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Mosman Oil and Gas “cautiously upbeat” about Arkoma project

"We remain cautiously upbeat about Arkoma, but as a board we are disappointed that the wells are not yet optimized,” said John Barr, Mosman chairman
oil and gas operations
An option deal is due to expire at the month's end

Mosman Oil And Gas Ltd (LON:MSMN) described itself as “cautiously upbeat”  as it told investors that further well work-overs will be required at the Arkoma project, in Oklahoma.

Senior management recently met with project operator Inland and fellow partner Blackstone Oil and Gas Inc, at which point it was recommended that the work-over of the well could increase production levels.

READ: Mosman Oil and Gas “extremely pleased’ as Stanley well starts producing

The AIM-quoted company said it agreed that production has not yet been optimized at the project.

"We remain cautiously upbeat about Arkoma, but as a board we are disappointed that the wells are not yet optimized,” said John Barr, Mosman chairman.

“We continue to monitor each individual project and make decisions based on the best and most complete information available.

“We are in discussions with Inland and Blackstone about the way forward in particular given the approaching option expiry date of 30 September 2018."

Latest production reports from Arkoma reveal that, for the 75 days between July and September 13, averaged a rate of 87 barrels per day in aggregate while wells were on production.

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