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Mosman Oil and Gas says Stanley-2 is now producing oil

"The flow rates from Stanley-2 are satisfying and fully justify the investment in the Stanley project,” said John Barr.

oil and gas operations
Oil production has averaged 63.5 bpd

Mosman Oil And Gas Ltd (LON:MSMN) has told investors that the Stanley-2 well, in Texas, is now on production.

The well was drilled in March and was initially completed for gas flows, but, was subsequently recompleted in an oil reservoir.

READ: Mosman Oil and Gas lines up next drilling projects

It is now flowing oil and Mosman highlighted that more than 535 barrels of crude have so far been sold. Average production over the past seven days was measured at 63.5 barrels of oil per day. Production rates are yet to fully settle, Mosman noted.

"The flow rates from Stanley-2 are satisfying and fully justify the investment in the Stanley project," said John Barr, Mosman chairman.

"With oil production now established from multiple zones this demonstrates the potentially successful long-term nature of the Stanley Field overall.

He added: "The company continues to meet its objectives, and very much looks forward to the next wells being drilled shortly."

The Stanley-3 well is expected to be drilled in August, while the Falcon-1 well is also scheduled for the current quarter.

The company owns an 18.5% interest in the project.

Quick facts: Mosman Oil And Gas Ltd

Price: 0.211 GBX

Market: AIM
Market Cap: £1.87 m

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on 12/9/19

2 min read