had reached a depth of 3,713 feet –  the target depth for the well is 5,100 feet. Mosman added that ‘meaningful results’ may be available in 10-12 days.

It followed a re-completion of the Stanley-1 well and investors will be looking forward to upcoming testing results which will indicate the field’s commercial merits.

“Overall, the expectation for 2019 is for higher revenues and lower costs from the existing producing asset base coupled with further potential production upside from the recompletion at Stanley-1, and the drilling of Stanley 2 and from the potential drilling of other well targets already identified in our US portfolio,” Mosman said.

Stanley is one of four assets that contribute to Mosman’s net production – the others are Welch and Strawn in Texas and Arkoma, in Oklahoma.

Financial results

Mosman confirmed that during the half year, it generated revenue on 6,476 barrels of oil equivalent, with sales totalling US$521,326. It reported US$482,849 cost of sales, giving a gross profit of US$38,477.

The company reported a US$730,767 loss from activities - including US$417,494 of corporate expenses, US$94,095 of admin costs, and US$100,020 spent on asset evaluation and due diligence. The total comprehensive loss for the year amounted to US$670,437.

It ended December with US$340,928 of cash and equivalents.

]]>
Thu, 28 Mar 2019 11:59:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217421/mosman-oil-and-gas-looks-forward-with-confidence-at-the-remainder-of-the-financial-year-and-beyond-217421.html
<![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190328111005_14019573/ Thu, 28 Mar 2019 11:10:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190328111005_14019573/ <![CDATA[News - Mosman Oil and Gas looks forward to completion of Stanley 2 drilling in coming days ]]> https://www.proactiveinvestors.co.uk/companies/news/217111/mosman-oil-and-gas-looks-forward-to-completion-of-stanley-2-drilling-in-coming-days-217111.html Mosman Oil And Gas Ltd (LON:MSMN) told investors that the drilling of the Stanley-2 well will be complete in the next ‘few days’.

In a statement, Mosman noted that drilling began on 19 March and by 24 March the well had reached a depth of 3,713 feet – target depth for well is 5,100 feet.

It added that ‘meaningful results’ may be available in 10-12 days.

WATCH: Mosman Oil And Gas outlook for US and Australian assets

Both the Stanley 1 and Stanley 2 wells are located on the same well pad, and thus the results from the recently recompleted Stanley 1 won’t be available until after Stanley 2 has been drilled and completed.

"It is pleasing that both operations are proceeding. Results will be evaluated, summarised and made available to shareholders as soon as practical," said John Barr, Mosman chairman.

]]>
Mon, 25 Mar 2019 10:11:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217111/mosman-oil-and-gas-looks-forward-to-completion-of-stanley-2-drilling-in-coming-days-217111.html
<![CDATA[RNS press release - Stanley Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190325091643_14014092/ Mon, 25 Mar 2019 09:16:43 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190325091643_14014092/ <![CDATA[News - Mosman Oil and Gas kicks off Stanley-2 drilling ]]> https://www.proactiveinvestors.co.uk/companies/news/216716/mosman-oil-and-gas-kicks-off-stanley-2-drilling-216716.html Mosman Oil And Gas Ltd (LON:MSMN) saw its shares rise on Tuesday after the explorer told investors that drilling has now kicked off for the Stanley-2 well in Texas.

The company said the programme would run for around 14 days, including evaluation, and is being funded from existing cash resources.

READ: Mosman Oil and Gas starts Stanley-1 well recompletion

Its primary targets are in Eocene formations, up dip from the Stanley-1 location, and the well will be drilled directionally.

"It is good to have drilling underway after the weather-related delays,” said John Barr, Mosman chairman. “The drilling should happen quickly and the Board of Mosman very much look forward to the detailed results and to updating shareholders as soon as possible."

This is the latest well to be drilled in partnership with Baja Oil & Gas.

In a note to clients, analysts at SP Angel said: “The drilling of the follow-up well to the Stanley-01 well will be optimally located to provide not only better access to the higher value liquids, but also provide more information on the Stanley accumulation.”

