The company expects that the drill programme will start in the next 90 days.
It will target the same reservoir zones as Stanley-1 and Stanley-2.
Mosman has also agreed to recomplete the Stanley-2 well and the work programme is expected to start in June.
"The recent placing has enabled Mosman to fund a number of priority expenditure requirements and continue to advance its strategic objective by drilling more wells,” said John Barr, Mosman chairman.
"Importantly we are on track to deliver further increases in production and participating in new wells."
Additionally, Mosman noted that routine workovers are being performed at the Welch project in order to maintain production levels.
At the Champion project work is proceeding to drill the first well, Falcon-1, during the next quarter.
Elsewhere, in Australia, the company continues to make progress at the Amadeus basin where it intends to carry out a seismic acquisition programme.
It is presently discussing the requirements with the Northern Territory government and the local indigenous groups.