https://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Sun, 21 Oct 2018 10:45:32 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![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/ <![CDATA[News - Mosman Oil and Gas soars as work-overs boost production at the Welch project ]]> https://www.proactiveinvestors.co.uk/companies/news/201806/mosman-oil-and-gas-soars-as-work-overs-boost-production-at-the-welch-project-201806.html Mosman Oil And Gas Limited (LON:MSMN) said three more wells at the Welch project have been worked over in July and restored to production.

In the first 27 days of July production at Welch was 1,180 barrels, of which 896 barrels was attributable to Mosman. This represents an average aggregate production (before royalties) of around 44 barrels per day. The previous six month average of circa 24 barrels per day had been below well capacity as water injection pump repairs had limited well production.

READ: Mosman Oil and Gas reports reserves for Welch project

Mosman said the increase in production at the Welch Permian basin project in Texas, is directly attributable to the recent work-overs and repairs completed in early July. Mosman has now asked its consultants to consider any further wells that can be repaired in the near-term.

“We proceeded with the repairs as a result of obtaining funding from the recent placement and the repairs have resulted in an immediate effect on production. This is an encouraging evidence that Mosman continues to achieve its strategic objectives to build a strong production base," said John Barr, Mosman’s chairman.

Shares of Mosman were up 23.2% at 0.77p in early deals.

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Mon, 30 Jul 2018 08:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201806/mosman-oil-and-gas-soars-as-work-overs-boost-production-at-the-welch-project-201806.html
<![CDATA[RNS press release - Production almost doubles at Welch Project ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180730070750_13735255/ Mon, 30 Jul 2018 07:07:50 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180730070750_13735255/ <![CDATA[News - Mosman Oil and Gas extends deadline for increasing Arkoma stake ]]> https://www.proactiveinvestors.co.uk/companies/news/201518/mosman-oil-and-gas-extends-deadline-for-increasing-arkoma-stake-201518.html Mosman Oil And Gas Ltd (LON:MSMN) has extended the deadline for its option to increase its stake in the Arkoma field, where new well flow data is awaited to reflect the impact of work-over programmes.

Pumps have been previously been installed to two wells, though operations were initially delayed by weather and have subsequently also been impacted by water injection issues.

READ: Mosman Oil and Gas updates on Stanley-1 well drilling

Following further upgrade work, the wells are gradually being brought into production but Mosman expects it may take some time to establish steady flow rates.

As steady rates have yet to be seen the company agreed with its partner that the exercise date for its second option, to increase Mosman’s stake to 33% from 27%, is extended out to the end of September.

This will allow time for at least 30 days of steady production, Mosman said.

It means the partners can also meet to discuss a number of other matters including field performance, optimization, operatorship, field development planning and budgets.

"We remain upbeat about Arkoma, but as a board we must monitor each project and make decisions based on the best and most complete information available, and we look forward to getting the data we need to make that decision as part of future plans for the Arkoma field," said John Barr, Mosman chairman.

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Wed, 25 Jul 2018 08:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201518/mosman-oil-and-gas-extends-deadline-for-increasing-arkoma-stake-201518.html
<![CDATA[RNS press release - Arkoma: 27% WI with option to increase to 33.3% ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180725070006_13730024/ Wed, 25 Jul 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180725070006_13730024/ <![CDATA[News - Mosman Oil and Gas updates on Stanley-1 well drilling ]]> https://www.proactiveinvestors.co.uk/companies/news/201222/mosman-oil-and-gas-updates-on-stanley-1-well-drilling-201222.html Mosman Oil And Gas Ltd (LON:MSMN) has updated investors on the Stanley-1 well which continues to be drilled.

The company told investors that drilling began on Thursday and it expects the planned depth of 7,000 feet will be reached within the next two weeks.

WATCH: Mosman Oil & Gas announces strategic alliance

"Mosman keenly awaits the drilling results which are designed to add to the company’s production profile," said John Barr, chairman.

The Stanley programme is the first well under the group’s recently agreed strategic alliance with Baja Oil and Gas.

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Fri, 20 Jul 2018 08:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201222/mosman-oil-and-gas-updates-on-stanley-1-well-drilling-201222.html
<![CDATA[RNS press release - Stanley Drilling Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180720073256_13725412/ Fri, 20 Jul 2018 07:32:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180720073256_13725412/ <![CDATA[News - Mosman Oil and Gas looks forward to new drilling ]]> https://www.proactiveinvestors.co.uk/companies/news/201036/mosman-oil-and-gas-looks-forward-to-new-drilling-201036.html Mosman Oil And Gas Ltd (LON:MSMN) told investors that it will participate in a new drill programme, at the Stanley development, onshore Texas.