They added: “With the conclusion of Stanley-02, we believe that the Company will be positioned to understand the asset better, which will lead to the management being able to quantify the accumulation's size and split between liquids and gas.”

Ahead of that work, the analysts reiterated its 0.78p per share valuation on the group.

In early afternoon trading, Mosman O&G shares were trading at 0.31p, up 3.3% on Monday’s close.

 -- Adds analyst comment, share price --

]]>
Tue, 19 Mar 2019 07:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216716/mosman-oil-and-gas-kicks-off-stanley-2-drilling-216716.html
<![CDATA[RNS press release - Stanley-2 Drilling Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190319070022_14006626/ Tue, 19 Mar 2019 07:00:22 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190319070022_14006626/ <![CDATA[RNS press release - Technical Presentation at AGES conference in NT ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190314115513_14002569/ Thu, 14 Mar 2019 11:55:13 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190314115513_14002569/ <![CDATA[News - Mosman Oil and Gas starts Stanley-1 well recompletion ]]> https://www.proactiveinvestors.co.uk/companies/news/216371/mosman-oil-and-gas-starts-stanley-1-well-recompletion-216371.html Mosman Oil And Gas Ltd (LON:MSMN) has told investors that the Stanley-1 well recompletion programme is now underway.

The work is expected to take three to four days, the company said.

The Stanley-1 well was the first to be drilled under Mosman’s alliance with Baja Oil & Gas and it highlighted it had been flowing gas and some oil from the Wilcox formation since initial completion but output had been constrained by limited gas infrastructure.

WATCH: Mosman Oil And Gas director shares 2019 outlook

By recompleting the Stanley well, the plan is to produce oil from the separate Sparta zone, meanwhile, the Wilcox zone will be cemented off to potentially be re-entered at a later time.

"The decision was made to re-complete the well to focus on oil production until the gas infrastructure is improved,” said John Barr, Mosman chief executive.

“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."

]]>
Wed, 13 Mar 2019 09:29:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216371/mosman-oil-and-gas-starts-stanley-1-well-recompletion-216371.html
<![CDATA[RNS press release - Recompletion of Stanley-1 ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190313084329_14000378/ Wed, 13 Mar 2019 08:43:29 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190313084329_14000378/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190312164039_13999592/ Tue, 12 Mar 2019 16:40:39 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190312164039_13999592/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190312163541_13999585/ Tue, 12 Mar 2019 16:35:41 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190312163541_13999585/ <![CDATA[News - Mosman Oil and Gas updates on Stanley progress ]]> https://www.proactiveinvestors.co.uk/companies/news/215711/mosman-oil-and-gas-updates-on-stanley-progress-215711.html Mosman Oil And Gas Ltd (LON:MSMN) told investors that the Stanley-1 well will be opened up in the Spara reservoir.

Stanley-1 was brought into production last year, and, it was recently reported that it had produced 6,071 barrels oil equivalent gross between September 2018 and 31 December 2018.

Watch: Mosman Oil And Gas director shares 2019 outlook

It is expected that the Sparta reservoir will need a straightforward re-completion at a shallower depth.

The company, meanwhile, is preparing to drill the Stanley-2 well and it confirmed site works are complete, though operations remain delayed by the weather. No spud date can currently be predicted, Mosman said, following extended and substantial rainfall last week.

“We look forward to producing the Sparta reservoir that is expected to produce oil,” said John Barr, Mosman chairman.

“We are also pleased that the winter wet weather season ended and that allowed for construction works to be completed at the Stanley-2 drilling location. The Company will keep the market updated as appropriate."

]]>
Mon, 04 Mar 2019 10:14:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215711/mosman-oil-and-gas-updates-on-stanley-progress-215711.html
<![CDATA[RNS press release - Stanley Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190304095342_13988880/ Mon, 04 Mar 2019 09:53:42 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190304095342_13988880/ <![CDATA[News - Mosman Oil & Gas hopes GEM International will sign key letter of intent this quarter ]]> https://www.proactiveinvestors.co.uk/companies/news/214451/mosman-oil--gas-hopes-gem-international-will-sign-key-letter-of-intent-this-quarter-214451.html Mosman Oil And Gas Limited (LON:MSMN) is hopeful that GEM International Resources will soon take a big step forward as it works to complete a long-awaited acquisition which would leave it “relisted and revitalised”.

