viewMosman Oil And Gas Ltd

Mosman Oil and Gas kicks off Stanley-2 drilling

The follow-up to the Stanley-1 well will take around a fortnight to drill

oil and gas operations
The programme is funded from existing cash

Mosman Oil And Gas Ltd (LON:MSMN) saw its shares rise on Tuesday after the explorer told investors that drilling has now kicked off for the Stanley-2 well in Texas.

The company said the programme would run for around 14 days, including evaluation, and is being funded from existing cash resources.

READ: Mosman Oil and Gas starts Stanley-1 well recompletion

Its primary targets are in Eocene formations, up dip from the Stanley-1 location, and the well will be drilled directionally.

"It is good to have drilling underway after the weather-related delays,” said John Barr, Mosman chairman. “The drilling should happen quickly and the Board of Mosman very much look forward to the detailed results and to updating shareholders as soon as possible."

This is the latest well to be drilled in partnership with Baja Oil & Gas.

In a note to clients, analysts at SP Angel said: “The drilling of the follow-up well to the Stanley-01 well will be optimally located to provide not only better access to the higher value liquids, but also provide more information on the Stanley accumulation.”

They added: “With the conclusion of Stanley-02, we believe that the Company will be positioned to understand the asset better, which will lead to the management being able to quantify the accumulation's size and split between liquids and gas.”

Ahead of that work, the analysts reiterated its 0.78p per share valuation on the group.

In early afternoon trading, Mosman O&G shares were trading at 0.31p, up 3.3% on Monday’s close.

 -- Adds analyst comment, share price --

Quick facts: Mosman Oil And Gas Ltd

Price: 0.155 GBX

Market: AIM
Market Cap: £1.37 m

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