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

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

WATCH: Mosman Oil & Gas announces strategic alliance

The Stanley well will be located in the Livingston Oilfield, Polk County, Texas. Drilling is set to start during July and August. Stanley’s primary objective is to produce oil from the Eocene aged Wilcox sands found productive in the area.

Mosman has acquired a 16.5% working interest in the Stanley project, by agreeing to pay 22% of the well’s costs - which, based on a fixed cost drill contract, are estimated at US$95,000, plus a further US$40,000 to complete and install production facilities.

If the well is successful, it is expected to yield 150 barrels of oil per day gross.

"While the near term focus for Mosman remains its existing US production projects and Australian exploration portfolio, the opportunity with Baja could not be ignored given the low entry cost and potential production numbers,” said John Barr, Mosman chairman.

“Baja management are a very experienced team, including time at BHP Petroleum when Mosman's US based operations manager Mr.Howard Mclaughlin was Head of Global Exploration."

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Wed, 18 Jul 2018 09:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201036/mosman-oil-and-gas-looks-forward-to-new-drilling-201036.html
<![CDATA[Media files - Mosman Oil & Gas announces strategic alliance - drilling to begin in August ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9883/mosman-oil-gas-announces-strategic-alliance-drilling-to-begin-in-august-9883.html Wed, 18 Jul 2018 08:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9883/mosman-oil-gas-announces-strategic-alliance-drilling-to-begin-in-august-9883.html <![CDATA[RNS press release - US Dev Drilling Project & New Strategic Alliance ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180718073213_13722041/ Wed, 18 Jul 2018 07:32:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180718073213_13722041/ <![CDATA[News - Mosman Oil and Gas jumps as it reports a sales revenue increase of almost 200% ]]> https://www.proactiveinvestors.co.uk/companies/news/200946/mosman-oil-and-gas-jumps-as-it-reports-a-sales-revenue-increase-of-almost-200-200946.html Mosman Oil And Gas Limited (LON:MSMN) saw its shares jump in lunchtime trading Tuesday after reporting an almost 200% increase in sales revenue in the six months to 30 June 2018.

In a production update for the period, the AIM-listed oiler reported sales revenue of US$534,000, a 191% increase on the previous six month period, while net production attributable to the company increased 35% to 4,417 barrel of oil equivalent (boe).

WATCH: Welch proving to be a 'star performer' as Mosman Oil And Gas increases production

The company added that total gross production across all of its underlying acreage on a total project basis was 12,260 boe over the period, a 28% increase on the prior period.

Mosman also said it expected production and sales numbers to continue to grow strongly due to rod replacements and potential horizontal wells at its Welch Permian Basin project in Texas as well as new electric submersible pumps (ESPs) at the Arkoma Stacked Pay project in Oklahoma.

Regarding the Welch wells, the firm said a final decision was subject to completion of its economic evaluation, a development plan, permitting, prevailing economic conditions and funding alternatives, adding that it was also in discussions with the Texas Rail Road Commission to secure well approvals with an investment decision due later this year.

At Arkoma, in which it holds a 27% stake, Mosman said the recently installed ESPs at two wells at the site had been disrupted by weather events and water injection issues. Following the upgrade work to the water injection facilities, the wells would be brought on production but it would take time to establish steady flow rates.

READ: Arkoma operations temporarily disrupted by thunderstorms, says Mosman Oil and Gas

The only decline in production was at the company’s Strawn project in Texas, in which it holds a 50% stake, where production for the six months declined 11.5% to 608 barrels.

John W Barr, chairman of Mosman, said: "If production at existing projects is maintained, and we achieve the planned success at Welch and Arkoma, production from could see a further significant increase over current levels. The task now is to continue to develop Mosman to achieve that success."

Mosman shares were up 42.1% at 0.6p.

