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Mosman Oil and Gas readies for upcoming drilling of Stanley-3 well in Texas

Drilling of a third well at Stanley comes after some success with the two other wells at the project

onshore oil wells
Mosman has stakes of between 16.5%-18.5% in each of the wells

Mosman Oil And Gas Ltd (LON:MSMN) has confirmed that drilling on a third well at its part-owned Stanley project in Texas is to begin in August.

AIM-quoted Mosman, which has a 16.5% working interest in the Stanley-3 well, said it will fund its share of the drilling costs from existing cash reserves.

WATCH: Mosman boss pleased with Stanley progress

The third well comes after some success with the two previous wells at the project.

Stanley-1, in which Mosman also has a 16.5% stake, was first drilled last summer and was recompleted in March.

Total cumulative gross oil production from that well now exceeds 10,000 barrels, which the company has described as a “significant milestone”. On a daily basis, the well has been flowing at over 155 barrels of oil per day (bopd) of late, it said.

As for Stanley-2, that was also drilled in March this year. The initial zone flowed mainly gas, but it was recompleted in a different zone and is now flowing oil, although no flow rates have been given yet.

'Pleased with growth potential'

“The board is pleased to see the growth potential at the Stanley project which continues to deliver increasing oil production, reinforcing the strategic move in the US and Mosman's investment decisions on the Stanley Project,” said chairman John Barr.

“In addition, the Baja Strategic Alliance continues to be a valuable partnership as it continues to deliver attractive projects to Mosman.”

He added: “Mosman looks forward to drilling Stanley-3 in August 2019, to be followed by Falcon-1, the first well at the Champion project.”

Mosman shares were down 3.7% to 0.26p on Thursday afternoon.

Quick facts: Mosman Oil And Gas Ltd

Price: 0.125 GBX

Market: AIM
Market Cap: £1.41 m

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