AIM-quoted Mosman has a stake in GEM, which has been in advanced talks over a potential acquisition for several months now, but a formal letter of intent (LOI) is yet to be signed.

READ: Mosman increases stake in Challenger project

There have been a “number of complicating factors” associated with the deal, which has pushed back the timeline.

“The timing remains uncertain, however, the board are working towards a conclusion in order that the LOI may be signed this quarter,” read a Mosman statement on Tuesday.

It is understood that “several key conditions” are still required to be satisfied before any LOI is signed, and whilst these remain outstanding, “there is no clear timeline or guarantee of a conclusion”.

Mosman chairman and GEM director John W Barr added: “GEM continues to work through and gradually resolve issues, that once completed should see a revitalisation, and enable Mosman to recover value associated with its original investment in and the subsequent loan to GEM.

“The board of Mosman monitors this very closely and further announcements will be made when public information is available.”

Mosman shares were down 4.8% to 0.26p in early-afternoon trading on Tuesday.

]]>
Tue, 12 Feb 2019 12:29:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214451/mosman-oil--gas-hopes-gem-international-will-sign-key-letter-of-intent-this-quarter-214451.html
<![CDATA[RNS press release - Update on Gem International Resources Inc ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190212113321_13966611/ Tue, 12 Feb 2019 11:33:21 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190212113321_13966611/ <![CDATA[Media files - Mosman Oil And Gas director shares 2019 outlook for US and Australian assets ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12158/mosman-oil-and-gas-director-shares-2019-outlook-for-us-and-australian-assets-12158.html Mon, 11 Feb 2019 18:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12158/mosman-oil-and-gas-director-shares-2019-outlook-for-us-and-australian-assets-12158.html <![CDATA[News - Mosman Oil and Gas increases stake in Challenger project ]]> https://www.proactiveinvestors.co.uk/companies/news/214175/mosman-oil-and-gas-increases-stake-in-challenger-project-214175.html Mosman Oil And Gas Limited (LON:MSMN) has increased its stake in the Challenger project in East Texas.

The oil exploration firm said it acquired an additional 30.83% interest in the project for a cash consideration of US$35,760, taking its total ownership of the project to 46.83% from 16% previously.

READ: Mosman O&G reports near 47% rise in net attributable production for the six months to 31 December

Following the purchase, Mosman said it would become operator of the project.

John W Barr, chairman of Mosman, said the company maintained the objective of increasing production at its project, with technical work carried out at the Challenger project “encouraging”.

"The next step for Challenger is to make final technical decisions on the wells to be drilled and then consider the various funding alternatives that are available", Barr added.

In late-morning trading Thursday, Mosman shares were steady at 0.25p.

]]>
Thu, 07 Feb 2019 11:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214175/mosman-oil-and-gas-increases-stake-in-challenger-project-214175.html
<![CDATA[RNS press release - Increased Interest in Texas Production Lease ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190207105128_13961860/ Thu, 07 Feb 2019 10:51:28 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190207105128_13961860/ <![CDATA[News - Mosman O&G reports near 47% rise in net attributable production for the six months to 31 December ]]> https://www.proactiveinvestors.co.uk/companies/news/214055/mosman-og-reports-near-47-rise-in-net-attributable-production-for-the-six-months-to-31-december-214055.html Mosman Oil And Gas Limited (LON:MSMN) said its net attributable production for the six months to 31 December increased by nearly 47% compared to the prior six months.

In a production update, the AIM-listed oil exploration, development and production company, which operates in the USA and Australia, said net attributable production was 6,476 barrels of oil equivalent (boe), an increase of 46.6% on the 4,417 boe in the six months ended 30 June 2018.

READ: Mosman Oil and Gas raises working interest in Stanley-2 well in Texas

It added that net sales attributable to Mosman were A$614,120, an increase of 14.9% on the previous six month’s A$534,500.

