Proactiveinvestors United Kingdom Mosman Oil And Gas https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Mosman Oil And Gas RSS feed en Thu, 21 Feb 2019 01:12:54 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![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.

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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.

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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 --

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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. 

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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.

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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.

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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.

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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. 

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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.

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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
<![CDATA[RNS press release - Planned drilling, operational update & fundraising ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181109083810_13861519/ Fri, 09 Nov 2018 08:38:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181109083810_13861519/ <![CDATA[News - Mosman's Texas operations flowing again after heavy rain abates ]]> https://www.proactiveinvestors.co.uk/companies/news/208032/mosman-s-texas-operations-flowing-again-after-heavy-rain-abates-208032.html Mosman Oil And Gas Limited (LON:MSMN) said its operations in Texas were back on track after adverse weather hit two of its projects.

Earlier this month, the AIM-quoted oiler said that operations at the Welch Permian Basin project and the Strawn project had been impacted by recent significant rainfall.

READ: Mosman eyes Stanley well optimisation for oil, Texas operations suffer heavy weather

Several wells had to be temporarily shut-in, and, certain regular repair works were delayed as a result of the weather. At the same time, due to impassable roads, some crude collections were delayed.

However, on Monday Mosman said the rain had abated and that it had recently sold four tankers of oil from the Welch Project and two from the Strawn project. It added that further sales were expected before the end of the month.

A number of the wells that were shut in are now producing again, Mosman said, adding that some wells still require minor repairs that will be remedied over the coming weeks.

"As stated, the effect will be a slightly lower average production rate,” said Mosman chairman John W Barr.

“There remain a small number of repairs to be completed at Welch, however the board maintains its belief in a focus on building production,” he added.

Shares in Mosman were 3.5% up at 0.44p in early afternoon trade.

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Mon, 29 Oct 2018 12:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208032/mosman-s-texas-operations-flowing-again-after-heavy-rain-abates-208032.html
<![CDATA[RNS press release - Texas Projects Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181029115319_13846116/ Mon, 29 Oct 2018 11:53:19 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181029115319_13846116/ <![CDATA[News - Mosman says GEM Resources may be close to having shares suspension lifted ]]> https://www.proactiveinvestors.co.uk/companies/news/207958/mosman-says-gem-resources-may-be-close-to-having-shares-suspension-lifted-207958.html Mosman Oil And Gas Ltd (LON:MSMN) said GEM International Resources Inc (CVE:GI), in which it has a stake, could be close to having the suspension lifted on the trading of its shares.

The AIM-quoted junior oiler, which owns 7.6mln shares in GEM, said in a statement on Friday that GEM was “well advanced in finalising a letter of intent with a unrelated third party” that, if completed, would see GEM shares re-listed.

READ: Mosman eyes Stanley well optimisation for oil, Texas operations suffer heavy weather

“In the event that GEM is re-listed, that may allow market visibility on the value of Mosman's investment in GEM. Until then, it is not possible to quantify the current value of the shares ore recoverability of the US$100,000 loan due from GEM,” Mosman said in a statement.

In February 2018, Mosman's Chairman, John Barr, and two other parties were appointed as directors of GEM. As such, Mosman said that John Barr's time on GEM business had been billed to GEM and had also resulted in a reduction in time charges to Mosman.

Mosman added that GEM had held a shareholders meeting to consider a number of matters that are expected to lay the foundation to be able relaunch GEM as a revitalised company.

“The GEM board has recently reviewed in some detail several potential transactions in order that the revitalisation may proceed and thus a final decision be made on determining the appropriate business plan for GEM,” Mosman added.

Mosman said it was unable to estimate the likelihood of success at present as there remain several key conditions that require to be satisfied.

“Mosman's objective remains to recover its investment and loan,” Mosman added.

