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Mosman Oil and Gas moves onto bigger opportunities after Falcon success

Snapshot

  • Oil and gas explorer with acreage in US
  • Focusing on Texas developments
  • Drilling at Champion goes well
oil well

Quick facts: Mosman Oil and Gas Ltd

Price: 0.15 GBX

AIM:MSMN
Market: AIM
Market Cap: £3.74 m
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How it's doing

In October, Mosman said wireline logs from the Falcon-1 well at the Champion project in east Texas indicated good porosity and hydrocarbons.

The data points to hydrocarbons in the primary and secondary Frio sandstone target zones which are interbedded with shale between circa 7,100 to 7,550 feet.

“The primary zone is circa 90 feet thick,” the company said in a statement.

“The mud logs also showed hydrocarbons in these zones with an increase in mud gas readings from a background of circa 30 units to over 3000 units in the primary zone.”

Most recently, Mosman executed contracts to acquire an additional 80.83% working interest of the Cinnabar Lease in East Texas for a cash consideration of US$62,500, increasing Mosman's working interest to 97%.

Cinnabar is part of the Challenger Project located in East Texas, between Mosman's Stanley and the Champion Projects where drilling has just been completed at the Falcon-1 well.

What the boss says: John Barr, chairman

"This acquisition to increase our working interest in the Cinnabar Lease to 97% paves the way for the next stage of growth for Mosman.  With  the highly encouraging drilling results at the Falcon-1 well on the Champion project, our move to higher equity in larger prospects accelerates our growth."

Video

Inflexion points

  • Falcon-1 Champion project set become producer
  • Further wells coming on stream at Stanley
  • Sale of Arkoma and Welch

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Mosman Oil & Gas 'very pleased' with test result from Falcon-1 well at Champion

Mosman Oil and Gas Ltd's (LON:MSMN) Andy Carroll speaks to Proactive's Andrew Scott after releasing test results from the Falcon-1 well, at the Champion project, which is now being prepared for production. The well flowed at a rate of 80 barrels of oil and 2.78mln cubic feet of gas per day,...

4 days ago

2 min read