Mosman pointed out that the one new well which came on stream in the period, Stanley-1, continues to produce mainly gas with some oil.

The group said poor weather resulted in lower production than expected in the period, mainly due to wet road conditions affecting access to well sites.

For example, it added, production at Welch was limited by some wells not producing due to broken rods, which is a routine workover.

The company said the drilling of the Stanley-2 well has been delayed as the road needs to be in dry condition for the heavy rig loads.

Once the roads dry out, it added, the workovers at Welch and the drilling of Stanley-2 can proceed, with both these activities expected to further increase production.

Production growth expected to continue

John W Barr, the firm’s 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 farm out. Planning continues for additional wells."

In a note to clients, analysts at SPAngel commented: “The update from the Company has underlined the progress that it is making towards reaching a point of self-sustainability, with the partial period that Stanley-1 was online making a significant contribution.

“With Stanley-2 likely to throw more light on the expected degassing of the accumulation, and the subsequent production of liquids, we believe that the management will be in a position to update its reservoir model and better understand the potential of the asset.”

In afternoon trading, Mosman shares were 2% lower at 0.24p.

 -- Adds analysts comment, share price --

]]>
Wed, 06 Feb 2019 07:39:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214055/mosman-og-reports-near-47-rise-in-net-attributable-production-for-the-six-months-to-31-december-214055.html
<![CDATA[RNS press release - Production Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190206070002_13959522/ Wed, 06 Feb 2019 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190206070002_13959522/ <![CDATA[News - Mosman Oil and Gas working to build substantial US portfolio ]]> https://www.proactiveinvestors.co.uk/companies/news/213735/mosman-oil-and-gas-working-to-build-substantial-us-portfolio-213735.html  

What it owns

Mosman Oil And Gas Limited (LON:MSMN) has a raft of exploration and production interests in shale licences in the US and Australia.

US

Arkoma Stacked Pay Project (Oklahoma)

Mosman's wholly-owned subsidiary owns a 27% interest in the Arkoma Stacked Pay Project which has production of oil and gas, sold to local refineries.

Welch Permian Basin (Texas)

Located in the Permian Basin consisting of 27 existing wells of which ten are currently producing. A feasibility study will consider horizontal drilling at Welch.

Under the umbrella of a strategic alliance, Mosman and Baja Oil and Gas are participating in several projects onshore east Texas. These include the Stanley, Challenger (46.83% Mosman) and Champion projects.

Strawn Oil Project (Texas)

The project consists of 27 wells, of which several are operational and producing oil which is sold direct to a local refinery.

Australia

Amadeus Basin

One granted permit and one application which covers a total of 5278 sq. km. The Amadeus Basin is considered one of the most prospective onshore areas in the Northern Territory of Australia for both conventional and unconventional oil and gas, and hosts the producing Mereenie, Palm Valley and Surprise fields.

What the boss says: John Barr, chairman

"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."

Video

 

Inflection points

Gross production in the six months to December was 18,253 barrels, an increase of 49% on the 12,260 barrels produced in the preceding six months.

Net production attributable to Mosman was 6,476 barrels equivalent (4,417) or 35 barrels per day on average.

Stanley-2 (Mosman 18.5%) is the next well to be drilled as part of the strategic alliance with Baja and will be the second to be drilled at the Livingston Oilfield, Polk County.

Bad weather has delayed spudding from the scheduled start date of December 2018. The drilling programme at Stanley-2 is expected to cost US$400,000.

A further US$150,000 will be required for completion if the well is commercially successful. Mosman will use existing cash resources to fund the well.

The first well to be drilled with Baja was the nearby Stanley-1, where Mosman owns a 16.5% working interest. This was producing at 90 barrels per day gross at the end of the last financial year to June.

Flow tests suggested the potential for 150 boed or 25 net to Mosman from Stanley-1.

Blue Sky

Stanley-2 will increase output with longer-term potential for third and fourth wells at the field.

Horizontal wells to boost production at Welch.

Output from Stanley-1 rises to 150 bopd gross.