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Fri, 26 Oct 2018 15:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/207958/mosman-says-gem-resources-may-be-close-to-having-shares-suspension-lifted-207958.html
<![CDATA[RNS press release - Update re: Gem International Resources Inc ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181026151437_13844585/ Fri, 26 Oct 2018 15:14:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181026151437_13844585/ <![CDATA[News - Mosman eyes Stanley well optimisation for oil, Texas operations suffer heavy weather ]]> https://www.proactiveinvestors.co.uk/companies/news/207363/mosman-eyes-stanley-well-optimisation-for-oil-texas-operations-suffer-heavy-weather-207363.html Mosman Oil And Gas Limited (LON:MSMN) told investors that the Stanley-1 well is nearing an important crossover point where it can be better optimised for oil production, meanwhile, the follow-up Stanley-2 well is due to spud next month.

The AIM-quoted oiler, in one of two stock market updates issued this morning, said that Stanley-1 is believed to be depleting its “small gas cap” and, once the well’s gas flow no longer needs to be restricted, it will be opened up further.

READ: Mosman Oil and Gas “extremely pleased” as Stanley sales start

Accordingly, the company also noted that a decision to potentially develop gas infrastructure has now been dropped.

"Stanley-1 continues to generate revenue from gas and oil sales, however, the hope is that the oil will become the dominant revenue stream shortly,” said John Barr, Mosman chairman.

“The board is keen to move forward to Stanley-2 well being drilled soon."

Texas wells hit by heavy weather

Mosman, separately, reported that operations at the Welch Permian Basin project and the Strawn project have been impacted by recent significant rainfall.

Several wells had to be temporarily shut-in, and, certain regular repair works have been delayed as a result of the weather. At the same time, due to impassable roads, some crude collections have been delayed.

It noted that these factors will result in a slightly lower average production rate, though it said the costs attached to shut-in wells are minimal.

Barr added: “The rainfall has caused some disruption, but we are not aware of any damage to production facilities, and therefore once the rain abates normal production should be quickly restored."

By early afternoon deals, Mosman shares were down 2.52% at 0.49p.

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Thu, 18 Oct 2018 08:57:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/207363/mosman-eyes-stanley-well-optimisation-for-oil-texas-operations-suffer-heavy-weather-207363.html
<![CDATA[RNS press release - Weather causes delays in Texas ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181018080310_13833682/ Thu, 18 Oct 2018 08:03:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181018080310_13833682/ <![CDATA[RNS press release - Stanley-1 Production and Stanley-2 Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181018075853_13833655/ Thu, 18 Oct 2018 07:58:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181018075853_13833655/ <![CDATA[Media files - Mosman Oil & Gas reports first sales from Stanley-1 well ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10730/mosman-oil-gas-reports-first-sales-from-stanley-1-well-10730.html Thu, 04 Oct 2018 11:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10730/mosman-oil-gas-reports-first-sales-from-stanley-1-well-10730.html <![CDATA[News - Mosman Oil and Gas “extremely pleased” as Stanley sales start ]]> https://www.proactiveinvestors.co.uk/companies/news/206370/mosman-oil-and-gas-extremely-pleased-as-stanley-sales-start-206370.html Mosman Oil And Gas Ltd (LON:MSMN) described itself as “extremely pleased” as it confirmed first sales from the Stanley-1 well, onshore USA.

The company told investors that the first tanker load amounted to 190 barrels and some 7mln cubic feet of gas was also sold.

It noted that the tanker shipment doesn’t represent all production volumes, and, that inventory is now kept in storage tanks.

READ: Mosman Oil and Gas to acquire two new projects via Baja partnership

"It is extremely pleasing that Stanley-1 has moved to a revenue-generating project in a short period of time since the original investment decision,” said John Barr, Mosman chairman.

“Following on from this, the Board is keen to move forward with the drilling of the Stanley-2 Well as quickly as possible.”

Additionally, it noted that output from Stanley-1 continues to be constrained - by the limitations of surface equipment - and, as the ratio of liquid hydrocarbons to gas has varied, the company said that a steady state has not been reached yet.

Mosman is now working towards the next well, Stanley-2, alongside partner Baja Oil & Gas.

Baja has completed the planning for Stanley-2, and, the company expects to receive a formal proposal for the well and will then have 15 days to decide whether or not it will participate in the well.

It is expected that drilling will start in November.

Separately, the company said it has now paid Baja the required funds for the acquisition of stakes in the Champion and Challenger projects, 60% and 16% respectively.

