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Mosman Oil And Gas shares jump as production from Stanley nears

"Mosman is delighted with the results from Stanley, which are a strong endorsement of the original investment decision by the Mosman board"

oil and gas operations
Mosman shares were up 25%

Mosman Oil And Gas Ltd (LON:MSMN) shares jumped in Thursday's deals after revealing positive results from the Stanley-2 well.

The company told investors that analysis of logs and cores from the well identified multiple potential production zones. It includes several Yegua sands which are described as a prolific sequence in the region.

READ: Mosman Oil And Gas looks forward with confidence

Data from two wells drilled at Stanley have been used in a detailed evaluation in order to optimise short-term oil production, whilst maximising long-term reservoir management.

Mosman said that the initial completion zone has now been proposed and highlighted that a nearby well, with a completion in the same zone, saw an initial test rate of around 100 bopd, and initial production rates came in between 64 bopd and 51,000 cubic feet of gas per day.

Separately, Mosman added that at the Stanley-1 well, four cores from its initial completion zones has confirmed good oil saturation.

The company noted that this zone was the principal productive zone for the first seven wells in the area, and, could therefore be partially depleted though the operator does not expect this to be the case. Also, the operator has identified a secondary completion zone for the future.

John Barr, Mosman chairman, said: "Mosman is delighted with the results from Stanley, which are a strong endorsement of the original investment decision by the Mosman board.

"Stanley-2 and Stanley-1 production will add to the strong production profile from our existing projects at Welch, Arkoma, and Strawn.”

Barr added: "The board's attention now turns to the next well to be drilled and are evaluating whether to proceed at the Champion or the Challenger projects.

“Discussions are currently underway with our strategic alliance partner, Baja Oil and Gas, and, subject to funding, a decision will be made in the near term."

By mid-morning, Mosman shares were up 25% at 0.37p.

Quick facts: Mosman Oil And Gas Ltd

Price: 0.22 GBX

Market: AIM
Market Cap: £1.95 m

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on 12/9/19

2 min read