What the broker says: SP Angel

"February's update underlined the progress made towards a point of self-sustainability, with the partial period that Stanley-1 was online making a significant contribution.

"With Stanley-2 likely to throw more light on the expected degassing of the accumulation, and the subsequent production of liquids, we believe that the management will be in a position to update its reservoir model and better understand the potential of the asset.

"Once the team has assessed all the data from Stanley-1 and 2, we are certain that the potential of the asset will be better elucidated, and more informed valuation on the asset be produced.

"Until such times as we have a better understanding of the asset and it's potential, we are maintaining book value contribution from its Stanley acquisition.

"Furthermore, we have also adjusted our expectation for the Welch horizontal well to 3Q'19.

"Additionally, due to the apparent de-emphasis of the Australian assets, we are extending our expectations for the timing of exploration out to 2025, or beyond. Consequently, our valuation is adjusted to $6.32mm (0.78p)."

At 0.24p, Mosman is valued at £1.6mln. 

]]>
Thu, 31 Jan 2019 13:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213735/mosman-oil-and-gas-working-to-build-substantial-us-portfolio-213735.html
<![CDATA[RNS press release - Stanley-2 well update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190107143022_13926257/ Mon, 07 Jan 2019 14:30:22 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20190107143022_13926257/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181220094948_13911236/ Thu, 20 Dec 2018 09:49:48 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181220094948_13911236/ <![CDATA[News - Mosman Oil and Gas raises working interest in Stanley-2 well in Texas ]]> https://www.proactiveinvestors.co.uk/companies/news/210972/mosman-oil-and-gas-raises-working-interest-in-stanley-2-well-in-texas-210972.html Mosman Oil And Gas Limited (LON:MSMN) said it has increased its working interest in the Stanley-2 well in Texas US ahead of the start of drilling, which is set to begin later this month.

The group has raised its interest in the well to 18.5% from 16.5%.

Stanley-2 is the next well to be drilled as part of a strategic alliance with Baja Oil & Gas and is the second recent well to be drilled at the Livingston Oilfield Polk County. The first well to be drilled was the nearby Stanley-1, which started in July.

READ: Mosman Oil and Gas Ltd eyes Stanley-2 well results in December

Mosman said Stanley-2 is supported by information from Stanley-1 and Baja's interpretation of 3D seismic data.

Chairman John W Barr said: "Given the significant results of Stanley-1, Mosman is very pleased that Stanley-2 is now ready to get underway.

"The clear intention is to increase production and thus cashflows as quickly as possible whilst taking into account operational and legislative requirements."

The primary target of drilling is the Yegua Sands at about 3,800 feet. Several secondary targets will be tested, similar to those that were tested in the Stanley-1 well.

 The drilling programme at Stanley-2 is expected to cost US$400,000. A further US$150,000 will be required for completion if the well is commercially successful.

Mosman will use existing cash resources to fund the well.

]]>
Tue, 11 Dec 2018 13:05:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210972/mosman-oil-and-gas-raises-working-interest-in-stanley-2-well-in-texas-210972.html
<![CDATA[RNS press release - Spudding Stanley-2 and Increased Working Interest ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181211124110_13899534/ Tue, 11 Dec 2018 12:41:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181211124110_13899534/ <![CDATA[RNS press release - Directors' Subscription ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181205142432_13892807/ Wed, 05 Dec 2018 14:24:32 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181205142432_13892807/ <![CDATA[News - Mosman Oil and Gas Ltd eyes Stanley-2 well results in December ]]> https://www.proactiveinvestors.co.uk/companies/news/210285/mosman-oil-and-gas-ltd-eyes-stanley-2-well-results-in-december-210285.html Mosman Oil And Gas Ltd (LON:MSMN) told investors it expects to see results from the Stanley-2 well during the month of December.

The junior oil company, in a stock market statement, said its contracted rig is ‘in the area’, and, that the drilling will start for Stanley-2 once present operations are complete for another operator’s project.

"The Stanley-2 well is the next step in the accelerated development of the multiple pay zone Stanley field,” said John Barr, Mosman chairman.