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Thu, 04 Oct 2018 08:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206370/mosman-oil-and-gas-extremely-pleased-as-stanley-sales-start-206370.html
<![CDATA[RNS press release - Stanley First Sales and Planning of Stanley-2 ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181004075201_13816230/ Thu, 04 Oct 2018 07:52:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20181004075201_13816230/ <![CDATA[News - Mosman Oil and Gas decides against investing more capital in Oklahoma project ]]> https://www.proactiveinvestors.co.uk/companies/news/205989/mosman-oil-and-gas-decides-against-investing-more-capital-in-oklahoma-project-205989.html Mosman Oil And Gas Ltd (LON:MSMN) said it decided against taking up the option to inject further capital in its Arkoma Stacked Pay Project in Oklahoma after discussions with partners on the project.

The oil exploration, development and production company said it came to the decision after a meeting between its directors and the operator, Inland, and the other owner, Blackstone Oil and Gas.

READ: Mosman Oil and Gas to acquire two new projects as it inks new Baja partnership

“Discussions continue with Inland and Blackstone on how to optimise the production,” Mosman said in a statement on Friday. “However, given the more attractive alternatives for capital investment Mosman has not exercised the second option and this option will now lapse.”

Earlier this month, Mosman signed a new strategic alliance agreement with Baja Oil and Gas LLC, and, announced the acquisition of stakes in two new opportunities.

Shares in Mosman were 5% up at 53p in mid-afternoon trade.

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Fri, 28 Sep 2018 13:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205989/mosman-oil-and-gas-decides-against-investing-more-capital-in-oklahoma-project-205989.html
<![CDATA[RNS press release - Arkoma Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180928131641_13809267/ Fri, 28 Sep 2018 13:16:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180928131641_13809267/ <![CDATA[Media files - Mosman Oil and Gas leveraging strategic alliance for project development ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10579/mosman-oil-and-gas-leveraging-strategic-alliance-for-project-development-10579.html Tue, 25 Sep 2018 17:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10579/mosman-oil-and-gas-leveraging-strategic-alliance-for-project-development-10579.html <![CDATA[News - Mosman Oil and Gas to acquire two new projects as it inks new Baja partnership ]]> https://www.proactiveinvestors.co.uk/companies/news/205506/mosman-oil-and-gas-to-acquire-two-new-projects-as-it-inks-new-baja-partnership-205506.html Mosman Oil And Gas Ltd (LON:MSMN) has signed a new strategic alliance agreement with Baja Oil and Gas LLC, and, announced the acquisition of stakes in two new opportunities.

It builds on the existing relationship between Mosman and Baja, the operator of the successful Stanley-1 well.

Mosman is now taking a 60% interest in the Champion project and a 16% stake in the Challenger project, paying US$108,000 and US$43,500 respectively.

READ: Mosman Oil and Gas “extremely pleased’ as Stanley starts producing

At Champion, the idea is to follow the same 3D seismic techniques as used to target Stanley-1. The project spans 240 across and is seen to have several drilling locations.

Challenger hosts two production wells, albeit with nominal periodic production. Here, the plan will be to use 3D seismic to identify locations for new development wells – Challenger presently has an estimated 0.84mln barrels of proved and probable reserves.

The acquisitions are being funded from existing cash resources.

"Given the significant results at Stanley-1, we have determined to prioritise existing resources towards the projects that hold the most chance of further increasing production and cash flows, which includes the potential Stanley-2 well, and the Champion and Challenger projects,” said chief executive John Barr.

Next steps for Stanley

Mosman, at the same time, highlighted that it is presently working with Baja to optimise the development of the oil zone in Stanley-1, and it is now at the planning stage for the follow-up at the Stanley-2 well.

The second Stanley well could be drilled in the next few months and other wells may potentially follow that programme in the future.

Under the new strategic alliance deal with Baja, Mosman will effectively have a 50% interest in all its partner’s existing and new projects.

The AIM-quoted company noted it can source new projects and develop existing projects with a very strong local business development and a technical team without establishing its own team and the associated infrastructure.

