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Mosman Oil and Gas delivers sharp rise in production as Stanley ramps up

In the year to June, net production attributable to Mosman surged 138% compared to a year ago to 18,216 boe

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Further production increases are expected from the drilling of the Stanley-3 well

Mosman Oil And Gas Ltd (LON:MSMN) reported a sharp rise in second-half production, driven by strong output from the Stanley project in Texas.

Net production attributable to Mosman came to 11,742 barrels of oil equivalent (boe) in the six months to the end of June, up 81% on the first half.

In the year to June, net production attributable to Mosman surged 138% compared to a year ago to 18,216 boe.

READ: Mosman Oil and Gas progresses work programme at Amadeus Basin

In July, production at Stanley ramped up to 215 barrels of oil equivalent per day (boepd) from 79 boepd in the half-year to June.

Mosman said further production increases are expected from the drilling of the Stanley-3 well, which is due to spud shortly, and the Falcon-1 well, which is due to spud in the current quarter.

Chairman, John W Barr, said the growth in second-half output reflects general increases in production and the Stanley wells.

"The further increases at Stanley in July 2019 are particularly pleasing and this, combined with the two further wells which are due to be drilled this quarter using existing cash resources, provides further exciting growth opportunities,” he said.

"The horizontal wells at Welch remain subject to funding, where options are being reviewed, including a farmout. Planning continues for other additional wells."

Quick facts: Mosman Oil And Gas Ltd

Price: 0.04 GBX

AIM:MSMN
Market: AIM
Market Cap: £450.99 k
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