Proactive Investors - Run By Investors For Investors

Mosman Oil and Gas “extremely pleased” as Stanley sales start

"It is extremely pleasing that Stanley-1 has moved to a revenue-generating project in a short period of time since the original investment decision,” said John Barr
oil and gas operations
The first tanker load amounted to 190 barrels of oil

Mosman Oil And Gas Ltd (LON:MSMN) described itself as “extremely pleased” as it confirmed first sales from the Stanley-1 well, onshore USA.

The company told investors that the first tanker load amounted to 190 barrels and some 7mln cubic feet of gas was also sold.

It noted that the tanker shipment doesn’t represent all production volumes, and, that inventory is now kept in storage tanks.

READ: Mosman Oil and Gas to acquire two new projects via Baja partnership

"It is extremely pleasing that Stanley-1 has moved to a revenue-generating project in a short period of time since the original investment decision,” said John Barr, Mosman chairman.

“Following on from this, the Board is keen to move forward with the drilling of the Stanley-2 Well as quickly as possible.”

Additionally, it noted that output from Stanley-1 continues to be constrained - by the limitations of surface equipment - and, as the ratio of liquid hydrocarbons to gas has varied, the company said that a steady state has not been reached yet.

Mosman is now working towards the next well, Stanley-2, alongside partner Baja Oil & Gas.

Baja has completed the planning for Stanley-2, and, the company expects to receive a formal proposal for the well and will then have 15 days to decide whether or not it will participate in the well.

It is expected that drilling will start in November.

Separately, the company said it has now paid Baja the required funds for the acquisition of stakes in the Champion and Challenger projects, 60% and 16% respectively.

View full MSMN profile View Profile

Mosman Oil And Gas Timeline

Related Articles

oil and gas operations
September 14 2018
In the longer term exploration drilling will tell, nonetheless, a near 3bn barrel 'pre-drill' resource is certainly attractive for speculative investors
Oil barrel and dollar sign
December 06 2018
The combined NPV10 of the reserve is US$12.5 million with forecast future net revenues of US$37.75 million.
gas pipes
October 22 2018
GDC is working with Altaaqa and other equipment suppliers to fast track six generators

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use