Mosman Oil and Gas Ltd (AIM:MSMN) told investors drilling has now started at the Bard lease, part of the Vecta joint venture in Colorado.
It is the second of five wells planned in the current campaign.
Work has begun at ‘Richardson TH’, which will test the Lyons Sandstone formation, and will be drilled to a total depth is 725 feet.
Gas will be tested at intervals, including for helium, and wireline logging may be performed to assess reservoir and fluid properties. Notably, nearby wells in the region have recorded helium concentrations of up to 11%.
Mosman holds a 90% working interest in the Bard lease, following a deal announced yesterday. It saw Mosman commit to fund 100% of the well costs.
Its partner, Vecta, retains the right to buy back a larger stake at a premium price.