Mosman Oil and Gas Ltd (AIM:MSMN) has completed drilling the Richardson well, on the Bard property in Colorado.
The well reached a total depth of 1,007 feet and encountered the Lyons formation deeper than anticipated, and only trace amounts of helium were noted during drilling.
In initial flows, the well produced water.
Mosman told investors the rig will now move to the Garcia lease to drill the third well, Green TH 345823C – the third well in the planned five-well drilling programme with partner Vecta Oil & Gas.
“The presence of helium, albeit in trace amounts, supports the Vecta exploration model and does not impact the remaining three undrilled leases, each lease containing a standalone structure,” chief executive Andy Carroll said in a statement.
“The company looks forward to progressing the next three wells in the current Vecta campaign, starting with the next well on the Garcia lease.”