Sign up United Kingdom
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

picture of wind turbines
January 11 2018
The construction of more than 600 wind turbines was funded by securing US$1bn of financing during the year.
Texas flag
September 04 2018
Well workovers in June boosted average gross production before royalties to around 44 barrels of oil per day
oil and gas operations
June 08 2018
Sound Energy is advancing with multiple work-streams which means a number of value catalysts are coming down the line for investors.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© 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