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Mon, 24 Sep 2018 07:48:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205506/mosman-oil-and-gas-to-acquire-two-new-projects-as-it-inks-new-baja-partnership-205506.html
<![CDATA[RNS press release - Acquisitions and Baja Strategic Alliance Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180924070012_13801071/ Mon, 24 Sep 2018 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180924070012_13801071/ <![CDATA[News - Mosman Oil and Gas “cautiously upbeat” about Arkoma project ]]> https://www.proactiveinvestors.co.uk/companies/news/205136/mosman-oil-and-gas-cautiously-upbeat-about-arkoma-project-205136.html Mosman Oil And Gas Ltd (LON:MSMN) described itself as “cautiously upbeat”  as it told investors that further well work-overs will be required at the Arkoma project, in Oklahoma.

Senior management recently met with project operator Inland and fellow partner Blackstone Oil and Gas Inc, at which point it was recommended that the work-over of the well could increase production levels.

READ: Mosman Oil and Gas “extremely pleased’ as Stanley well starts producing

The AIM-quoted company said it agreed that production has not yet been optimized at the project.

"We remain cautiously upbeat about Arkoma, but as a board we are disappointed that the wells are not yet optimized,” said John Barr, Mosman chairman.

“We continue to monitor each individual project and make decisions based on the best and most complete information available.

“We are in discussions with Inland and Blackstone about the way forward in particular given the approaching option expiry date of 30 September 2018."

Latest production reports from Arkoma reveal that, for the 75 days between July and September 13, averaged a rate of 87 barrels per day in aggregate while wells were on production.

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Tue, 18 Sep 2018 13:28:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205136/mosman-oil-and-gas-cautiously-upbeat-about-arkoma-project-205136.html
<![CDATA[RNS press release - Arkoma Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180918125814_13795098/ Tue, 18 Sep 2018 12:58:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180918125814_13795098/ <![CDATA[News - Mosman Oil and Gas “extremely pleased’ as Stanley well starts producing ]]> https://www.proactiveinvestors.co.uk/companies/news/205006/mosman-oil-and-gas-extremely-pleased-as-stanley-well-starts-producing-205006.html Mosman Oil And Gas Limited (LON:MSMN)  has been informed that its 16.5% owned Stanley-1 well is now flowing gas and liquid hydrocarbons to sale.

Baja Oil and Gas LLC, Mosman’s partner, advised that the well’s production rate is temporarily constrained by existing surface equipment limitations.

It is presently flowing at a rate of 67 barrels of oil equivalent per day, and, following infrastructure upgrades, it is expected to rise to around 230 boepd.

WATCH: Mosman Oil & Gas Limited @ Oil Capital Conference

The company anticipates that the equipment upgrades will take place over the next several weeks.

Mosman noted that the initial production is high yield natural gas and liquid hydrocarbons, and, Baja expects that the product mix will change from natural gas with substantial liquid hydrocarbons to oil with substantial associated natural gas.

John Barr, Mosman chairman, said: “Mosman is extremely pleased with the short time it has taken from spudding the well to sales. We anticipate that surface equipment upgrades will increase production.

“Planning has now commenced for a follow up well, Stanley-2."

‘Significant positive’

“Today’s news that the company’s Stanley-1 well has started to flow is a significant positive and, given the revised composition, once the testing programme is complete, boundary conditions understood, we will know to what extent to which the indicated 230boepd can be delivered and for how long,” said City broker SP Angel.

“We believe that these results continue to underline the Company’s efforts to focus on cash-generating projects.”

Shares dipped 3.3% to 0.56p on Monday afternoon.

--Updates for share price and broker comment--

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Mon, 17 Sep 2018 08:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205006/mosman-oil-and-gas-extremely-pleased-as-stanley-well-starts-producing-205006.html
<![CDATA[RNS press release - Hydrocarbon Production and Sales at Stanley-1 ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180917080956_13792800/ Mon, 17 Sep 2018 08:09:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180917080956_13792800/ <![CDATA[Media files - Mosman Oil & Gas Limited - Oil Capital Conference ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10398/mosman-oil-gas-limited-oil-capital-conference-10398.html Fri, 07 Sep 2018 10:46:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10398/mosman-oil-gas-limited-oil-capital-conference-10398.html <![CDATA[News - Mosman Oil and Gas aims to maximise cashflow from US ]]> https://www.proactiveinvestors.co.uk/companies/news/204153/mosman-oil-and-gas-aims-to-maximise-cashflow-from-us-204153.html Mosman Oil And Gas Limited (LON:MSMN) is making a good fist so far of its re-invention as a US shale/conventinoal  player.

