Mosman Oil and Gas Ltd (AIM:MSMN) has announced that a drilling rig has been mobilised for the first of five planned wells at the Vecta helium project in Colorado.
Drilling is set to target the Lyons formation at an expected depth of 1,200 feet.
Operations are due to commence on 13 May following a scheduled break for the rig crew.
"We are pleased to have progressed to the point of drilling rig on location and drilling commencing soon at these five wells at Vecta,” chief executive Andy Carroll said.
“Each of the prospects has been identified by Vecta based on years of experience and a thorough review of existing data, and we are pleased to be in a joint venture with Vecta.”
Mosman has a 20% working interest in the project.
In London, Mosman shares climbed 17%, changing hands at 0.58p, valuing the small-cap at just over £11 million.