READ: Mosman says Stanley-1 well tests shows potential for higher flow rates

“Stanley-1 continues to produce and generate revenue."

Earlier this month, Mosman revealed that recently performed tests on the producing Stanley-1 well shows potential for higher flow rates once current gas constraints are removed.

The test, carried out by the operator, Nadsoilco LLC, and independent third parties, was limited due to the size of the test separator and was not an absolute open hole test.

The company said over several hours the well was flowed through increasingly larger choke sizes and the flow rate was allowed to stabilise at each stage.

The group pointed out that the final stable flow was 1,271,000 cfd and 50 bbls per day of liquid hydrocarbons, which is equivalent to 274 boepd. By way of comparison, it added, recent flow rates with the existing infrastructure were averaging 450,000 cfd and 10 bbls per day of liquid hydrocarbons, equivalent to 90 boepd.

Mosman holds a 16.5% working interest in the project.

]]>
Fri, 30 Nov 2018 07:56:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210285/mosman-oil-and-gas-ltd-eyes-stanley-2-well-results-in-december-210285.html
<![CDATA[RNS press release - Stanley-2 Drilling Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181130070004_13886126/ Fri, 30 Nov 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181130070004_13886126/ <![CDATA[News - Mosman Oil & Gas boasts “greater optimism” as it looks forward to expansion ]]> https://www.proactiveinvestors.co.uk/companies/news/210138/mosman-oil-gas-boasts-greater-optimism-as-it-looks-forward-to-expansion-210138.html Mosman Oil & Gas PLC (LON:MSMN) has boasted of its “greater optimism” for 2019 and 2020 despite what it described as a “still very challenging” outlook for small-cap oil firms.

Financial results, for the 12 months ended 30 June, cover a period of investment and a degree of operational success for Mosman as the company focus on new opportunities in North America.

READ: Mosman Oil and Gas unveils plans to drill five new wells

In recent months, this has seen success with the Stanley well in Texas, and, alongside its partner Baja, the company now envisages a programme of additional new wells slated.

The Stanley well successfully completed production testing, flowing at a rate of 274 barrels of oil equivalent per day.

“The outlook for junior oil and gas companies is still very challenging, especially in the light of recent oil price movements; but Mosman looks forward to 2019 and 2020 with greater optimism now that a firm production base has been established and plans for increasing production are in place,” Mosman said in its results statement.

“The potential of projects within the Baja Strategic Alliance are significant and immediate focus will be on those assets.”

Mosman reported US$234,430 of gross profit for the year.

The overall loss for the year amounted to US$4.1mln, including the expensing of US$2.75mln of previously capitalised costs. The company spent US$607,794 on acquiring assets in the year and a further US$545,013 developing them.

Production during the year totalled 25,923 barrels of oil and the company generated some US$740,000 of revenue.

Mosman ended the year with US$1.32mln of cash and equivalents.

]]>
Wed, 28 Nov 2018 13:37:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210138/mosman-oil-gas-boasts-greater-optimism-as-it-looks-forward-to-expansion-210138.html
<![CDATA[RNS press release - Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181128125457_13883868/ Wed, 28 Nov 2018 12:54:57 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181128125457_13883868/ <![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181128125007_13883864/ Wed, 28 Nov 2018 12:50:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181128125007_13883864/ <![CDATA[News - Mosman O&G says Stanley-1 well tests shows potential for higher flow rates once current gas constraints removed ]]> https://www.proactiveinvestors.co.uk/companies/news/209086/mosman-og-says-stanley-1-well-tests-shows-potential-for-higher-flow-rates-once-current-gas-constraints-removed-209086.html Mosman Oil And Gas Limited (LON:MSMN) said a test recently performed on the producing Stanley-1 well in the US clearly shows potential for higher flow rates once current gas constraints are removed.

The AIM-listed oil exploration, development and production company the test, carried out by the operator, Nadsoilco LLC, and independent third parties, was limited due to the size of the test separator and was not an absolute open hole test.

READ: Mosman Oil and Gas unveils plans to drill five new wells

The company said over several hours the well was flowed through increasingly larger choke sizes and the flow rate was allowed to stabilise at each stage.