Production rates at the Welch project, in the Permian Basin in Texas, continue to increase.

Watch: Production at Mosman Oil & Gas's Welch project continues to increase

Well workovers in June boosted average gross production before royalties to around 44 barrels of oil per day, the company reported in September.

Moreover, the restart of the Drennan-8 well in early August saw production average 50 bopd.

Elsewhere, the Stanley-1 well, also in Texas, has been completed and is currently flowing oil into tanks – Mosman said the well is expected produce 150 bopd gross, which would give the company 25 bopd for its 16.5% stake.

Analysis of well data has indicated multiple zones that may also warrant additional production wells.

Talks with partners are scheduled in Texas next week.

Mosman has a strategic alliance with Baja Oil & Gas, a privately-owned company, which has a substantial existing inventory of projects.

This will see Mosman participate in the evaluation of future projects, starting with Stanley.

Output numbers should continue to rise with the increased production identified at Welch, the recent successful drilling at Stanley-1, a likely follow-up at Stanley; and the potential for horizontal well/s at Welch.

Cash was A$1.3mln of cash at 30 June.

Australia exploration

In Australia, meanwhile, Mosman also noted that Synterra Technologies had provided initial results from stage two seismic reprocessing and interpretation.

The salt tectonic structuring seen in EP 145, is also present in the area where Australian oil firm Santos has announced it intends to drill the large Dukas prospect in the next six months.

Mosman is working with Synterra to determine the future work program at EP 145, which may include additional seismic to fill in the data gaps.

The idea eventually is to find a farm-in partner.

John Barr, Mosman chairman, said: "The company's strategic objective has been clearly identified and the board will continue to pursue that objective and implement its business plan.”

Stable cash generation the focus 

SP Angel says the September update highlighted the increased focus on the development of a stable cash generative base from which to grow.

“The next key observation point will be the Stanley (Livingston Oilfield, Polk County, Texas) which could produce up to 150bpd.”

“The follow-up testing an interpretation will elucidate how much of the 150bpd can be achieved, and for how long.”

SP Angel’s target price is 1.63p, compared to a market price of 0.6p that values Mosman at £2.7mln.

 

 

 

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Tue, 04 Sep 2018 11:24:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204153/mosman-oil-and-gas-aims-to-maximise-cashflow-from-us-204153.html
<![CDATA[Media files - Production at Mosman Oil & Gas's Welch project continues to increase ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10319/production-at-mosman-oil-gas-s-welch-project-continues-to-increase-10319.html Tue, 04 Sep 2018 09:26:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10319/production-at-mosman-oil-gas-s-welch-project-continues-to-increase-10319.html <![CDATA[News - Mosman Oil and Gas reports increasing production ]]> https://www.proactiveinvestors.co.uk/companies/news/204109/mosman-oil-and-gas-reports-increasing-production-204109.html Mosman Oil And Gas Limited (LON:MSMN) told investors that production rates at the Welch project, in the Permian Basin, continue to increase.

The company, in a statement, said that following well workovers in June, the average gross production before royalties was reported to have increased to around 44 barrels of oil per day.

Moreover, the restart of the Drennan-8 well in early August saw production average 50 bopd.

READ: Mosman Oil and Gas hails Texas wells

Elsewhere, the Stanley-1 well in Texas has been completed and is currently flowing oil into tanks – Mosman said the well is expected to yield 150 bopd, which would give the company 25 bopd for its 16.5% stake.

It also highlighted that analysis of well data indicates multiple zones which may warrant additional production wells and future plans are due to be discussed with partners in Texas next week.

Mosman said: “The expectation is that the total USA production numbers will continue to improve driven by the increased production identified at the Welch Permian Basin Project, the recent successful drilling at Stanley-1, the potential of a follow up well at Stanley (which is anticipated to have similar costs and similar or higher production); and the potential horizontal well/s at Welch which at this time remains subject to a board decision on capital allocation and funding.”