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Tue, 17 Jul 2018 12:17:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200946/mosman-oil-and-gas-jumps-as-it-reports-a-sales-revenue-increase-of-almost-200-200946.html
<![CDATA[Media files - Welch proving to be a 'star performer' as Mosman Oil And Gas increases production ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9871/welch-proving-to-be-a-star-performer-as-mosman-oil-and-gas-increases-production-9871.html Tue, 17 Jul 2018 11:24:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9871/welch-proving-to-be-a-star-performer-as-mosman-oil-and-gas-increases-production-9871.html <![CDATA[RNS press release - July 2018 Operations Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180717100102_13720603/ Tue, 17 Jul 2018 10:01:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180717100102_13720603/ <![CDATA[News - Arkoma operations temporarily disrupted by thunderstorms, says Mosman Oil and Gas ]]> https://www.proactiveinvestors.co.uk/companies/news/199944/arkoma-operations-temporarily-disrupted-by-thunderstorms-says-mosman-oil-and-gas-199944.html Heavy thunderstorms have temporarily disrupted operations at Mosman Oil And Gas Limited’s (LON:MSMN) Arkoma project in Oklahoma.

Mosman currently has a 27% working interest in the project, although it can choose to increase this to 33.3% at the end of this month (July).

Inland, the operator at Arkoma, recently installed two electrical submersible pumps with the aim of producing simultaneously from several zones.

READ: Arkoma sees first flow after ESP installation

But there were some initial delays due to damage caused by rain. The storms have now passed, and the results so far have been “encouraging” with the wells flowing variable amounts of oil, gas and water.

That said, the wells have “certainly not yet achieved a steady production state”, which will be a key factor when Mosman makes its decision.

The company expects steady state production can be achieved once the power supply is fully and consistently restored.

“The focus for Mosman at Arkoma is the 31 July decision point for exercising the option to increase ownership to 33.3%. The current electric storm delays and related damage are very unfortunate, but we believe the disruption is temporary,” said chairman John Barr.

“Despite weather related delays, Mosman is hopeful that steady state production will be established in good time for the option exercise decision to be made.”

Mosman shares rose 5.3%  to 0.5p on Monday morning.

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Mon, 02 Jul 2018 09:53:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199944/arkoma-operations-temporarily-disrupted-by-thunderstorms-says-mosman-oil-and-gas-199944.html
<![CDATA[RNS press release - Arkoma Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180702070005_13700541/ Mon, 02 Jul 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180702070005_13700541/ <![CDATA[News - Mosman Oil and Gas sees first flows after Arkoma programmes ]]> https://www.proactiveinvestors.co.uk/companies/news/197981/mosman-oil-and-gas-sees-first-flows-after-arkoma-programmes-197981.html Mosman Oil And Gas Limited (LON:MSMN) told investors that it has now seen the first flow of fluids following the installation of two Electrical Submersible Pumps at the Arkoma project in Oklahoma.

The company said that it is too early to provide oil or gas measurements, though stabilised flow rates are due at the end of June.

READ: Mosman Oil and Gas raises £600,000 to accelerate production growth

Flow data will inform the company’s decision over its option to potentially increase its stake in the Arkoma project to 33.3% from 27% on or before July 31.

"We are pleased with the on-schedule progress at Arkoma and look forward to seeing flow rates in June,” said John Barr, Mosman chairman.

“This is a key stage of field development and flow data will help to determine full field development, as well as providing production and cash flow from Arkoma. In the meantime, we are enjoying production and strong oil prices at Strawn and Welch."

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Thu, 31 May 2018 07:23:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197981/mosman-oil-and-gas-sees-first-flows-after-arkoma-programmes-197981.html
<![CDATA[RNS press release - Arkoma Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180531070006_13660730/ Thu, 31 May 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180531070006_13660730/ <![CDATA[News - Mosman Oil And Gas updates on pending relaunch of GEM International ]]> https://www.proactiveinvestors.co.uk/companies/news/197894/mosman-oil-and-gas-updates-on-pending-relaunch-of-gem-international-197894.html Mosman Oil And Gas Ltd (LON:MSMN) told investors that it expects GEM International Resources Inc (CVE:GI) will have its suspension lifted on the trading of its shares.

The AIM-quoted junior oiler has a shareholding in GEM which has now completed financial reports and other corporate requirements necessary to resume its listing in Canada.

READ: Mosman Oil and Gas raises £600,000 to accelerate production growth

Additionally, at an AGM on Tuesday, the 2017 financial statements were approved along with proposals for a capital reorganisation (a 1-for-10 share consolidation) and a relaunch under the new name Norseman Capital Limited.

It is also anticipated that, as Norseman, the company will seek to introduce new capital which would support new ventures .