The group pointed out that the final stable flow was 1,271,000 cfd and 50 bbls per day of liquid hydrocarbons, which is equivalent to 274 boepd.

By way of comparison, it added, recent flow rates with the existing infrastructure were averaging 450,000 cfd and 10 bbls per day of liquid hydrocarbons, equivalent to 90 boepd.

Mosman holds a 16.5% working interest in the project. 

The firm said the operator has advised that planning and negotiating with relevant parties to eliminate pipeline limitations and increase gas processing contract volumes is underway.

It added that the timing of increased production depends on reaching agreement with third parties and completing site work, and an update will be provided in due course.

Stanley-2 drilling in November

The Stanley-2 well drill is scheduled to commence drilling in November with results due in early December, with the well expected to be an oil producer with minor amounts of associated gas that can be handled by existing infrastructure.

It said additional development wells will then be drilled to develop the multiple oil zones identified in Stanley-1.

John W Barr, Mosman’s chairman, said:  "This Stanley-1 test shows the ability of the well to produce at much higher rates once the gas infrastructure limitations are resolved.

“We are also pleased to move rapidly to drill Stanley-2 and potentially get it on production, to be followed by additional wells.”

He added: “Stanley-1 continues to generate revenue from gas and oil sales, and the test clearly shows the potential for higher rates once the current gas constraints are removed."

In mid-morning trading, Mosman shares were 7.4% higher at 0.29p. 

]]>
Tue, 13 Nov 2018 09:55:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209086/mosman-og-says-stanley-1-well-tests-shows-potential-for-higher-flow-rates-once-current-gas-constraints-removed-209086.html
<![CDATA[RNS press release - Stanley-1 Well Test Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181113085759_13864766/ Tue, 13 Nov 2018 08:57:59 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181113085759_13864766/ <![CDATA[News - Mosman Oil and Gas unveils plans to drill five new wells ]]> https://www.proactiveinvestors.co.uk/companies/news/208912/mosman-oil-and-gas-unveils-plans-to-drill-five-new-wells-208912.html Mosman Oil And Gas Limited (LON:MSMN) told investors that it intends to continue the rapid development of its US projects, as it proposes drilling up to five new wells.

Following on from the successful Stanley-1 well, it is now planned that three additional wells will be drilled at the Stanley project, meanwhile, one well will each be drilled at the Champion and Challenger projects.

The company noted that the Stanley-2 well is already funded, as are the other Stanley wells.

READ: Mosman's Texas operations flowing again after heavy rain abates

They will be drilled under lease with each single well drilling operation committed to and completed one at a time, with each well likely every two months. The programme will be carried out alongside strategic partner Baja Oil and Gas LLC.

Mosman is at the same time raising around £500,000 of new capital with new shares being sold to investors through a placing. Some 141.81mln shares are being sold to investors, at 0.275p each, to raise £390,000 and another £110,000 will be raised as two company directors also subscribe for shares.

Further funding will be required for the Champion and Challenger and options are being considered.

"The way forward is clearly to build production,” said John Barr, Mosman chairman.

More drilling at Stanley project

“Mosman has determined the next step is further drilling at Stanley where Stanley-1 is already a producer.

“If the additional proposed development  drilling is commercially successful this will increase production to further enhance the growth potential of the company.”

Barr added: "The selection of the proposed wells is designed to maximize the potential of Mosman and also deliver the best possible economic outcome.

"Mosman remains fully supportive of its other projects in the portfolio, however, the low cost and strong economics of investing in these wells was a significant factor in deciding the next step for the company."

Mosman, also, updated on the Welch project where a feasibility study indicated the well would be economic, but, now, the company noted that cost estimates have increased to US$2mln per horizontal well.

The company said it intends to seek farm-in funding and preliminary talks are presently underway.

Meanwhile, in Australia, the company’s partner intends to drill the ‘key’ Dukas well in the first quarter of 2019.

]]>
Fri, 09 Nov 2018 09:27:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208912/mosman-oil-and-gas-unveils-plans-to-drill-five-new-wells-208912.html