The company noted that it had A$1.3mln of cash at the bank on June 30.

Australia exploration

Mosman also noted that Synterra Technologies had provided initial results from stage two seismic reprocessing and interpretation, confirming that the salt tectonic structuring can be seen in EP 145, as it can in the area where Santos has announced it intends to drill the large Dukas prospect in the next six months.

It said it is working with Synterra to determine the future work program at EP 145, which may include additional seismic to fill in the data gaps with the objective of determining a drilling location.

The idea would be to allow a full package of information to be available in order to attract a farm-in partner.

Capital decisions pending

John Barr, Mosman chairman, said: "The company's strategic objective has been clearly identified and The Board will continue to pursue that objective and implement its business plan.

“Mosman has acquired projects with production, revenue, and excellent development potential.

“We will be making important capital allocation decisions in the next few weeks as some projects are accelerated, and others deferred.”

“Next week, two Mosman executive directors have a series of meetings in Texas with participants in the company's production assets."

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Tue, 04 Sep 2018 08:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204109/mosman-oil-and-gas-reports-increasing-production-204109.html
<![CDATA[RNS press release - Increased Production & new Corporate Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180904070011_13777447/ Tue, 04 Sep 2018 07:00:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180904070011_13777447/ <![CDATA[RNS press release - Joint Broker Appointment ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180802081156_13741170/ Thu, 02 Aug 2018 08:11:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180802081156_13741170/ <![CDATA[Media files - Mosman Oil & Gas hits multiple pay zones at Stanley Development well ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10006/mosman-oil-gas-hits-multiple-pay-zones-at-stanley-development-well-10006.html Wed, 01 Aug 2018 11:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10006/mosman-oil-gas-hits-multiple-pay-zones-at-stanley-development-well-10006.html <![CDATA[News - Mosman Oil and Gas hails Texas wells as a success after hitting multiple pay zones ]]> https://www.proactiveinvestors.co.uk/companies/news/201982/mosman-oil-and-gas-hails-texas-wells-as-a-success-after-hitting-multiple-pay-zones-201982.html Mosman Oil And Gas Limited (LON:MSMN) shares rose on Wednesday as the explorer hailed the successful completion of the Stanley Development well in Texas, which hit multiple pay zones.

Stanley-1’s primary reservoir was host to gross pay (an oil-bearing section) 19 metres thick with a porosity of around 18%. Porosity defines the capacity of the reservoir rock to hold oil.

Mosman said drill log data was better than expected and sees no reason to change pre-drill forecast for an initial flow rate of around 150 barrels a day.

WATCH: Mosman Oil & Gas hits multiple pay zones at Stanley Development well

The next step is to install production facilities, which should take one to two months before the well is completed as a producer.

The AIM-listed exploration group said the well completion secured its 16.5% interest in the Livingston Oil Field and added that further development drilling would be considered in “due course”.

Stanley-1 was the first well drilled as part of its strategic alliance with Texas-based Baja Oil & Gas.

Partner owns substantial inventory

Mosman said the US group owns “a substantial existing inventory” of oil and gas development projects and is continuing to add projects to the inventory.

Under the terms of the deal, the UK oiler has the option to invest in future projects.

On Monday, Mosman said that a workover programme significantly boosted output from the Welch project, also in Texas.

Looking for new opportunities 

"Mosman continues to pursue its strategic objective to identify opportunities which will provide operating cash flow and have development upside, in conjunction with exploration of existing exploration permits,” said chairman John Barr.

"The success at Stanley and the recent production increases at Welch reinforce this policy.

"We are pleased Stanley will be completed and add to Mosman's existing production.

“We are also encouraged with this successful validation of the investment decision and the strategic alliance with Baja."

In late afternoon trading. Mosman shares were 3.7% higher at 0.7p, easing back from an intraday peak of 0.88p.

 -- Adds share price --

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Wed, 01 Aug 2018 07:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201982/mosman-oil-and-gas-hails-texas-wells-as-a-success-after-hitting-multiple-pay-zones-201982.html
<![CDATA[RNS press release - Successful drilling at Stanley completed ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180801070006_13738777/ Wed, 01 Aug 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180801070006_13738777/