Mosman chairman John Barr, who is presently interim chief executive at GEM, is expected to step down from his role at GEM over the coming months, meanwhile, it will also review its shareholding in GEM.

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Wed, 30 May 2018 07:52:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197894/mosman-oil-and-gas-updates-on-pending-relaunch-of-gem-international-197894.html
<![CDATA[RNS press release - Update on Gem International Resources Inc. ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180530070008_13658921/ Wed, 30 May 2018 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180530070008_13658921/ <![CDATA[News - Mosman Oil and Gas raises £600,000 to accelerate production growth ]]> https://www.proactiveinvestors.co.uk/companies/news/197795/mosman-oil-and-gas-raises-600000-to-accelerate-production-growth-197795.html Mosman Oil And Gas Limited (LON:MSMN) has raised £600,000 of additional capital through a share placing with the new funds.

It is issuing 109mln new shares at a price of 0.55p each.

The company told investors that it is now focussing on maximising the delivery of short and medium-term benefits from its projects.

WATCH: Mosman Oil & Gas confirms reserves at Arkoma and Welch projects

Moreover, amid the strong oil price, it intends to accelerate efforts to increase production at the Welch project.

Cash proceeds will support well workovers at Welch, driving more additional wells to come online.

It will also cover feasibility work for possible horizontal wells, and allow long lead items to be acquired ahead of a horizontal drilling programme.

Separately, the cash will allow Mosman to increase its stake in the Arkoma project, to 33.3% from 27%.

“Mosman has decided at this time an equity issue is preferred by the company rather than a debt facility,” the company said in a statement.

“Going forward the company expects to consider a range of funding alternatives when evaluating the horizontal wells at Welch, or longer-term development of the Arkoma project.”

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Tue, 29 May 2018 07:58:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197795/mosman-oil-and-gas-raises-600000-to-accelerate-production-growth-197795.html
<![CDATA[RNS press release - Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180529073319_13657510/ Tue, 29 May 2018 07:33:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180529073319_13657510/ <![CDATA[RNS press release - Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180529070256_13657180/ Tue, 29 May 2018 07:02:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180529070256_13657180/ <![CDATA[Media files - Mosman Oil & Gas confirms reserves at Arkoma and Welch projects ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9141/mosman-oil-gas-confirms-reserves-at-arkoma-and-welch-projects-9141.html Wed, 25 Apr 2018 12:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9141/mosman-oil-gas-confirms-reserves-at-arkoma-and-welch-projects-9141.html <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180425090543_13617868/ Wed, 25 Apr 2018 09:05:43 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180425090543_13617868/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180425090020_13617864/ Wed, 25 Apr 2018 09:00:20 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180425090020_13617864/ <![CDATA[News - Mosman Oil and Gas marks reserves at Arkoma project ]]> https://www.proactiveinvestors.co.uk/companies/news/195717/mosman-oil-and-gas-marks-reserves-at-arkoma-project-195717.html Mosman Oil And Gas Ltd (LON:MSMN)  has released the findings of Moyes & Co, which has confirmed the Arkoma Stack Pay project’s reserves.

The project has been confirmed to have gross proved and probable (2P) reserves of 336,000 barrels oil equivalent, along with 2.4mln barrels of contingent resources.

Net to Mosman, the 2P reserves amount to 64,000 boe. The company values its net 2P reserves at US$1.23mln.

WATCH: Mosman Oil & Gas confirms reserves at Arkoma and Welch projects

Mosman will now use the reserves report and the field’s ongoing production record as it makes a decision over its option to potentially increase its stake in the project (it has until July 31 to increase its holding to 33.3% from 27%).

"Arkoma continues to meet the stated strategy of delivering operating cash flow and having development upside,” said John Barr, Mosman chairman.

"It is very encouraging to have Proved Reserves at this early stage of development.

“We have now funded the agreed operational upgrades and, in the coming months, will evaluate operational data following the installation and operation of Electric Submersible Pumps (ESPs) planned for May 2018.”

Barr added: "We are also encouraged by an independent expert confirmation of the significant Probable Reserves and Resources that attracted us to this project in the first place.

“There is a lot of room for growth in this project.”

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Wed, 25 Apr 2018 08:02:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195717/mosman-oil-and-gas-marks-reserves-at-arkoma-project-195717.html
<![CDATA[RNS press release - Arkoma Project Proved Reserves ]]> https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180425073737_13617659/ Wed, 25 Apr 2018 07:37:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8266/LSE20180425073737_13617659/