Mosman Oil and Gas Ltd (AIM:MSMN) told investors that drilling has been delayed at the Vecta project, in Colorado, due to unsuitable ground conditions caused by rainfall.
The drilling crew is scheduled to return site on 16 June. The rig is on standby and ready to move once weather conditions improve, the company noted.
Mosman’s planned well, ‘The Bard’, is its second of five that are slated in the current campaign with partner Vecta Oil & Gas. These wells are located near existing helium-producing fields.
"The drilling at the Bard lease area of the Vecta project is an exciting opportunity to test a second helium target in an area of proven helium development and production,” said Mosman chief executive Andy Carroll.
“We believe each of these wells has an excellent chance of discovering helium.
“The low-cost drilling of these wells enables data to be obtained quickly and at very reasonable cost."