Mosman Oil and Gas Ltd (AIM:MSMN) has reported an increase in gross production at its Stanley project in Texas, where at 221 barrels of oil equivalent (boepd) per day output surged by 84% in April.
The increased production followed the recompletion of the Stanley-3 well, which is now producing oil and gas.
Mosman noted that it will provide additional production data in its upcoming June quarter update.
Meanwhile, the company told investors it has received a payment of A$160,000 upon finalising the farm-in agreement with Greenvale Energy for its EP 145 project in Australia.
An additional A$100,000 of back costs for exploration will be reimbursed under the agreement, and an environmental bond of A$55,000 will also be cashed in, Mosman noted.
"I am pleased that the continued work on the Stanley project is now achieving stronger production numbers, which improves revenues and is a pre-requisite to sale of the asset in the future,” Mosman chief executive said in a statement.
“This combined with the progress made in Australia, with the completion of the EP 145 Farm-in, moves Moman into a more robust position with a strengthened balance sheet."