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Mosman Oil and Gas boosted by Stanley well test results

“Mosman will soon receive cash flow from these wells as they can be produced using existing production facilities"

oil and gas operations
Additional low cost development wells will be considered in the future

Mosman Oil And Gas Ltd (LON:MSMN) saw its shares rise in Thursday’s early deals as it revealed production testing results from the Stanley-1 and Stanley-2 wells.

The wells are operated by partner Baja Oil and Gas which reported an initial flow rate of 330 barrels of oil per day from the Stanley-1 well, while the Stanley-2 well flowed between 130 to 135 barrels oil equivalent per day.

"These initial flow rates are a demonstration of the excellent production from multiple stacked reservoirs at Stanley,” said John Barr, Mosman chairman.

WATCH: Mosman delighted with positive results from Stanley-2 well

“Mosman will soon receive cash flow from these wells as they can be produced using existing production facilities.

“Further low cost Stanley development wells will be considered in due course.”

Barr added: "Stanley wells add to the production from our existing projects at Welch, Arkoma, and Strawn.

"Mosman is also encouraged by the start of drilling of the Dukas exploration well by Santos Limited in the Northern Territory of Australia.”

Quick facts: Mosman Oil And Gas Ltd

Price: 0.235 GBX

AIM:MSMN
Market: AIM
Market Cap: £2.08 m
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Watch

Mosman Oil and Gas sees highest flow rate yet at Stanley project from third well

Mosman Oil and Gas Limited's (LON:MSMN) Andy Carroll speaks to Proactive London after announcing that the Stanley-3 well in Texas has been completed. He says the well struck a six-foot interval during completion operations with the recovered fluid 100% oil. Carroll adds they'll be looking...

on 12/9/19

2 min read