Mosman Oil and Gas Ltd (AIM:MSMN) has provided an update on its US helium projects, including revenue from Sagebrush, progress at Vecta, and evaluation at Coyote Wash.
The company told investors that after its first revenue from oil production at the Sagebrush project, sales in January amounted to US$53,974. Six tanker loads were sold in February, following four loads in January.
Meanwhile, 2D seismic data has been reprocessed at Sagebrush, which has improved clarity and will assist in analysing well performance and identifying new drilling targets.
Mosman noted that drilling has been delayed at the Vecta project, for regulatory reasons, and, won’t be able to get underway until after ‘mid-April’.
“We will update the market on the Vecta drilling schedule once we get greater clarity from the operator,” chief executive Andy Carroll said in a statement.
He added: “We are pleased to report progress on Coyote Wash and Sagebrush projects that Mosman operates.
“The benefits of the Sagebrush Project providing monthly revenues is the positive cash flow it contributes that not many other helium exploration companies enjoy.”
At Coyote Wash, where Mosman holds a 100% interest, the company has started reprocessing 3D seismic data to define drilling prospects.
Six large targets have already been mapped across multiple formations, it noted.